InFocus Confindustria 2018

Conf industria Serbia 2018

The 24 ORE publishing Group is both an institution, a civil and cultural soul of its own country.

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CONFINDUSTRIA SERBIA

Confindustria Serbia is especially active in the field of digital economy, innovation, agro-industry and infrastructure

Based on the same principles, Confindustria Serbia plays an important role in several educational initiatives in Serbia.

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CONTENT

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ITALY HAS ALWAYS BEEN HERE, IN SERBIA ERICH COSSUTTA

President of Confindustria Serbia

TANJA BANKOVIĆ Editor in Chief tanja.bankovic@color.rs ILIJA PETROVIĆ INDIGOCHILD Art director indigochild.ilija@gmail.rs NATAŠA NEŠIĆ Advertising manager natasa.nesic@color.rs DRAGANA RADOVIĆ Advertising manager dragana.radovic@color.rs JOVANA MARKOVIĆ Advertising manager jovana.markovic@color.rs JELENA RANĐELOVIĆ Advertising manager jelena.randjelovic@color.rs RUŽA RISTANOVIĆ Magazine director ruza.ristanovic@color.rs ROBERT ČOBAN Director robert.coban@color.rs Photos

ARCHIVE CONFINDUSTRIA GORAN ZLATKOVIĆ GETTY IMAGES Translation SNEŽANA BJELOTOMIĆ Special thanks to

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INVESTORS ARE MORE THAN WELCOME IN VOJVODINA IGOR MIROVIĆ

The President of the Government of Vojvodina

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STRENGTHENING OF THE RELATIONS IN THE FUTURE

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TOGETHER WE CREATE SAFE JOBS GABRIJELA GRUJIĆ

Assistant Minister for Dual and Entrepreneurial Education in the Ministry of Education, Science and Technological Development

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DEDICATED CONNECTING SERBIAN AND ITALIAN ECONOMIES FOR YEARS MARKO ČADEŽ

President of the Chamber of Commerce and Industry of Serbia (CCIS)

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LUCA ZAIA

QUALITY AND RELIABILITY

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Martini Gradnja

President of Veneto Region

ITALY&SERBIA: A EUROPEAN PARTNERSHIP FOR THE FUTURE H.E. CARLO LO CASCIO Italian Ambassador to Serbia

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THREE INGREDIENTS THAT MAKE GOOD BUSINESS ANNINO DE VENEZIA

General Manager AUNDE SRB d.o.o

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PARLIAMENT ACTIVELY CONTRIBUTES TO ECONOMIC DEVELOPMENT OF SERBIA DR ALEKSANDRA TOMIĆ

President of the Finance, State Budget and Public Expenditure Control Committee of the Serbian Parliament and President of the Parliamentary Friendship Group - Italy

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THE CORNERSTONE OF GROWTH OF THE ITALIAN ECONOMY Confindistria Global

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HONEST AND FRUITFUL COOPERATION Cooperation between Confindustria and Serbia

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LEADERS IN INNOVATION DRAGAN FILIPOVIĆ

CEO of Generali Osiguranje Srbija

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WITH GOOD ORIENTATION TO BETTER JOBS Confindustria in Education

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TAILORED TO PROFESSIONALS AND BUSINESSES Confindustria in Media

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AN INSTITUTION THAT FEEDS THE SOUL Confindustria in Culture

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AMS OSIGURANJE HAS DRIVERS IN MIND

INTERVIEW

ERICH COSSUTTA President of Confindustria Serbia

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side from the continuous efforts to further the successful positioning of the association and the activities related to as efficient as possible cooperation between Italian and Serbian economy, the focus of Confindustria’s activities in the upcoming period will be on long-term plans that will leave a significant mark primarily in the field of bolstering the cooperation between the educational system and businesses in Serbia and investing in the youth, as well as focusing on production and management digitalisation.

ITALY HAS ALWAYS BEEN HERE, IN SERBIA Italy is the most important export destination of Serbia, with Italian export recording growth in 2017. This trend will continue

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From your standpoint, what are the implications of European integrations of Serbia and the strong cooperation with China, especially in construction of infrastructure, and what does the positioning of Serbia on the “One Belt, One Road” map mean to foreign investors in a logistics sense?

— Serbia’s integration into the EU and Serbia being included in China’s One Belt, One Road project are complementary issues and as such, they do not exclude one another. Serbia’s accession to the EU community carries certain benefits because the European Union is one customs union and one customs zone. On the other hand, Serbia being positioned on the map of the Chinese One Belt, One Road project is very significant, even more since this entails the arrival of major Chinese companies that bring numerous advantages with them, from the know-how, new methodologies and manners of work, to creation of new jobs. China became a superpower a long time ago, and it is no longer a country of cheap production, but a country

known for state of the art technological products.

The One Belt, One Road initiative has strategic relevance to Serbia, not only in terms of arrival of companies, but also from the aspect of infrastructure development in Serbia, roads, railways, etc. Serbia has such a position, and both development paths will bring great benefits for Serbia, considering the central role the country currently plays in the region.

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Considering your expertise in logistics, what would you advise to the Serbian Government when it comes to further development of communications and transport & logistics sector?

— Belgrade has a great position – it has the River Danube, Serbia is part of the Corridor 10, it has a developed road and railroad infrastructure, motorways are being built, as well as railways, there are investments in roads. All these are preconditions necessary for opening a logistics facility in Belgrade. My suggestion to the Government of the Republic of Serbia would be that Belgrade should have a big logistics centre, which would attract major foreign companies.

ITALIAN COMPANIES ARE POSITIONED ACROSS SERBIA, AND THEY OPENED THEIR DOORS TO YOUNG PEOPLE TO FAMILIARIZE THEMSELVES WITH THE WORK PROCESSES

Today, e-commerce is the future of trade, and a completely new direction of development of this activity that takes precedence. On the other hand, large Chinese companies are global leaders and they are at the very top of this industry. I am quite certain that by opening a major logistics centre, Belgrade would manage to attract the companies I’m talking about, namely large global Chinese companies, like Alibaba , which would bring new investments to Serbia and would contribute to further development of Serbian economy.

How attractive are the trade agreements that Serbia has with Russia, Turkey and some other countries, for your members? Did you calculate the effects of that Serbia’s possible entry into the EU and the revision of some of these agreements would have?

— It is certain that by joining the EU, Serbia will be in a situation where these agreements would have to be reviewed. Also the agreements with Russia will certainly be revised.

Something similar happened to other countries when they became EU members, and that is inevitable.

These agreements are relevant to Serbia and they brought benefits to Serbia at one point, but I think that by joining the EU, Serbia will have to re-evaluate the agreements it has and these agreements will have to be revised, which entails certain consequences .

It is also important to note that EU membership brings many benefits for the local economy and for the

foreign investors - a clearly defined and harmonized legal framework, for example, is a very important feature to have predictability regarding business operations and for their further development. We also think that the perspective of entry into the EU and the inevitable review of the free trade agreements must only serve as an incentive for this country’s Government and for the economy, as well as to focus on new competitive advantages, where they have to put education and additional education in first place, and construction of adequate infrastructure.

Confindustria Serbia is a young association, which has a strong focus on young people. What i experiences do your members have regarding the young workforce from Serbia?

— The “Year of Open Doors to Italian Industry” project, which was envisioned and implemented by Confindustria in cooperation with our partners – Manpower Group Serbia and Energia Gas and Power, under the auspices of the Italian Embassy in Belgrade, was initiated as a pilot project in November 2016, but it has had a new format since 2017.

We are very proud of the fact that we are a part of the large and significant process called “Dual Education in Serbia” through this project, and that, by offering our ideas and being willing to invest effort, we managed not only to enable the young people, who finished their schooling, to get a job, but also, in cooperation with the Ministry of Education, to adapt educational programmes in schools in Vršac, Zrenjanin, Sremska Mitrovica, Velika Plana, etc.

You know, Italian companies, which operate across Serbia, opened their doors to young people, allowing them to familiarize themselves with the processes and the manner of work, how technologies and knowledge are applied, in addition to seeing what companies use in their production process while they were still in school.

Young people are the most valuable resource that our county has, and both the economy and the entrepreneurs must invest in talent and

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bring the business culture and the entrepreneurship spirit closer to young people. In relation to this, we implemented the last stage of the “Year of Open Doors to Italian Industry” project in Belgrade last year, in the form of job fair put together by our member-companies.

Italian investments are very often connected with work-intense branches, such as the textile industry.

However, you are also involved in conferences about digital industry, digital economy and advance technologies. What potential is there for connecting the Italian and Serbian economies?

— Bocconi developed a programme in cooperation with MIT from Boston, called DEVO Lab, where digital skills are not communicated in a dull manner, but with managerial skills.

Companies have to know how to estimate at which point and which degree of digitalization to introduce into their production, and in that sense Bocconi and MIT offered their expertise as partners not only to science and technology parks in Serbia , but also to certain companies, as well as to institutions and the state.

In this way, we are trying to apply the existing know-how and better introduce technology and application of digital technologies in companies in Serbia, with the intention to underline that digitalization is necessary for everything, but on the other hand, not every product and every industry require the same degree of digitalization at all times. This is precisely the wider concept and the manner in which we connect Italy’s experiences with Serbia .

It is important for me to point out that in that sense, digitalization is not the only way for work-intensive industries to adapt in the 21st century. For a decade already, companies from the textile or shoe industry in Italy, for example, use their own waste and leftovers from manufacture as a resource. Circular economy was initiated in Italy, precisely in these work-intense sectors, which became a European leader in this aspect.

Confindustria deeply believes in

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this principle, and it wants to transfer this economic model to Serbia as well. We are making an effort in that direction, and we will organize the first conference at the end of November on the topic of circular economy in Serbia, with full support from the local ministry and the Italian Embassy.

For three years in a row, Confindustria Serbia has been organizing events covering topics related to IT

of Italian investment companies, or is there more potential for expansion of the volume of work of companies that are already present on the market?

— Next year, Italy and Serbia will celebrate 140 years of diplomatic cooperation and 10 years of partnership. Italy has always been here.

Not only that we didn’t reach the maximum, but Serbia is just entering the new investment cycles. Italy is

EVENTS industry and digitalization. The first one was dedicated to start-up and establishment of a business environment that sustains start-ups. We organized the second one in the presence of Bocconi at the Zvezdara Science and Technology Park, where possibilities and challenges that digitalization offers for traditional industries such as production or sales were presented. A proposal for establishing cooperation with the Serbian Government was made and we are still negotiating with them.

We will hold a conference on the topic of cyber security and its application in the finance and telecommunications sectors on November 8th this year, at the Belgrade City Assembly, which once again proved to be an extraordinary partner. The conference will gather experts from the region, Serbia, Israel , and Australia.

The value of external trade between Italy and Serbia amounts to almost €4 billion. Is that near the estimated maximum, considering the range of investments and the size

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FOR THREE CONSECUTIVE YEARS, CONFINDUSTRIA SERBIA HAS BEEN ORGANIZING EVENTS COVERING THE TOPICS RELATED TO IT INDUSTRY AND DIGITALIZATION Serbia’s most important export destination, and Italian export posted a growth in 2017, and this trend continues . As the Italian economy transforms in Italy, its investments abroad adapt to this: sectors where investments are made are changing, conditions of partnerships with local companies change as well. For example, Serbia has been a “laboratory” for many foreign companies for a long time already, where they aren’t only looking for work force, but where these companies are developing new products and technologies.

Even more so since Serbia is the key political factor in the region, engaged in promotion of peace and stability, and the current government of Ana Brnabić, and previous gov-

ernments led by the current President of the State, Aleksandar Vučić, are proof of that. You know, politics is inseparable from the economy in Serbia, because politics is what creates the economic environment and it’s certain that investors who know that they have to talk with these same people in the years to come, feel secure, and that is an advantage.

On the other hand, both I and Ambassador Lo Cascio are veterans in Serbia, and great experts regarding the situation in the Balkans and in Serbia. This environment feels like home for us, and we are putting effort, each in hisown domain, into enabling the Italian businessmen to invest and to solve problems. We are offering positive examples, which is a positive signal for investors to invest here.

Italy, on the other hand, is a different country, we changed 65 governments in 60 years and this doesn’t affect the economy. Serbia is a country where political environment is an important creator of a safe economic environment. The efforts that this government invested have contributed that Serbia today is regarded as a safe environment with good economic climate for investments, and Serbia, as the centre of this region, is yet to move forward .

We, the “veterans” and Confindustria, have one goal when it comes to influx of Italian investments, and that is for the companies that come and stay here.

PARTNER

Out of more than 25,000 people employed by Italian companies, almost 12,000 are in Vojvodina.

Which parts of Serbia can we single out as those towards which Italian companies gravitate the most?

— Italian businessmen invest anywhere, from Subotica to Vranje, and if you have noticed, we are not investing only in Vojvodina, Italian companies are evenly distributed all over Serbia and they truly invest in development and work forces, but also in the environments where they have their production plants.

Let me just state an example that Confindustria Serbia which has its branch in Subotica, and all the companies and investors on the territory of Vojvodina can contact our representative there for all questions and issues they are facing.

Italian companies are an example of regional operations, and they are also an example of decentralization to which all countries, including Serbia , strive. For Confindustria, presence on the territory is a very important matter: we believe that, as an association, we have to be with

I KEEP REITERATING THAT REGIONAL COOPERATION IS VERY IMPORTANT, AND THAT IT BEARS GREAT POTENTIAL, BECAUSE ALL THE WEST BALKAN COUNTRIES ARE A NATURAL PARTNER TO EU

the businessmen and at the plants. By looking towards the future, our goal is to be organized in all the cities in Serbia, just like we are organized in Italy. I hope that we will soon have a representative for Central and South Serbia as well, these are the regions that are yet to expect an inflow of foreign investments, where construction of the highway will play a central role.

You recently said that Confindustria Serbia, with its 160 member-companies, is the best example of cross-border cooperation, not only between Serbia and Italy, but also on the regional level, so with Bulgaria, Romania, Macedonia and Montenegro. What is the potential of such cooperation, and in which industries is it especially productive?

— Even though it was established 6 years ago in Serbia, Confindustria made gigantic steps in a short period, as seen in numerous activities and results : from seminars on changes in legal frameworks, to themed conferences; from operational support of companies to monitoring of new investors.

I keep reiterating that regional cooperation is very important, and that it bears great potential, because all the West Balkan countries are a natural partner to EU; they strive and move towards membership in the EU. Currently, Serbia has the biggest external trade with the EU countries and the EU is the most important trade partner of all the countries in the Balkans .

When it comes to the cross border cooperation, the fact that Confindustria has offices in all the countries of the region only facilitates our contacts with the neighbouring countries. I would say that cooperation in the field of human resources has become among the most important ones, while there are numerous companies in all the industries that operate in Serbia, as well as in Romania or Bulgaria.

Today, borders between economy and business are increasingly less visible, and we as Confindustria must know, notice and support this in an adequate manner.

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INVESTORS ARE MORE THAN WELCOME IN VOJVODINA

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IGOR MIROVIĆ The President of the Government of Vojvodina

The bilateral relations between Serbia and Italy are highly developed, with a strategic partnership established on November 13th, 2009 in Rome

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erbia is investing a lot of effort into creating the best conditions for doing business and investment influx. One of the ways in which this is accomplished in Vojvodina is through the work done by the Development Agency of Vojvodina (RAV), a place that deals with all issues related to investment process.

The Agency’s task is to find investors, and to send detailed reports on business climate, operating costs, incentives, tax, customs and work procedures, available workforce, logistics etc. They also inform investors of available locations, connect them with potential local suppliers, companies interested in joint ventures, representatives of local self-governments, provincial and state institutions, private property owners and local companies.

How many Italian companies do business in Vojvodina and in which industries are they present?

— Currently, 66 Italian companies operate on the territory of the Autonomous Province of Vojvodina (APV). These companies invested over EUR 840 million here and employ over 12,000 people.

As a result of this, Italy is among the top five countries in terms of the amount of capital invested through foreign direct investments in APV. Italy also ranks second in terms of the number of new jobs created by its companies here, while in the terms of the number of currently active companies, Italy is ranked first in Vojvodina.

According to the level of investments, Italian companies invested the most in the following sectors: financial sector, textile industry, green industry, agribusiness and metal sector. In addition to these sectors, Italian companies operate in the automo-

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tive, service, electronic, pharmaceutical, plastics and construction industries, as well as in the construction, wood processing, chemical and paper industries. In regard to the number of employees, Italian companies have the biggest number of employees in the textile industry, financial and service sector, metal processing and construction sector.

How did the cooperation with Confindustria come about and what is the best quality of this cooperation?

— The first contact happened in 2010, when a representative of the Development Agency of Vojvodina took part in a conference in Salermo, organized by Confindustria, after which we established a strong cooperation that lasts to this day.

Thanks to the cooperation with Confindustria, we put together over 15 so-called road show tours of Italian companies and conferences.

As a result, we had new Italian investments in Vojvodina, such as investments by Plados in Nova Pazova and AQ Magnetica Technology in Sremska Mitrovica.

Another result of our cooperation with Confindustria was accomplished in 2014, when we visited seven cities in Italy on two occasions and had over twenty business meetings with Italian companies. In December of the same year, we signed a cooperation agreement in order to formally establish a cooperation on a more efficient management of investment projects of Italian companies interested in investing in AP Vojvodina.

In June 2018, the Provincial Government and the Development Agency of Vojvodina gave their support to the fifth annual scientific-business conference of the Italian-Serbian Platform for Cooperation in Advanced Technologies - ISCP. The conference was held at the Rectorate of the University of Novi Sad and its aim was strenghtening the connection between science, research and economy in the service of "fourth generation industry", as well as the bolstering connections between Italy and Serbia in that area.

What can Vojvodina provide to Italian companies?

— Vojvodina offers investors a good base of qualified and highly qualified workforce, as well as quality and safety in production. These are some of the reasons why big global brands and companies invest and continue to operate in Vojvodina. The companies that are already here say that we have the optimal ratio between work quality, labour productivity and quality of the final product.

Other major advantages of Serbia are competitive operating costs, numerous financial, tax and customs reliefs, and the 15% profit tax, which is among the lowest in Europe. Investors are also given favourable access to foreign markets with over one billion consumers, thanks to Serbia's free trade agreements with

bia's import, as well as one of the leading countries in total investments and the number of investment projects. In 2017, Serbia exported EUR 1.99 billion worth of products to Italy, and imported EUR 1.95 billion of goods. The value of the total external trade amounted to EUR 3.94 billion euros, and this value has been constantly growing. The value of the total trade between the two countries, in the first six months of 2018, was EUR 2.149 billion, of which the export from the Republic of Serbia was worth EUR 1.10 billion euros, and the import from Italy EUR 1.03 billion.

This means that we have recorded a trade surpuls of EUR 70 million.

AP Vojvodina has very strong relations with the Italian regions of Friuli

SUPPORT the CEFTA countries, EFTA, Turkey, Belarus, Kazakhstan and Russia, as well as the preferential agreements with the EU and the US. Vojvodina's additional advantage lies in the fact that the province is only a border away from the EU, and that this excellent geographical location ensures Just in time/Just in sequence production which is especially important to companies that supply automotive industry. Apart from the favourable business environment, investors also have at their disposal 20 fully equipped industrial zones with four being free zones in six different locations.

How has the Provincial Government contributed to the development of these business relationships?

— Italy is our first-rate economic partner, the number one market in terms of Serbia's exports and the number two market in terms of Ser-

THE PROVINCIAL GOVERNMENT IS ALSO THE RECIPIENT OF THE "BEST INSTITUTIONAL PARTNER" AWARD, WHICH CONFINDUSTRIA SERBIA GIVES FOR EXCEPTIONAL COOPERATION AND SUPPORT Venezia Giulia and Umbria, and we expect to sing a cooperation agreement with Lombardia too.

These agreements are a regional appendix to existing interstate agreements and strong business relations, which will be improved in the upcoming period. I would also like to say that the National Association of Italian Co-operatives (AGCI), Confindustria Serbia and the Cooperative Union of Vojvodina participated in the signing of the Protocol on Cooperation with the Provincial Secretariat for Agricul-

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ture, Water Management and Forestry, which stipulates a strategic partnership between Italian and Serbian cooperatives, creating conditions for the implementation of the Italian cooperative model in Serbia, as well as the transfer of know-how, technologies and experiences between cooperatives, agricultural producers and breeders. The plan is to expand the cooperation to include the agro-industry, the social cooperatives sector and the tourism sector.

The Provincial Government is also the recipient of the "Best Institutional Partner" award, which Confindustria Serbia gives for exceptional cooperation and support achieved during the first five years since the Association’s establishment.

We would also like to single out the recently implemented cooperation with the Trento Alto Adige region and the establishment of political contacts and contacts with interested investors, who also took part in the Business Forum in Novi Sad in September 2018. Partners from the two regions agreed that there was enough room for cooperation in environmental protection through an exchange of experiences and establishing connections between companies in the field of wastewater treatment, metal processing, tourism and agriculture, as well as for an exchange of experiences in the field of science. Italian business people have also expressed their readiness to contribute to drafting of project proposals for applying for financial assistance from European funds covering these areas.

The value of the external trade between AP Vojvodina and Italy in 2017 stood at around EUR 939 million. The value of the total export amounted to EUR 438 million, and the total import amounted to EUR 502 million, which means that, in the observed period, AP Vojvodina recorded a trade deficit in the amount of about EUR 64 million. Italy occupies a high place as one of the most important foreign trade partners that AP Vojvodina has a relatively balanced trade with. The import to export ratio is 87%.

What is the biggest significance of the strategic partnership agree-

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ment concluded between Italian and Serbian co-operatives?

— In terms of economic indicators, profitability of agricultural holdings, realized profit, achieved business results, and the number of cooperatives and employees, the Italian cooperative model in the field of agriculture and joining of producers in cooperatives, with clearly defined statutory rules, proved to be very successful.

Considering that Serbia has a long tradition in organizing farmers in cooperatives, that there are 400 coop-

strengthen partnerships in cooperation on projects financed by European funds, accelerate the process of bringing producers together and lead to discovery of new markets for joint export of goods and services.

There is room for improvement and development of cooperatives in various fields - agriculture, health care, social protection, sports, culture, and tourism. In the agricultural sector, we see a huge opportunity for technological advancement, modernization of production in small agricul-

ACTIVITIES eratives with over 100,000 people which were established with the aim of forming a closer cooperation between the two countries in the segment of cooperatives, the Protocol on Cooperation between the Provincial Secretariat for Cooperation Agriculture, Water Management and Forestry, Confindustria Serbia, the National Association of Italian Cooperatives (AGCI) and the Cooperative Union of Vojvodina was signed in the Provincial Government on October 31st, 2017. The Protocol stipulates the transfer of knowledge, experiences and technologies between Italian and Serbian cooperatives and agricultural producers, thus creating conditions for the concrete implementation of the Italian cooperative model in Serbia, and the development of strategic partnerships between Italian and Serbian cooperatives and agricultural producers.

What are the possibilities for cooperation in this area?

— Joint activities can boost knowledge, foster the exchange of experiences and production technologies, create conditions for investments,

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JOINT ACTIVITIES CAN BOOST KNOWLEDGE, FOSTER THE EXCHANGE OF EXPERIENCES AND PRODUCTION TECHNOLOGIES, AND CREATE CONDITIONS FOR INVESTMENTS tural holdings, better use of natural resources, bolstering production and processing capacities, and greater advances in the formation of specialized fruit and vegetable, wine making and livestock breeding cooperatives.

Not only that! The cooperative partnership enables an easier access to agricultural projects that are funded from the EU pre-accession funds. It is also important to note that the cooperation between the Italian and Serbian cooperatives creates conditions for a bigger placement of agricultural products from both countries in third markets, thus improving the national foreign trade balance, on condition that sufficient quantity, quality and continuity in the delivery of goods are ensured.

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INTERVIEW

LUCA ZAIA President of Veneto Region

STRENGTHENING OF THE RELATIONS IN THE FUTURE Long-lasting and sustainable economic growth is a common challenge, and Veneto and Serbia have a lot to share and exchange, bearing in mind that the international dimension is fundamental for our economies

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or the special publication dedicated to the projects and activites of Confindustria Serbia, we spoke with Mr. Luca Zaia, Italian politician and President of the Veneto Region, who has a deep knowledge of Serbia and the region. In his interview he gave an ove r v i ew a b o u t c o o p e r a ti o n between Venetian and Serbian companies, the experience of Venetian companies in Serbia, Vojvodina as an interesting region, what values Venetian companies bringing to Serbia, etc: „There is ease of relations between Venetian and Serbian people from the human point of

view, and this is of great importance also for the economic relations. Serbia is certainly a point of reference for the entire Balkan area, which we must look at with ever-increasing attention and spirit of cooperation. I believe it is important to continue working to capitalize such existing skills and experiences and to foster increasingly the interaction between Venetian and Serbian companies for mutual growth“ said Mr. Zaia.

As somebody who has deep knowledge of Serbia and the region, how do you assess the changes the country went through in terms of reforms?

— My evaluation of the changes which have been taking place in Serbia for some years now is absolutely positive. They involve many crucial aspects of life in this country, such as the role of institutions, the European and international position of Serbia, its economic development and the overall evolution of the Serbian society.

In this context, Serbia is certainly

a point of reference for the entire Balkan area, which we must look at with ever-increasing attention and spirit of cooperation.

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What is the experience of the Italian companies from Veneto already working in Serbia?

— As far as I know, the experience of Venetian companies in Serbia is largely positive. This is also proven by the new Laborlegno production plant, opened on 6th October 2018 in Sremska Mitrovica. I believe it is important to continue working to capitalize such existing skills and experiences and to foster increasingly the interaction between Venetian and Serbian companies for mutual growth.

COMMITMENT, ACCURACY, DEDICATION, PERSEVERANCE, FAIRNESS, RELIABILITY: THESE VALUES ARE STRONGLY ROOTED IN THE LAND AND IN THE HISTORY OF VENETO

That is also one of the reasons for the organization of the public meeting “Serbia, a door to the Balkans, new economic opportunities for Venetian enterprises”, which will take place in Veneto, at the Exhibition Centre of the city of Verona, on 30th October 2018, and which is expected to be widely attended by Institutions, Chambers of Commerce, Development Agencies and Business Associations of Veneto and Serbia.

Why the majority of Italian investments are focused on Vojvodina?

— Vojvodina is particularly well served in terms of infrastructures and communication routes, and it is located in a strategic geographical position, which makes it a gateway to Hungary, Romania and, more in general, to Eastern Europe.

I also think that the presence of a quality workforce is an important factor, carefully evaluated by the companies before identifying Vojvodina as an interesting region for the development of their production. Having said that, I hope that the presence of Venetian companies and

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KEY FACTORS the business collaboration will grow throughout Serbia, because the areas of attraction and the significant skills in the country are manifold.

Veneto is known for the family business. What values are these companies bringing to Serbia?

— Commitment, accuracy, dedication, perseverance, fairness, reliability: these values are strongly rooted in the land and in the history of Veneto. The model of small and medium-sized enterprises which positively characterizes the Venetian economic system is based on these values. It is a model which does not only concern entrepreneurs and workers, but extends to the entire Venetian community as a whole.

Small and medium-sized enterprises in Veneto have indeed become increasingly large thanks to the quality of their production and their strong international projection.

That is due to a social fabric imbued with the values rooted in the Venetian people, which are the basis not only of the economic development, but also of the overall high quality of life which character-

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izes our region. I believe that the Serbian community shares many of these values with the Venetian community and this, too, is a reason why it is easy for our institutions and companies to understand each other and collaborate.

What Italian investors from Veneto see as the major reasons for transferring some of their business to Serbia?

— Institutional and social stability are key factors, together with positive economic indicators and an industrious, well trained workforce.

I also believe, as I said before, that there is ease of relations between Venetian and Serbian people from the human point of view, and this is of great importance also for the economic relations. Furthermore, Serbia is a reference country for the entire Balkan area and a strategic platform towards Eastern Europe, all the way to Russia.

As a president of one Italian region seven times larger than Serbia in terms of BDP what would be your major message for the public

CONFINDUSTRIA SERBIA

INSTITUTIONAL AND SOCIAL STABILITY ARE KEY FACTORS, TOGETHER WITH POSITIVE ECONOMIC INDICATORS AND AN INDUSTRIOUS, WELL TRAINED WORKFORCE policy makers in Serbia? What is our recipe for success?

— I would recommend supporting small and medium enterprises, simplifying bureaucratic procedures, working on vocational training, developing infrastructures and strengthening relations with reliable foreign partners, such as the Veneto Region.

I also hope that relations between Veneto and Serbia can be constantly strengthened in the future, and, on our part, we will certainly commit ourselves to making this happen.

Long-lasting and sustainable economic growth is a common challenge and Veneto and Serbia have a lot to share and exchange, bearing in mind that the international dimension is fundamental for our economies.

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ITALY&SERBIA: A EUROPEAN PARTNERSHIP FOR THE FUTURE Our policy towards Serbia has always been one of support and we constantly put forward the European perspective

INTERVIEW

H.E. CARLO LO CASCIO Italian Ambassador to Serbia

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ext year Italy and Serbia will celebrate 140 years of diplomatic relations and 10 years of strategic partnership. It is another step in the history of the Italian Serbian friendship and the basis on which we will continue to closely work together to pursue our common interests. In this positive framework we can also count on the support of Confindustria Serbia, that in the last six years helped us to form a cohesive and dynamic Italian business community, while creating a stronger bond among our companies and Serbian ones. We can proudly say that Confindustria is an open association of local and international businesses that are ready to work together

There is a high probability that the bilateral trade between Italy and Serbia will hit four billion euros this year. What does this imply in terms of economic relations? — First and foremost, the four billion euros bilateral exchange figure represents the constant growth of trade between Italy and Serbia.

Reaching this target, even if it is a record number, it is not a goal per se. What must be really celebrated

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is the positive trend that we have experienced in recent years. This same trend is already taking shape this year, in the first eight months of 2018 the Italian export has increased by more than 8%.

Italian and Serbian economies are getting closer and closer. I am confident that this phase will continue in the medium term. One of the direct consequences of the increasing bilateral exchange will be the gradual integration of our economies in the framework of the European Single Market. This will guarantee a future of common growth, in the interest of both our Countries. Entering a 500 million people market will unveil the real potential of the Serbian economy and multiply the opportunities for Serbian companies.

How in turn these figures are influencing the political dialogue?

— Economic cooperation is one of the pillars of our bilateral relations with Serbia, but it is far from being the only one. There is no doubt that the trade exchange and the daily work of the Italian companies already present in Serbia have an incredibly positive impact on our relations. But I often like to stress the fact that Italy invested in Serbia many years ago, in a difficult moment and well before other Countries. This was also a clear political choice.

Our policy towards Serbia has always been one of support and we constantly put forward the European perspective. We built mutual trust, that is why we can proudly say the we enjoy excellent political relations. Next year we will celebrate 140 years of diplomatic relations and 10 years of strategic partnership. It is another step in the history of the Italian Serbian friendship and the basis on which we will continue to closely work together to pursue our common interests. Even before the end of this year we will have important visits and initiatives: in the month of October our Deputy Minister of Foreign Affairs and Minister of Defence are coming to Belgrade, while a summit of the Ministries of Interior of the Western Balkans will be hosted in the beautiful Italian city of Brindisi.

IMPACT

What did the establishment of Confindustria Serbia six years ago bring into economic cooperation?

Do you perceive the Italian spirit in the Serbian business culture?

— The creation of the Serbian delegation of Confindustria was a very forward-looking decision, that immediately obtained institutional support.

Confindustria is not only the largest, and for many aspects the most important, business organisation in Italy, but it is also an iconic and fundamental actor of our economy.

The “General Confederation of the Italian industry” – as it is officially called – was funded in 1910 and for more than a century it played a central role in the national effort that brought Italy to where it is now: a G7 member, the third largest economy in the Eurozone and the eighth largest exporter in the world.

We are extremely lucky to have Confindustria represented in Serbia for many other reasons: first of all, it helped to form a cohesive and dynamic Italian business community.

Hundreds of Italian companies know that they can promote their interests in an effective and transparent manner through this organisation.

Secondly Confindustria is creating a

TRADE EXCHANGE AND THE DAILY WORK OF THE ITALIAN COMPANIES ALREADY PRESENT IN SERBIA HAVE AN INCREDIBLY POSITIVE IMPACT ON OUR RELATIONS stronger bond among our companies and Serbian ones, because it is not a closed Italian club, but rather an open association of local and international businesses that are ready to work together. Finally, and I answer your question, because it brought a positive attitude and an insight of the Italian way of doing business, that it is very much appreciated here in Serbia.

What in your opinion is the future of the EU led Western Balkans Process?

— First of all, I want to highlight that the Trieste Summit held in Italy last year was instrumental, and maybe even essential, in bringing back into the Agenda the EU accession perspective for the Western Balkan Countries. The Italian Chairmanship was praised for its work and

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for bringing together all the States of the region.

I am particularly proud of the fact that since last year Trieste is also hosting the WB6 Permanent Secretariat of the Chamber Investment Forum, a representation of the Chambers of Commerce of the Western Balkan Countries, that has been established under the Italian auspices, with the generous support of the Chamber of Commerce of Venezia Giulia. The Secretariat acts as a key contact, information and development point for all activities, projects and initiatives within the Berlin Process with a developmental dimension for the economies of the Western Balkans region.

It is now paramount that Poland, but really the EU as whole, continues to support Serbia and the Countries of the region in their path towards European integration. I frankly do not see any possible alternative to that.

From the point of view of the Italian business interest what does a more integrated Western Balkan region mean?

DECISION

THE CREATION OF THE SERBIAN DELEGATION OF CONFINDUSTRIA WAS A VERY FORWARD-LOOKING DECISION, THAT IMMEDIATELY OBTAINED INSTITUTIONAL SUPPORT

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— Let me give you a concrete example: there are less trade and administrative barriers between Italy and Finland than between Serbia and Macedonia, that are two neighbouring Countries. Does this make any sense? It is in the full interest of everybody, not only Italian business, to have an open market where goods can move freely. Some weeks ago, at a public event organised by “The Economist” in Belgrade, it was mentioned that iconic food brands sold in former Yugoslavia during the 70’s and 80’s are still among the most appreciated goods by the consumers of the Western Balkan region.

This is the demonstration that the common market is already a reality in the behaviour of the economic operators, that trade, buy and sell the same goods in different Countries. It is now the duty of the Governments, together with the support of all the EU Member States, to follow through with legislative reforms aimed at taking down the existing barriers.

Much has already been done, but it is necessary to continue with a deeper regional economic integration.

What do you see as the most pressing questions for the Western Balkan Countries, and Serbia in particular, in terms of integration in the EU market?

— Many matters must be tackled, but of course it is necessary to set priorities. I would therefore put forward

the most significant issues on the economic side: the connectivity agenda, private sector development, fight against corruption. Those are only a few dossiers, but them alone require a particular effort in terms of reforms and implementation.

First of all, connecting the region means investing in infrastructures both for transport and energy. I think that the EU is playing a significant role in this sense, thanks also to the financial support of our multilateral banks. We certainly have to consider different global players in this field, but I do believe that the European approach is much more sustainable in terms of long-term goals, quality of the works and transparency. As regards the private sector development, Serbia and the neighbouring countries have the need to create a fertile environment for SMEs. The increase in numbers of small sized companies will boost growth, reduce unemployment and help the development of an entrepreneurial spirit.

Confindustria is well aware of that and is already sharing the Italian SMEs culture and know-how with our Serbian partners.

No need to say that a good business environment cannot exist without a corruption free public administration. That is why Italy is closely working with the Serbian Government in tackling this issue, particularly through an EU finded twinning project implemented with our Anticorruption Agencies.

Our intention is clear: we want to be a big market player in the Balkan area. The Italian style, Lean Manufacturing Tools and the Serbian workforce are a recipe for constant growth

ANNINO DE VENEZIA General Manager AUNDE SRB d.o.o

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UNDE Serbia is a newly opened plant which operates under the AUNDE Group and is 100% owned

by AUNDE Italia Group, member of the AUNDE Group. Five years ago, when the company announced its plans to build a new plant in Jagodina, it received strong support from the local and state government.

AUNDE is the largest supplier of textile and covers for FIAT cars. “In the beginning, the business climate to start a business with FCA (Fiat Chrysler Automobiles) was very good”, says Annino De Venezia, General Manager AUNDE SRB d.o.o.

Mr. De Venezia arrived to Serbia in 2015 with his wife. A year later, his son was born in Belgrade. “You can imagine that without a good environment, not only the business one, I could not be relaxed enough to do my job”, say De Venezia.

In the beginning, he was keenly aware that people had doubts about foreign investors. “We live in a small town where people meet each other every day at shops, or in town centre. About four years ago, AUNDE was just one of the foreign companies here, with about 200 workers working for FIAT”, says De Venezia. “People were not that enthusiastic. They thought that because AUNDE was a foreign investor, it came here to do business only for few years and then leave.

Everybody thought that. After the second year of recording good business results, AUNDE became a big market stakeholder, having 800 workers. Jumping from 200 to 800 employees, in about three years, has impressed many other market stakeholders and competitors. A lot of workers started to value

the fact that they had a stable job which was something that they had not experienced in the past”, Mr. De Venezia explains.

The Municipality of Jagodina has recognized the big effort made by the stakeholders of AUNDE and as a result, gave the company the Captain Miša Award. Last year, the Serbian branch of AUNDE won the Leonardi Prize of the CCIS (the Italian-Serbian Chamber of Commerce). “That was another way to say thanks to AUNDE. We, from AUNDE Serbia, are very proud of these awards”, says De Venezia.

After an additional investment in capacity expansion, what is the production volume in your plant in Jagodina now and what are your future plans?

— In 2017, AUNDE expanded its manufacturing plant from 5,000 to 11,000 square meters. In 2015, AUNDE was producing 2,200 pieces (single covers) per day with 4 production lines. In September 2018, we produced 12.000 pieces per day with 15 lines.

Our intention is clear: we want to be a big market player in the Balkan area. Our company is able to reach the targets in terms of quality and productivity, which go hand in hand in our organization. I would say that the Italian style, TPS’ tools and Serbian workforce are three ingredients of a recipe for constant business growth.

Are you satisfied with the supply and quality of the workforce?

— AUNDE needed qualified technicians and blue collar workers. Although Jagodina has a tailoring and sewing school, the

work experience here is insufficent due to the fact we use industrial machines very different from the machines used at the school. AUNDE has gratuitously loaned to the school a couple of sewing machines so that the students can be trained properly while some students work with us. AUNDE has opened a sewing school at the company’s premises where new workers undergo training and learn our methodologies.

Finding tailorig technicians was also difficult. It was easier to find engineers who had a proactive approach to learning. I have to say that high schools here have to meet investors’ needs. I cannot see that happening at the moment.

How much did the state and local government subsidies influence your decision to invest in Jagodina?

— There were already two Italian companies in Jagodina when we arrived. The local and state government gave us the support we needed and that made our decision easier.

What would be your advice for Italian investors thinking about coming to Serbia?

What are the benefits and challenges?

— I would advise Italian companies to come to Serbia. The new generations here know English language, and it is possible to find skilled technicians and blue collar workers who are very fast learners.

There is a also a very good link with the Western European countries. The customs administration works well, and the local and state government constantly support investors.

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CORPORATE

Three Ingredients that Make Good Business

TOGETHER WE CREATE SAFE JOBS Confindustria recognizes the Ministry's efforts on adapting our education system to suit the needs of businesses. Thanks to the project “The Year of Open Doors of Italian Businesses”, students from technical high schools and elementary school pupils had the opportunity to see with the working conditions in some of the leading Italian companies in Serbia INTERVIEW

GABRIJELA GRUJIĆ Assistant Minister for Dual and Entrepreneurial Education in the Ministry of Education, Science and Technological Development

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he cooperation between the Ministry of Education, Science and Technological Development and Confindustria started with the launch of the first ever "National Day of Small and Medium Enterprises", organized by Confindustria and its member companies based in Sremska Mitrovica.

The goal of the initiative was to bring together a number of Italian small and medium enterprises in one day which, on that occasion, opened their doors to students, professors and the local community in an effort to raise awareness among younger generations about the importance of learning in companies too. The participants had the opportunity to experience business environment first hand, and the way in which a particular company operates. This was also an opportunity to establish a dialogue between business world, education and local communities, while encouraging entrepreneurial spirit, as well as the development of critical and creative thinking among young future professionals.

“I am really glad to see that, in the space of only one year, since 2017, the National Day of Small and Medium Enterprises evolved from a one-day event to "The Year of the Open Doors of the Italian Businesses". Thanks to this, we also had the

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opportunity to visit companies in Velika Plana and Zrenjanin together with the students from technical high schools and elementary school pupils. The central event was held in November 2017 in Belgrade, with a business opportunity fair and professional practice organized for the pupils and students about to graduate," says Gabrijela Grujić, Assistant Minister of Education, Science and Technological Development.

"All these activities, owing to which we had the opportunity to listen closely to the needs of Italian businesses, but also to promote dual education system, resulted in the creation of new and the modernization of the existing dual educational profiles in secondary vocational schools in accordance with the real needs of the Italian businesses that will provide safe jobs with renowned employers in the near future”, adds our interlocutor. "The first ever created and modernized educational dual profiles support the metalworking industry, and we are already working on the development of a four-year programme for the automotive industry.

Confindustria recognizes the efforts of our ministry in terms of adapting the education system to the needs of businesses. Last but not least, I would like to would add, hoping that I am not bragging too much, that in this regard I was honoured with an award of recognition of the outstanding commitment and contribution to strengthening the cooperation between education and business system last year, at the annual meeting of Confindustria".

How many Italian companies have joined the dual curriculum so far and what educational profiles are they most interested in?

— It is difficult to give you the exact figures for all Italian companies in Serbia, but when it comes to companies that are members of Confindustria, I can say with certains that companies from Zrenjanin, Jagodina, Sremska Mitrovica, Velika Plana and Sabac have been successfully implementing these programmes.

It is important to note that many of the aforementioned companies had started cooperation with technical

schools before we got on board, and that these initiatives were later successfully integrated into the dual education system.

What are the Ministry's further plans in terms of reforming the school system in line with the needs of businesses?

— Considering the previous results in the implementation of dual education in secondary vocational education, as well as the strong interest of businesses for connecting with the education system, we think that

How important are the events like “The Day of Open Doors of Italian Businesses” for high school and university students for getting better acquired with the real business operations?

— They are extremely important!

And to validate this claim, let me just say that, in Italy, Confindustria has been promoting this initiative since 2010 and that the number of companies joining the initiative has been growing year-on-year. As I said at the beginning of this interview, this is an opportunity for young people to see

BOOST dual education should be developed in other branches of industry too in accordance with the needs of businesses. I am mainly referring to introducing new educational profiles in automotive industry and digitization (cybersecurity profiles).

I would also like to underline that it is extremely important to have a comprehensive connection and networking between education and businesses and that it is simply not enough to carry out this networking process only in high schools but to rather extend it to higher learning institutions too, and by this, I am mainly referring to vocational colleges that have a strong, clear and active collaboration with businesses. We need to help university and vocational college students to acquire higher levels of competency because in doing so, their employability will be higher.

THROUGH ENSURING A QUALITY OF EDUCATION AND IMPLEMENTATION OF THE LEARNING PROCESS, THE MINISTRY IS HELPING YOUNG PEOPLE TO STAY IN SERBIA AND BOOSTS THEIR EMPLOYMENT OPPORTUNITIES business environment and the way in which a company operates, first hand. They also have the opportunity to talk to company directors and owners who are selflessly sharing their experiences, ups, downs and challenges they had in their careers with these young people. Many students have never seen the insides of a factory before and you could see on their faces how positively

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surprised they were when they did.

For instance, in Sremska Mitrovica, after visiting a company's factory, a fourth year high school student took an initiative to ask whom he had to contact in order to get a job there once they graduate. These are very important moments.

What are your experiences so far with businesses and the Ministry establishing an even closer cooperation? Which foreign cooperation formats do you look up to?

— The Ministry of Education, Science and Technological Development is proud to say that it has an excellent cooperation with businesses. The success of the introduction and implementation of the national dual education model depends on the benefits that all the stakeholders involved in this process have or expect. This means that young people involved in the education process in two places – in schools, where they acquire theoretical knowledge, and in companies, where they acquire practical knowledge – benefit from improving the quality of their competences, that is, the quality of their knowledge.

In this way, through three- and four-year cooperation with young people which is implemented together with instructors in line with the curriculum and the syllabus, companies gain young and qualified workers which makes their production process more sustainable and of course, more innovative. Serbian businesses have had a lot of problems with finding adequate workforce because for years, huge funds were poured only into informal education. Of course, it is a good thing that informal education exists in the system, but only as a support to formal education in cases where the speed of technological development exceeds the possibility of modernizing educational profiles.

The Ministr y of Education, Science and Technological Development has been enjoying a great support from Germany, Switzerland and Austria in developing and implementing dual education. This support is mainly rendered in implementation of joint projects and engagement of foreign experts.

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How does the Ministry promote youth entrepreneurship?

— The Law on the Fundamentals of Education System clearly recognizes the sense of initiative and entrepreneurship as one of the eight key competences for lifelong learning. Entrepreneurship is defined as the ability to turn ideas into action through creativity, innovation and risk taking, as well as the ability to plan and manage projects. At the same time, it is recognized by the law as a general interpersonal competence.

In accordance with the aforementioned, students are developing these

set up student cooperatives with the aim of encouraging the development of a positive student attitude towards work and professional orientation, establishing the links between classes and business world, developing awareness about personal responsibility for honouring commitments, and developing a positive attitude towards teamwork and entrepreneurship. Student cooperative activities aim to enable students to: master the basic elements of the production and service delivery process; professional guidance and development of entrepreneurial spirit; cre-

BENEFITS competencies through more frequent application of active and interactive syllabus and learning methods where students are not passive recipients of knowledge and information but are actively searching for answers.

Recognizing entrepreneurship as a key competence has created the need to learn content that is useful in terms of developing this competence across all curriculum subjects, i.e. the syllabus content, whenever possible. Also, by implementing a project approach in lower grades and applying project teaching with a specific purpose, while respecting the general characteristics of each age group, students have an opportunity to realize their ideas.

The Rulebook on Student Cooperatives was adopted in 2018 which stipulates that schools can

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THE SUCCESS OF THE INTRODUCTION AND IMPLEMENTATION OF THE NATIONAL DUAL EDUCATION MODEL DEPENDS ON THE BENEFITS THAT ALL THE STAKEHOLDERS INVOLVED IN THIS PROCESS HAVE OR EXPECT ating and developing a positive attitude towards work and creativity; formation of working habits; developing awareness about collective work, cooperation and mutual help and solidarity; as well as contribute to organizing and developing their schools, the local community and their living environment.

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DEDICATED CONNECTING SERBIAN AND ITALIAN ECONOMIES FOR YEARS We are providing not only support to domestic companies to export more to the Italian market, but also to the Italian companies operating here and to those who intend to invest, produce and export in our country

INTERVIEW

MARKO ČADEŽ President of the Chamber of Commerce and Industry of Serbia (CCIS)

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n the context of the development of digital industry, Italian investments are all the more important considering that companies in Italy were among the first to embark on automation and robotization of production processes. Thanks to the project implemented by Confindustria in Serbia together with the Academy of Engineering Sciences of Serbia, the Belgrade Faculty of Mechanical Engineering and the Chamber of Commerce and Industry of Serbia, and following the formation an Italian-Serbian platform for cooperation in advanced technologies, the links between experts and business people in the field of innovative technologies, and above all of robotics, have been significantly improved.

Confindustria Serbia has played an important role in promotion of digital economy in the region through thematic conferences and other activities. How important is for the CCIS and Serbian economy that this topic has been included in national agenda?

— The decision made by the Serbian government to make digitization one of the highest priorities is of particular importance for the development of digital economy, the digital transformation of traditional industries and the promotion of new digital businesses, which, in the rest of the world, is considered vital for survival, achieving greater competitive-

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NUMBER ONE

ness and economic development.

By adopting the necessary strategic documents and key laws, the state has rounded up the regulatory framework and defined its digital agenda. The state is also working on the digitization of public administration, its administrative processes and communication with businesses and citizens.

At the same time, through the digitization of its services and the activities of the Centre for Digital Transformation of the Economy, the Serbian Chamber of Commerce helps companies, especially small and medium enterprises, to transform their business as quickly and efficiently as possible: informing, advising and educating them, proposing transformation and financing models, supporting the implementation of digital solutions, and connecting them with the people who possess the know-how, technology, instruments and funds.

Thanks to the support of the German Organization for International Cooperation and the Austrian Chamber of Commerce, certified consultants will start working with 40 companies in October to create their digital maps and digital transformation strategies.

IN TERMS OF THE NUMBER OF IMPLEMENTED PROJECTS-ABOUT 80, ITALIAN COMPANIES TAKE THE NUMBER ONE PLACE ON THE LIST OF FOREIGN COMPANIES THAT HAVE INVESTED IN OUR ECONOMY

The plan is that, as a result of this project alone, we will certify about 300 consultants, that about 10,000 small and medium enterprises will get their "digital signpost", and that our Centre will provide co-financing for the introduction of technological solutions foreseen by their strategy.

What are the most important results of the cooperation so far and what is your view of the role of the Italian government and businesses in the development of digital industry and technological modernization of the Serbian economy?

— Italy is one of the most important investors in Serbia with Italian companies in Serbia investing about EUR 3 billion since 2000, according to Banca Intesa's assessment. In terms of the number of implemented projects-about 80, Italian companies take the number one place on the list of foreign companies that have invested in our economy. Sectorally, the majority of Italian investments were made in the textile, automotive, furniture and wood processing industries. Italian banks and insurance companies also have a strong presence in the Serbian market. In recent years, and a number of Italian ICT companies in Serbia has grown.

Now, there are a total of 116 ICT companies with Italian capital operating in Serbia, and with seven new companies being established since the beginning of this year.

Foreign investments, including the most numerous investments of all – those from Italy, are important for Serbian economy, not only because of the capital they invest,

the boosted export, the business they bring to our companies and new jobs for our citizens, but also because of the transfer of know-how, technology, contemporary business standards and business formats that our local companies can emulate. They also raise the technological level of our economy, contribute to the growth of our production and export, and change their structure in favour of products of higher degree of processing. In addition to the large business systems in Serbia, an increasing number of small and medium Italian family businesses have been coming here for years, not only as suppliers of large companies, but also independently. This gives additional quality to our investment cooperation and creates new opportunities for the transfer of knowledge and elements of a successful Italian small and medium enterprises development model.

How important is local infrastructure in attracting foreign investors and what opportunities are there for a greater involvement of Italian companies in such projects?

— The level of infrastructural development is one of the most important issues and the most frequent topic of conversations with potential investors, which have been analyzing an investment and business destination.

Serbia is aware that investments in infrastructure are both the prerequsite and the source of its sustainable development, hence, in the last few years, the country embark on a large cycle of investments in infrastructure projects. The total value of current and planned investments, only in the road and rail network, is about 16 billion euro.

However, it is very important that the construction of the highest-quality infrastructure goes parallel with the development of a regional and local network, and that local governments recognize their potentials, offer them to investors, and create conditions for implementation of projects that will make their respective towns locally attractive. When it comes to the development of local infrastructure, great opportunities lie in the still underdeveloped model of

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public private partnerships, since we already have a regulatory framework in place and have fulfilled all the conditions required y European standards to forge this kind of partnership.

Thanks to the local infrastructure conference, organized by Confindustria, EU Build, Build Energy Team and the Chamber of Commerce and Industry of Serbia, 35 Italian companies have already had the opportunity to get acquainted with more than a hundred projects in the field of treatment of municipal and industrial waste water, waste management, energy efficiency, public lighting and replacement of heating systems, and to talk with the representatives of local self-governments about the possibilities of cooperation in implementation of these projects.

They are encouraged by the experiences of Italian companies that have already forged public private partnerships here, or have participated in the construction of regional or local infrastructure projects, such as waste management systems.

the establishment of Confindustria Serbia, the CCIS received the "Institutional Partner" award. What does this award mean to you and what are the new opportunities for Italian-Serbian partnerships?

— The Chamber of Commerce and Industry of Serbia has been dedicated to connecting Serbian and Italian economies for years. We are providing not only support to domestic companies to export more to

Can you tell us more about the training project for young managers?

— The project, which was financed by the Ministry of Foreign Affairs and International Cooperation of Italy with the view of bolstering the economic and cultural cooperation between the two countries, and implemented by the Chamber of Commerce and Industry of Serbia in cooperation with Forma Camera from Rome, has made it possible for young Italian and Serbian managers to present their companies, experiences and potentials either in Italy or Serbia, get acquainted with the functioning of their specific industry in another country through trainings, bilateral and multilateral meetings, study visits and business practices so that they can be better informed about the opportunities for their businesses in the Serbian and Italian market, learn how to better position their brand and export their products, establish business contacts and contemplate together about their future business cooperation.

the Italian market, but also to the Italian companies operating here and to those who intend to invest, produce and export in our country.

We are happy that the Italian business people have recognized this.

We have implemented the model that we used before in cooperation with German and Austrian provinces, and renamed it „New Economic Opportunties for Companies from Italian Regions“. In cooperation with our Italian counteroparts and with the support of the governments from Italian regions, the Chamber of Commerce and Industry of Serbia has been organizing business forums in Italian regions. We are presenting to companies, banks and other financial institutions there the business conditions in Serbia, the advantages of investing in our country and opportunities for joint business deals with companies from Serbia with the view of having joint production and exporting to thid markets. We have organized the first, in the series of forums, in Trieste, the Friuli Venezia Giulia region, where the CCIS has is representative office, and in the next month or month and a half we are

going to organize such events for business people from Veneto and Lombardia.

We think that Serbia, as an investment destination, provides many new opportunities and that we can better use them in the mutual interest; that Serbia should receive high-quality Italian investments,and that Italian companies should expand their business, as part of their internationalization process, in Serbia, as the largest

PRIORITY

In December 2017, on the occasion of the fifth anniversary of

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THE DECISION MADE BY THE SERBIAN GOVERNMENT TO MAKE DIGITIZATION ONE OF THE HIGHEST PRIORITIES IS OF PARTICULAR IMPORTANCE FOR THE DEVELOPMENT OF DIGITAL ECONOMY economy of the region. We also think that Serbia could become their hub for expansion in the Western Balkans , the region with 18 million consumers, but also they could take advantage of the free trade agreements that enable manufacturers to have duty-free or more favourable export from Serbia to markets with more than one billion consumers worldwide.

We want to attract new Italian investors in Serbia - large companies, but also small and medium enterprises - that will connect to local small and medium companies here, conclude joint venture arrangements and various kinds of business cooperation with the view of joint production and export.

CORPORATE

MARTINI GRADNJA

Quality and Reliability We, at the Martini Gradnja Company, insist on high quality of used materials, flawless finish and strictly controlled quality parametres. This kind of approach to work and the company's strategic location, in between Belgrade and Novi Sad, ensure its high competitiveness and fast transport and assembly service for our business partners. This is one of the reasons why our cooperation with developers has been mutually satisfying.

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artini Gradnja, as a part of the Italian group Martini Holding S.p.A., has been operating in Serbia since 2009. The company is located in the industrial zone in Indjija, spans 23 hectares of land, has a 20,000-square-metre production facility and a management building of 750 square metres.

Since the beginning of our operations in Serbia, we have participated in construction of over 165 facilities, spanning over 1.2 million square metres. Year-on-year, the company's has been recording continuous growth and development. Many referrals speak volumes about the quality of our work, and the biggest validation of our work is found in the fact that our cooperation with developers has been mutually satisfying.

The core business activity of Martini Gradnja is production and installation of precast concrete structures for business facilities, shopping centres, production halls and smaller agricultural facilities. Prefabricated concrete structures consist of elements made of vibrated and prestressed concrete of various sizes and profiles.

In addition to the production and installation of reinforced concrete structures, Martini Gradnja offers a complete turnkey service which implies design (conceptual design, project design, main design, and asbuilt design), ensuring that all required con-

ditions have been met and permits acquired which are needed for unhindered and safe construction, and finally, construction of facilities and site supervision and coordination. Thanks to turnkey system, the Martini Gradnja Company manages and supervises the entire construction cycle in a fast and efficient manner without neglecting the aesthetic and formal aspect of construction,

COMPROMISES

MARTINI GRADNJA'S TEAM COMPRISES OF CIVIL, ARCHITECTURAL AND TRAFFIC ENGINEERS, ECONOMISTS AND PRODUCTION WORKERS (ARMORS, LOCKSMITHS, ETC.) AND WE TAKE THEIR PROFESSIONAL DEVELOPMENT VERY SERIOUSLY thus creating an ideal balance between architecture and construction. By combining engineering and architectural know-how, we provide functional and aesthetic solutions for business or other purpose spaces in accordance with the developer's vision.

Martini Gradnja also produces concrete elements in its top-notch, fully automat-

ed concrete factory which ensures permanent quality and manufactures concrete of various degrees of hardness. The concrete elements are produced in an indoor hall that has an accelerated steam curing system, which means that production can go on regardless of weather condtions and outdoor temperature. Our production documentation is drafted in line with the ISO 9001, ISO 14001 and OHSAS 18001 standards which speaks in favour of high quality of our products and services.

High quality of used materials, flawless finish and strictly controlled quality parameters on one hand, as well as the company's strategic location between Belgrade and Novi Sad, on the other, ensure our high competitiveness and fast transport and assembly service.

We pay a great deal attention to our employees, who perceive the company as their own which is also reflected in their approach to our business partners. Martini Gradnja's team comprises of civil, architectural and traffic engineers, economists and production workers (armors, locksmiths, etc.).

We see the development and progress of the company as important as our employees and their professional development to which we pay special attention. First and foremost, it is workers that make a company, and Martina Gradnja is known for teamwork and fostering a positive environment in all business segments.

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PARLIAMENT ACTIVELY CONTRIBUTES TO ECONOMIC DEVELOPMENT OF SERBIA The economic cooperation between our two countries is an indication that Italy is Serbia's strategic partner and that Italy is the biggest importer of Serbian products and the second biggest economic partner in terms of import. Hence, establishing a strong relationship between Confindustria and the Serbian Parliament came naturally INTERVIEW

DR ALEKSANDRA TOMIĆ President of the Finance, State Budget and Public Expenditure Control Committee of the Serbian Parliament and President of the Parliamentary Friendship Group - Italy

D

r Aleksandra Tomić, a member of parliament, President of the Finance, State Budget and Public Expenditure Control Committee of the Serbian Parliament and President of the Parliamentary Friendship Group – Italy, is one of the recipients of a plaque given to her by Confindustria for her contribution to cooperation and support of the Assocation's work. We are talking to Dr Tomić about the cooperation between parliamentary groups and business associations from the two countries with the aim of boosting Serbia's economic development and growth.

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What quality can the parliamentary friendship bring to the bilateral cooperation? What do you consider to be the greatest contribution of the Parliamentary Friendship Group - Italy?

— A sheer number of parliamentary friendship groups in the Serbian National Parliament shows that the Republic of Serbia leads an active and responsible foreign policy towards all the countries in the world. Parliamentary diplomacy is an important part of bilateral cooperation between the two countries. A good relationship between Italy and Serbia has a long history. The following year we are going to mark 140 years since the establishment of diplomatic relations between our two countries.

The Republic of Italy provides strong support to Serbia in the European integration process, plus the European Parliament plays an important role too. In that light, parliamentary cooperation holds a great importance in the fact that Serbia has opened 14 out of 35 chapters in accession negotiation with the EU. Also, regional cooperation is important for the political dialogue between Belgrade and Pristina and Italy is helping this process through the trilateral mechanism of contacts.

The Serbian Parliament has 10 permanent parliamentary delegations, including the Central European Initiative (CEI), based in Rome, with our MPs actively participating in their work together with Italian MPs. Also, the fact that the Serbian Parliament's Commission fpr Determination of the Consequences of NATO's Bombing has started to work is of great importance. The Commission was created as a result of the parliamentary cooperation and the courage shown by Italian MPs in opening this issue in 2002.

How many members does your group have and what are their duties?

— Together with Italy, our Parliamentary Group has 72 members and is one of the largest friendship groups in terms of the number of MPs. The task of each parliamentary group is to cooperate and exchange experiences in the legislative area, electoral and

control function of the parliaments, as well as jointly participating in the work of international institutions.

You are the recipient of Confindustria's plaque for your contribution to cooperation and the support of the Association's work. What motivated you to support the Association?

— Since 2014, the importance of the fact that we have 600 Italian companies operating in Serbia, creation of new jobs and legislative obstacles in economic reforms have all been the reasons for a stronger and direct cooperation between Confindustria and the Serbian Parliament. The economic cooperation between our two countries is an indication that Italy is a strategic partner of Serbia and that Italy is the biggest importer of Serbian products and the second biggest economic partner in terms of import. All of this has resulted in creation of 25,000 new jobs.

What are your further plans regarding the work done by the Parliamentary Friendship Group?

BOOSTING

WE HAVE OPENED THE DOOR TO THE COOPERATION BETWEEN PARLIAMENTARY GROUPS AND BUSINESS ASSOCIATIONS FROM THE TWO COUNTRIES WITH THE AIM OF BOOSTING SERBIA'S ECONOMIC DEVELOPMENT AND GROWTH — We should bolster the existing cooperation, as new political platforms have been established in the cooperation between the countries that are EU candidates like, for instance, the Western Balkan countries. The aim is to maintain the existing parliamentary cooperation, foster the relationship between the two parliaments, develop the cooperation through the EU Parliament, the Council of Europe, the NATO Assembly, the Mediterranean Assembly, the Interparlam Parliament., Union and CEI, trilateral mechanism and bilateral cooperation with a special emphasis on presenting the truth about the consequences of NATO bombing.

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CONFINDUSTRIA GLOBAL

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THE CORNERSTONE OF GROWTH OF THE ITALIAN ECONOMY Confindustria is a key player in the Italian economy and one of the largest and well-structured entrepreneurial associations over the world. It is the leading organization representing the manufacturing, construction, energy, transportation, ITC, tourism and services industries in Italy

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ounded in 1910, Confindustria today gathers in Italy only more than 150,000 voluntary member companies, which employ nearly 5,440,000 men and women. Its mission is to help Italy's economic growth, and to provide member associations and companies with the necessary tools of connection and lobbying in front of the Italian and European institutions.

Since 31 March 2016, President of Confindustria is Vincenzo Boccia.

Confindustria is a member of the International Organisation of Employers (IOE) and BusinessEurope – an alliance of the major business federations of Europe.

Since 1953 Confindustria has had an office in Brussels which is in charge of keeping communication between Confindustria and the EU institutions, through regular meetings with Commissioners, Commission officials, MEPs and a number of stakeholders from institutions and the industry sector.

When at the beginning of the 2000s the Italian companies started looking beyond the state borders for new business opportunities, Confindustria followed them accordingly, opening representative offices in the countries in which Italian investments represent an important part of total FDIs. Apart from its core activities, Confindustria was a founding member of several organizations, including ISTUD (Institute of Management Studies )

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and Assingegneria (an organization set up by Confindustria, which has since merged with OICE, L'ingegneria italiana organizzata - which in itself belongs to Confindustria).

Members of Confindustria also include ANIMA, Federation of the Italian Associations of Mechanical and Engineering Industries.

Furthermore it owns the prominent newspaper Il Sole 24 Ore. With local chapters all over Italy, it is synonymous with Italian business. Confindustria has also stakes in LUISS University, based in Rome which Business school has been attended by several trademark managers and government leaders.

The Confindustria Headquarters in Rome is in charge of the overall coordination and coordination between the various decision-making and representative centers. At the same time, it synthesises various interests and guaranteeing the organization’s presence with regard to the Italian Parliament and Government and the Institutions of the European Union.

CONFINDUSTRIA CONSISTS OF 72 LOCAL ASSOCIATIONS ESTABLISHED IN 13 REGIONAL LOCATIONS, AND HAS 89 SECTORIAL ASSOCIATIONS, 8 NATIONAL SECTOR FEDERATIONS, AND 9 ASSOCIATED MEMBERS

Confindustria consists of 72 local Associations established in 13 Regional locations, and has 89 Sectorial Associations, 8 National Sector Federations, and 9 Associated Members.

The association gathers small, medium and large enterprises which are the cornerstone of the development and growth of the Italian economy, and represents an associative system that is seen to be one of Italy’s greatest strengths throughout the world.

Confindustria has a primary role in Italy’s economic, social and civil development. The association is very active in all aspects of the Italian economic and social reforms and has strongly contributed to the growth and modernization of the market, society and public administration.

Confindustria has an active role in shaping the economic and social dialogue being a mediator between Government and trade unions, but also one of the most important actors in the establishment of new educational systems as well as a better cooperation between economy and academic world.

Among the major goals of Confindustria are transparency, liberalization, privatization, tax reform, the development of the Mezzogiorno, new policy directions in research and innovation, infrastructure, environment and social security. Confindustria promotes its initiatives at various levels with the main political and administrative institutions, including Parlia-

ment, the Government, unions, and other social powers, as well as in the political arena and in the sector of industrial relations, aimed at encouraging improved competitiveness for Italian enterprises.

Thanks to a number of local associations Confindustria has strong relationships with the local authorities and other economic and social partners in the business sector. Members of Confindustra are devoted to local development.

The regional Confindustria Associations (13) are in charge of the cooperation with the Regional Governments.

The sectorial Associations (89) unite industries by economic activity, providing representation and services at both national and European levels.

The small enterprises (less than 50 employees) represent about 85% of Confindustria members. In this context, Confindustria has supported the development of the well-known Italian Productive District system and the creation of consortia for credit, export and energy.

Although large, Confindustria remains flexible and agile due to widespread use of new technologies, which guarantees a rapid flow of information within the network and the capacity to ensure close coordination at all organizational and Government levels.

Confindustria is strongly engaged in actions aimed at competitiveness in the sphere of Italian and European industry and is devoted to the enlargement of the Union. Confindustria within BusinessEurope works on initiatives for strengthening links with entrepreneurial associations of non-EU Mediterranean countries.

The Association is also very much engaged in issues regarding EU integration and trade policies including infringements of industrial and intellectual property rights, counterfeiting, fraud, piracy, WTO and multilateral agreements.

Centro Studi (Confindustria’s Research Center) supports the performances of Confindustria through indepth analyses and research. As such "Centro Studi" is one of the top Italian economic think-tanks.

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HONEST AND FRUITFUL COOPERATION COOPERATION BETWEEN CONFINDUSTRIA AND SERBIA

Confindustria Serbia, a representative office of the Confederation of the Italian Industry in Serbia, was established in 2012 and now has over 170 member companies. Since its founding, it has played one of the key roles in improving the bilateral and economic cooperation between Italy and Serbia

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or decades, Italy has been one of the biggest external trade partners of Serbia, with the external trade valued at almost 4 billion euro. Italian companies are among the biggest employers in Serbia and are found in all economic sectors.

Thanks to the economic growth recorded by both countries, opportunities for further economic integration of Serbia and Italy have been created. Through its bilateral initiatives and various mixedm cooperation bodies, Confindustria Serbia actively participates in creating public policies in Serbia concerning digitalization, technological advancement and innovation, education and entrepreneurship development. Confindustria Serbia has a great cooperation with a number of partners in the country, including the Serbian Government, Chamber of Commerce and Industry of Serbia and many other institutions, organizations and individuals.

In addition to its activities in the business segment, Confindustria Serbia is very active in the field of culture, education and science.

In the six years since it was founded, Confindustria Serbia has become a focal point for all Italian companies interested in expanding their operations in this part of the Western Balkans, offering operational structure and support to its members for successful cooperation with partners in Serbia through networking, services and advocacy. At the same time, Confindustria Serbia provides support to Serbian companies interested in doing business in Italy.

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One example of a good cooperation is the Serbian Ministry of Education extending an invitation to Confindustria Serbia to provide professional support during the drafting of dual education law, in an area in which Confindustria is very active in Italy.

Parallel with this, Confindustria Serbia has recently launched an initiative called “The Year of Open Door to Italian Industry”, in the same format that has been used in Italy for the past 16 years. The project also came to life in Serbia thanks to the companies members of Confindustria, the Italian Embassy and the great help of the Ministry of Education of the Republic of Serbia.

In the last three years, Confindustria Serbia is especially active in the field of digital economy, innovation, agro-industry and infrastructure. Thus, in 2016, Confindustria Serbia organized the first digital economy conference in the region, which gathered more than a hundred IT experts, representatives of the Government of the Republic of Serbia in charge of development of digital society and other officials. With his presentation, Mattia Corbetta, a member of the Italian Ministry of Economic Development’s team engaged in devising political measures related to innovative startups, gave a great contribution to the conference. In his speech, he underlined that "the Italian Ministry wants to make the wealth of its experience available to the Serbian government in order to further strengthen the partnership between the two countries in this way."

Apropos the DIGINDEC Conference, the biggest Serbian-Italian gathering dedicated to digital industry and digital economy, President of Confindustria Serbia, Erich Cossutta, said that this association supports innovation, digitalization and progress, not only of companies but the entire country as well. "This is the goal of the Italian business people, and the path to achieving that goal is certainly facilitated by the Government of Serbia, which has included digitalization in its strategic goals, demonstrating its far-sightedness and exceptional vision," said Cossutta.

This year, Confindustria Serbia will continue implementing its tradition-

al initiatives in digitalization with the conference titled „Cyber securityhow to confront new challenges in business and banking sector“. The conference will be held on November 8th, 2018 under the auspices of the Italian Embassy in Belgrade, and will focus on cyber security in the financial sector and in telecommunications. The aim of the conference is to raise awareness both of businesses and institutions about security of information flow and transactions. The participants will have the opportunity to hear from the experts from Serbia and all over the world about the challenges that lie ahead and possible solutions.

Last year will also be remembered for the signing of a strategic

of the engagement of Confindustria Serbia, which invested a great deal of effort during the negotiations and was the bridge between the interested parties. The cooperation between the AP Vojvodina and Confindustria Serbia will continue in the coming period, with the official visit of the Cooperative Union of Vojvodina to Italy in October 2018.

Confindustria Serbia is also a member of the Council of Mixed Economic Associations, representing a body which aim is to achieve a closer and more direct cooperation between the business community and the Serbian government.

Members of Confindustria Serbia regularly participate in all relevant trade fairs in Serbia and are also

ACTIVITY partnership agreement between Italian and Serbian co-operatives, which further bolsters the cooperation between Confindustria Serbia and the Government of Vojvodina.

The agreement envisages a strategic partnership between Italian and Serbian co-operatives, creating conditions for implementing the Italian co-operative format in Serbia, as well as for transfer of knowledge, technologies and experiences between Serbian and Italian cooperatives and companies. Italian companies employ 11,500 people in the Autonomous Province of Vojvodina.

On the occasion, Rosario Altieri, chairman of the National Association of Italian Cooperatives AGCI, thanked the Provincial Government and the Cooperative Union for their cooperation, and underlined the importance

IN THE LAST THREE YEARS, CONFINDUSTRIA SERBIA HAS BEEN ESPECIALLY ACTIVE IN THE FIELD OF DIGITAL ECONOMY, INNOVATION, AGRO-INDUSTRY AND INFRASTRUCTURE IN SERBIA active in establishing economic relations between young Italian industrialists and domestic companies, thus contributing to the development of youth entrepreneurship in Serbia.

At the same time, as an association and through the engagement of its members, Confindustria Serbia is active in boosting the cross-border cooperation between Serbia and Italy.

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CORPORATE

Leaders in Innovation The clients have recognized us as the most innovative insurance company

DRAGAN FILIPOVIĆ CEO of Generali Osiguranje Srbija

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017 was a record-breaking year for our entire Group in terms of our business results. In November of this year, we are going to finalize the implementation of our three-year-strategy and we expect this year to end on a successful note too. After that, we are starting to implement a new strategy that will last until the end of 2021. Generali has recorded excellent results in Serbia too, with 2017 also being a record year for us. We are very successful and valued at the Group and regional level too. As of 1st January this year, Serbia belongs to the Austria, Central-Eastern Europe and Russia region.

For years, we have been hearing how the underdevelopment of the insurance market is the main potential for future development of insurance in Serbia. Where lies the growth potential?

— What Serbian market lacks in is the slow growth of the insurance market. Higher living standard provides a real potential for future market growth and these two are directly correlated. I keep making a comparison with Slovenia and Croatia that have a smaller population, but their insurance premiums are twice and three times higher respectively than in Serbia. We are not talking about very wealthy and strong countries that have a long tradition in insurance, but rather the countries that surround us, which, due to their higher standard of living, have more developed insurance.

One of the prejudices is that insurance is expensive and unnecessary, which is absolutely not true.

I am optimistic when it comes to that, as

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I am optimistic about Serbia's development, the growth of the living standard, and the growth of the insurance market. I'm confident that this scenario will happen in the next few years, thus we are preparing ourselves with innovative products for future growth.

Which market niches does Generali Osiguranje see as a place for placement of its products?

— We are recognized by clients as the most innovative company in Serbia. Thanks to operating under one of the three largest insurance companies in Europe, we have enough experience to offer the products that are popular in Europe, we follow the trends and adapt these innovative products to our market.

We have been focusing on the segment

INSURANCE

NEW SMALL BUSINESSES ARE BEING OPENED AND THEY, NEED INSURANCE, BOTH FOR PRIVATE AND BUSINESS PURPOSES of SME in the last few years as this is a niche that is in developing in Serbia. We have created quite successful products for this segment like the one that covers business risks while providing added security which is one of the most innovative products in the market that has proved to be very popular.

Agricultural insurance is something that is very poorly developed in Serbia with nine out of ten agricultural land plots, that are the

CONFINDUSTRIA SERBIA

subject of an investment, not insured. If agriculture is a new development opportunity for Serbia, it is very important to recognize that insurance costs less than the possible damage to the land.

We are constantly working on educating and clarifying the significance of insurance in agriculture, both group-wise as insurance industry and individually as companies. We highlight the benefits of insurance, and we see some progress made, but we still need to send a stronger message together. The state needs to do the same and underline that it is necessary to insure agricultural land as there are clear benefits to it.

What do you expect from a new law on mandatory vehicle insurance?

— The law is currently in the adoption stage and is expected to be adopted by the end of the year. In the meantime, the Law on Traffic Safety has been adopted, which is in direct correlation with it as 90% of policy sales goest through technical check points.

Technical checks of vehicles also need to be harmonized with the regulation, and that's a good direction to take.

Adopting this law will mark a continuation of the activities regarding regulation and regulation of the insurance segment. I expect that this area will be properly regulatd soon, in a way to emulate the regulation in Europe which will benefit everyone in the market.

Is that a step towards market liberalization that could provoke a real war between insurance companies and create pressure to cut costs?

— It is early to liberalize the Serbian insurance market because there are no required conditions for the liberalization. The current premium price is low, it is set by the NBS, and has not been changed for five years now. On the other hand, the prices of spare parts have been growing in recent years, and they are freely formed in the market.

This disproportion threatens the profitability of this type of insurance.

Liberalization is inevitably good for the end client, but looking at the countries which have liberalized their insurance markets, their prices fell between 30-40% in order for companies to occupy a better market position, and there is a danger that 30% of the market will disappear. In order to liberalize the market, it is necessary to first align the price of the premium, which, according to some estimates, should be two times higher than it is now.

I think that a few more years need to pass in order for Serbia to be read for the liberalization ahead of the EU accession, when all aspects of business are more aligned with the European values, including the ones in the insurance segment.

The basic characteristic of the Serbian market is the poor structure of life and non-life insurance. Insurance companies, offer of new types of life insurance. How much are they recognized by the public as a source of safety and form of savings?

— The average life insurance policy in Serbia is 10 times lower than in Europe. In order to change this, we need insurance to cover a bigger segment of the population in order to increase the number of premiums, which again comes with the growth of the living standard.

When banks stopped offering favourable interest rates on savings, insurance discovered that niche and offered a type of product that provides a form of long-term savings, but without the mandatory disbursement.

Because of this, the savings component is dominant in the life insurance market today.

We should have a different situation where the so-called risk compendium dominates.

Serbia also doesn't have appropriate state measures in terms of tax relief. For years, as an industry, we have been trying to explain that this is necessary in order to improve the insurance market.

Generali Osiguranje has an excellent savings – risk policy ratio, and we are increasingly moving towards the risk policies, but we are also continuing to provide savings policies too as long as there is a demand on

the market.

As for other products, we were the first to launch the product called Unit Link last year, which in Europe had a 30-40% share in the total sales in the first year. This means that for the first time ever, the client has the opportunity to manage their investments under their life insurance policy. A client who buys life insurance also decides on the investment, on the basis of analyses and statistics, and directly bears some kind of risk. By doing so, he gets a clear picture where about the size of investment returns.

FUTURE

UNIT LINK PRODUCT BECAME WELL-RECEIVED AND THIS IS WHAT THE FUTURE IN INSURANCE LOOKS LIKE

How much did the arrival of foreign companies open up space for the growth of accident and health insurance?

— In the last couple of years, health insurance has been the fastest growing segment in insurance. Generali Osiguranje is the absolute leader in this segment, as we our market share is close to 50%, and we have been the creators, innovators and promoters of this product for ten years.

In the meantime, the state has recognized the opportunity to stimulate faster development in this segment, and has facilitated a tax relief which further opens the doors to companies to invest and provide health insurance for their employees, as well as motivate employees in the long run, who are gaining an additional benefit.

The health insurance segment continues to grow in the individual segment too.

We have hundreds of thousands of clients in companies, and only a couple of thou-

sand of clients who pay health insurance for themselves. There is definitely the potential for growth in this segment.

What is your experience regarding the interest that the public shows for voluntary pension funds?

— Generali Osiguranje has two pension funds and we have been in this segment for ten years now. Our current market share is around 30%. There is a good and clear calculation when it comes to investing in a pension fund, but it is necessary to work on raising the awareness of citizens in regard to this segment. Voluntary pension covers a small percentage of the population, and people have still not developed a habit of investing in the future.

The positive aspect and the advantage of these policies is that there is a possibility pausing with payments, in case the client is unable to pay over a certain period time.

This segment has been growing very slowly, it requires a lot of education and the change of consciousness, which does not necessarily mean that at some point this it will not develop at the speed we want. As an industry, we started with the education and we are continuing with it since we want to raise the awareness of the importance of insurance and to highlight the necessity and the need for this type of insurance. Each insurance company approaches the client in the best way, be it through a good experience or an offer. Our aim is to create a sort of tradition through holding Insurance Days and develop a habit to talk about insurance.

Human Safety Net is Generali Insurance’s global project launched in October 2017.

What kind of actions and projects is Generali Serbia going to do under the auspices of this global project?

— We are the eleventh country in the whole group that has symbolically entered the world of Human Safety Net. We organized workshops for employees last month, in all of our departments. We have decided to help families in Serbia and create equal conditions for children, regardless of which family they come from, in order to provide them with education and training, so that they can develop their skills and get the proper education.

In this way, we want to give back to the community. We are proud that we are part of this initiative launched at the Group level and in all the countries of the world in which Generali operates, and that this is a process that will last for quite a long time.

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E-Government Will Contribute to Transparency The introduction of information systems into various administrative procedures will certainly contribute to more efficient dealing with citizens' requests and reduction of bureaucracy

VLATKO SEKULOVIĆ The Sekulović Law Office, member of Supervisory Board Confindustria

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ax legislation is very important for every business, but also for citizens, having in mind that, in essence, it regulates the relationship between the payments that a taxpayer is obligated to make and the state, as the beneficiary thereof.

How much is the introduction and strengthening of e-government contributing to higher transparency of procedures and predictability in implementing regulations?

— The introduction of information systems into various administrative procedures will certainly contribute to more efficient dealing with citizens' requests and reduction of bureaucracy. In this way, we are reducing the chances of corruption and other misuses in the public administration system. Furthermore, we are increasing the visibility in implemenation of regulations because we are curbing the chances of civil servants being high-handed in doing their job.

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To illustrate this, the best example I can give you is reforming the regulation in construction sector by introducing the unified procedure and managing the entire process via IT system, i.e. e-government.

With what kind of questions and problems do your clients usually come to you in terms of tax legislation?

— Tax legislation is very important for every business, but also for citizens, having in mind that, in essence, it regulates the relationship between the payments that a taxpayer is obligated to make and the state, as the

STANDARDS

LABOUR REGULATION IN SERBIA IS HARMONIZED WITH EUROPEAN STANDARDS TO A LARGE DEGREE

beneficiary thereof.

In certain situations, especially when it comes to taxes that have a wide reach, such as value added tax, it seems that the country needlessly complicates the payment system, that is, recording the tax in question.

Lawyers have a limited role in the interpretation of tax legislation, bearing in mind that it is primarily about accounting categories. However, we have noticed that we need a more specialized judiciary in this subject, which is quite particular. We cannot expect, for instance, administrative court judges to be experts in matters of tax law, customs law or building law.

What challenges have your clients come across in terms of transparency of the ownership structure of business entities? — The new Law on the Central Records of Real Owners has introduced new obligations for companies in terms of depositing the acquisition and documentation on the ownership structure of companies.

This obligation is indisputable in terms of its goal which is establishing who is the rightful owner of a company. However, practically speaking, the obligation is an additional burden for foreign companies, especially for multinational companies that often have an extremely complex ownership structure, and they are not stock companies listed on stock exchanges.

We should bear in mind that banks require the same documentation for every company that wants to open a bank account so the reasons behind adopting this law are not very clear. What is ceratin is that companies will have to now prepare the same documents twice, which means double the work for them. In case the central registry decides to facilitates business operations and exempts companies from the obligation to submit the same information to banks every time, then

BUREAUCRACY

THE INTRODUCTION OF INFORMATION SYSTEMS INTO VARIOUS ADMINISTRATIVE PROCEDURES WILL CERTAINLY CONTRIBUTE TO MORE EFFICIENT DEALING WITH CITIZENS' REQUESTS AND REDUCTION OF BUREAUCRACY the adoption of this law will alleviate company's operations.

Which segment requires a higher degree of harmonization of European and domestic practices in terms of employing foreigners? — Labour regulation in Serbia is harmonized

with European standards to a large degree.

However, there are some inconsistencies and lack of practice in certain specific situations, such as sending foreign workers to work in Serbia and the validity period of their work permit. Namely, the Labour Law allows foreign workers to stay in the country on the basis of project work, up to the duration of the project, while on the other hand, the Law on Employment of Foreigners does not recognize this and limits it to a period of up to two years.

Also, in our practice, part-time employment is quite limited, which employers avoid due to lack of trust in public authorities.

Bearing in mind that the modern labour market is characterized by high flexibility, Serbia has to define more precisely the new forms of work, i.e. the relationship between the employer and the employee, which is no longer limited to the classic concept of work at the workplace.

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CORPORATE

Tendency of Significant Growth in the Future We can achieve drastic reductions in pollutants with the use of gas vehicles - 99% of particle emissions and 60% of NOx, 10%-95% of CO2, and noise reduction of 3 dB, i.e. 50% less noise

MILOŠ LALOVIĆ General Manager for the Balkan Area at IVECO SPA

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VECO's tradition In Serbia goes back to the time when it partnered with Zastava Kamioni (Zastava Trucks) to present day when IVECO is positioned as the market leader in the sale of commercial vehicles and trucks. The current trends in our industry are alternative, sustainable drives and social responsibility with the view of protecting the environment, said Miloš Lalović, General Manager of IVECO SPA for the Balkan Area.

What is the position of the IVECO brand in Serbia and the region today?

— Iveco S.p.A. is part of the world's largest corporation, CNHI and, together with the Case, New Holland and FPT, is one of the world's leading manufacturers of vehicles and equipment in the segment of auto industry, agriculture and construction.

In Serbia, owing to our offer of quality vehicles and a good service network which today comprises of seven authorized service points, we have managed to become the leader in the Serbian market.

quality features thanks to which our customers continue to be loyal to the IVECO brand.

What would you like to single out from IVECO's current offer?

— The current trends in our industry are alternative, sustainable drives and social responsibility with the view of protecting the environment. IVECO is the absolute European leader in alternative fuels, and so we can proudly say that we have gas vehicles

OVER 200

AT THIS MOMENT, THERE ARE ALREADY OVER 200 IVECO GAS-DRIVEN VEHICLES ON SERBIAN ROADS

How important is long business tradition in achieving success in this market?

— In Serbia, IVECO's tradition goes back to the time when it partnered with Zastava Kamioni (Zastava Trucks) to present day when IVECO is positioned as the market leader in the sale of commercial vehicles and trucks. Perpetual monitoring of current trends, fast service, extended warranty packages and programmed maintenance are our

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running on compressed natural gas (CNG) and liquid natural gas (LNG) in our offer.

In addition, we also have electric vehicles.

We have a complete range of gas driven vehicles - Iveco Daily, Eurocargo and Stralis.

We can achieve drastic reductions in pollutants with the use of gas vehicles 99% of particle emissions and 60% of NOx, 10%-95% of CO2, and noise reduction of 3 dB, i.e. 50% less noise.

CNG vehicles are used in local distribution and by utility services, while the Iveco Stralis truck, driven on LNG with 460hp, the 2,000Nm torque and the driving autonomy of 1,500km, is used for long-distance international transport. At this moment, there are already over 200 Iveco gas-driven vehicles on Serbian roads, which is a strong proof that the gas has already become a fuel of the present with a tendency of significant growth in the future.

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WITH GOOD ORIENTATION TO BETTER JOBS Confindustria has broad economic, political and educational functions in Italian life, and its labour department plays a dominant role in the collective bargaining system. The Association is actively involved in issues regarding schools, universities and vocational training in Italy and worldwide

CONFINDUSTRIA IN EDUCATION

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ased on the belief that schools and universities need to provide young people with a solid basic knowledge as well as to equip them with the skills useful for their future professional life, Confindustria is engaged in various bodies which are dealing with educational programs aimed at offering wide-ranging training programs in line with technological innovations.

In Italy, Confindustria cooperates with the Ministry of Education, Universities and Research, and locally promotes experiences of excellence in the field regarding to onthe-job training, orientation, quality in schools, alternation between school and work, apprenticeships and on-going training.

For more than twenty years, Confindustria has been organising the “National Day for Youth Orientation� a yearly initiative during which students can familiarize themselves with the enterprises, their need for professional skills and vacant positions.

On the top of that Confindustria is involved in higher education. It has shares in the Rome based Free International University of Social Studies Guido Carli (LUISS,) a private business school established in 1970 . The University dedicated to Guido Carli, former governor of the Bank of Italy and former President of the Confinfdustria, was founded by a group of entrepreneurs who decided to invest

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human and financial resources in a university at a level of international excellence.

Inspired by the principle of a pluralism of ideas and ongoing innovation, its three faculties – Economics, Law and Political Science educate the country's future leadership about business culture.

In 2017, representatives of Confindustria and LUISS University signed a memorandum of understanding to renew their collaboration in order to strengthen the role of the industrial system in Italy’s development by promoting apprenticeships and specialization programs to LUISS graduates, developing educational program on themes related to entrepreneurship and Made in Italy, promoting the research of case studies on the country’s businesses, and developing, alongside the LUISS Business School, initiatives to support and offer personalized services to companies interested in modernization 4.0. Furthermore, two partners have agreed to create through LUISS ENLABS, in collaboration with Confindustria, an application and portal to develop AdottUp, an “adoption” program for startups and small to medium-sized companies, extending the program to companies from other university incubators; Accordingly, in collaboration with Sistemi Formativi Confindustria (SFC), Confindustria agreed to involve its member companies in for-credit internships as part of students’ university career, organise company visits for students in their second and third years of university study, open its Rome headquarters to students and graduates and develop initiatives that introduce LUISS students to the workforce.

Based on the same principles, Confindustria Serbia plays an important role in several educational initiatives in Serbia. As of 2016, Confidustria Serbia is organising the “National Day for Youth Orientation” in cooperation with the Serbian Ministry of Education. The program is aimed at introducing a dialogue between the world of business, educational institutions and local communities. Beginning in November 2016, the Italian companies based in Serbia started

LEADERSHIP

opening their facilities to high school students, teachers and their parents with the overall aim of getting the youth closer to manufacturing and production. Companies in Sremska Mitrovica, Zrenjanin, Velika Plana and Belgrade opened their doors to young people in order to introduce them to the way of business of contemporary companies. Confindustria Serbia will continue with the organization of the open day initiative in the following period too with the cooperation of its member companies active in Jagodina, Vršac and Kragujevac.

On the occasion of the edition of the open door initative in Zrenjanin, the president of Confidustria Serbia Erich Cossutta said that "it is extremely important to provide young people with the opportunity

INSPIRED BY THE PRINCIPLE OF A PLURALISM OF IDEAS AND ONGOING INNOVATION, ITS THREE FACULTIES – ECONOMICS, LAW AND POLITICAL SCIENCE EDUCATE THE COUNTRY'S FUTURE LEADERSHIP ABOUT BUSINESS CULTURE

to see from inside what the plants of successful and well-known Italian companies look like. We first opened in Italy, and then in the Balkans, the doors of our industry to youth, and introduced them to the culture of entrepreneurship. Perhaps, among these young people is one of our future colleagues," said Cossutta.

In 2017, the Serbian Ministry of Education invited Confindustria Serbia into its team for dual education. In this way, Italian businessmen will be able to, through the association, influence the creation and establishment of a more efficient education system in Serbia that will be in the function of the development of the economy. Thanks to this collaboration, specific new courses were open in Zrenjanin and Velika Plana, to directly serve the Italian companies operating in those cities and with the overall aim of reducing youth drain from Serbian local communities.

As requested by the Serbian Ministry of Education, Confindustria Serbia and its member companies active in the automotive sector are working on a new four year school plan that shall give high school students a formal knowledge of the basic charachteristis of business in automotive sector.

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CONFINDUSTRIA IN MEDIA

I

TAILORED TO PROFESSIONALS AND BUSINESSES The 24 ORE publishing Group, controlled by Confindustria, is both an institution, a civil and cultural soul of its own country.

In business terms, the 24 ORE Group is the leading multimedia publishing group operating in Italy in the economic, financial, professional and cultural information sector

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n the field of services tailored to professionals and businesses, the Group enjoys a solid competitive market position thanks to its databanks, online services and especially its training programs. Listed on the Italian Stock Exchange since 6 December 2007, the 24 ORE Group has also carved itself a unique place in the organization of exhibitions and cultural events through 24 ORE Cultura, one of the most prominent players on the market.

The best known product of the Group is Il Sole 24 ORE. Il Sole 24 ORE is national daily business newspaper and the leading newspaper in Italy in economic, financial and regulatory information, from which derives the high profile of the brand that characterizes the entire activity of the Group.

Founded as "Il Sole" in 1865 and strengthened in 1965 by the merger with "24 Ore", the Sole 24 Ore is today one of Italy’s and Europe’s most authoritative business newspapers. The latter was established by young economists, including Ferdinando di Fenizio, Libero Lenti and Roberto Tremelloni, on 15 February 1933. Il Sole 24 ORE promotes the opening of markets, competition, the culture of innovation and internationalization.

Faithful to its historical identity Il Sole ORE is an irreplaceable voice of the business world, of the professions, of the financial markets and a daily and real-time guide to the complexity of the global and multimedia world.

Il Sole 24 Ore has its headquarters in Milan and is published in broadsheet format. Extensive share and financial product listings are provided in its daily supplement, Finanza e Mercati. Its weekly supplements include: art, literature, philosophy, theater, cinema, book reviews, and related news, family savings, market analysis, real estate market news, and other private investment topics, and science and technology. Irregular supplements are also produced with a focus on a specific issue such as a particular business sector.

COVERS

THE BUSINESS SCHOOL OFFERING COVERS IN CLASS, ONLINE AND BLENDED TRAINING ON ECONOMICS, FINANCE, MANAGEMENT AND INNOVATION TOPICS In 2017, total daily sales of the newspaper averaged 177,000 copies, with more than 1,200,000 readers.

In the course of 2017, Il Sole 24 Ore has risen again in the ranking of national newspapers with the highest diffusion from fourth to third place.

Together with accurate news on economic and political events, legal and fiscal matters, finance and the world markets, it has acquired specialized sections on diverse topics and areas, as well as new products and services, such as the Radiocor Press Agency, (Italian leader in financial information owned by the newspaper Il Sole 24 Ore with five offices

in Rome, Milan, Turin, New York City and Brussels), the portal www.ilsole24ore.com and Radio 24, the news & talk radio station, born on October 4th 1999. and the digital television channel, "Ventiquattrore TV".

The Group also runs Shopping24. which sells books, software, databanks, training courses, and specialized magazines; Furthermore, the company offers magazines for professionals; books, guides, and dossiers in tax, accounting, legal, and technical fields. It prints tailor-made publications, such as calendars, Christmas specials, and prints for the promotional needs of businesses, public authorities, public and private foundations, and banks. It also offers digital content for investors and professionals such as newsletters, databases; digital dailies for professionals and businesses with updates on key topics. On the top of that it has mobile offerings, such as mobile sites, and apps for tablets and smartphones,and integrated documentary systems. It operates business schools, provides master conferences and training courses; offers e-learning solutions; conducts annual conferences and live events; and provides professional and SMEs training. Additionally, the company offers Next 24 for digital transformation of enterprises; organizes art, scientific, and exhibitions, as well as manages museums and exhibition centers; It also operates System 24, an advertising agency.

Il Sole 24 Ore is Italy's leading business newspaper, a proven must¬read in its home market as well as one of the leading financial dailies in Europe.

Since 1991, Il Sole 24 ORE Busi-

ness School has developed innovative and specialized business and professional training programs targeted at both young post-graduates as well as executives, managers and professionals.

The Business School offering covers in class, online and blended training on economics, finance, management and innovation topics.

Programs are continuously updated to take into account the newest business trends through a rich dialogue between experienced publishers, experts, journalists and faculty members.

The Business School faculty is composed of 90% highly qualified and experienced Italian and international managers, consultants, experts and professionals, and 10% university professors. It also includes distinguished and inspirational guest speakers who share valuable knowledge based on a lifetime of professional experience.

The School has two headquarters in Milan and Rome, plus a number of external locations all around Italy.

The School enrols each year more than 26.000 participants: • 1.600 post-graduate students • 6.200 managers and professionals • 9 .000 participants to online programs • T he Alumni Community counts more than 9.500 members Programs cover a whole range of training needs, from post-graduate full-time Masters, to part-time and online Masters and Courses for continuing education of executives, managers, entrepreneurs and professionals.

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AN INSTITUTION THAT FEEDS THE SOUL 24 ORE Cultura – a subsidiary of Gruppo 24 ORE, controlled by Confindustria – is a well-known and respected player in the art sphere. For over twenty years 24 ORE Cultura has been organizing exhibitions, running museums and publishing books

CONFINDUSTRIA IN CULTURE

T

he core business of 24 ORE Cultura – a subsidiary of Gruppo 24 ORE, is the production and organization of art, scientific and edutainment exhibitions.

In the 20 years of activity 24 ORE Cultura has staged over 200 exhibitions, collaborating with some of the most important institutions worldwide such as the Picasso exhibition in conjunction with the National Picasso Museum in Paris, Manet. Return to Venice with the Musée d’Orsay in Paris, Klimt with the Belvedere Museum in Vienna, Dalí with the Salvador Dalí Foundation in Figueras, Japan. Power and Splendour with the Tokyo National Museum and the most important Japanese museums, Canova with the St. Petersburg Hermitage Museum, Warhol with the Brant Foundation in Greenwich, USA, Kandinsky with the Pompidou Centre in Paris, Chagall with major international museums, Van Gogh with the Kröller-Müller Museum in Otterlo, and Gauguin with the Glyptotek Museum in Copenhagen.

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24 ORE Cultura also manages the MUDEC the Milan Museum of Culture. The company has acquired a licence for twelve years starting in 2015. The complex situated in the fashionable part of Milan consists of a series of modular buildings covering a surface area of 8600m2 and it hosts permanent collections of the Milan City Council’s non-European art, Settala’s Wunderkammer and various temporary exhibitions of international importance.

The public private partnership, first of that kind in Italy, brought to Mudec more than 600,000 visitors in just a little over one year since its

THE RISE

CONFINDUSTRIA SERBIA HAS ALSO DEMONSTRATED A PECULIAR SENSIBILITY TO CULTURE GIVING A SPECIFIC ATTENTION TO THE RISE OF BOTH ITALIAN AND SERBIAN YOUNG ARTISTS

opening. It employs well targeted and effective communication and marketing strategies, to the support of organisations and businesses that have known how to make the most of its capacity for innovation.

The museum hosts exhibitions, festivals and events set up in conjunction with public and private institutions and organisations such as Bookcity Milano, Milano Film Festival, "Peru Feeds Your Soul!”, an initiative by the Peruvian government, the Spanish Festival, an exhibition by the National Chamber for Italian Fashion and various displays staged during the Milan Furniture Fair.

In 2016 – 2017 Mudec offered exhibitions celebrating Africa, Gauguin, Miró and Barbie to be followed by two important retrospectives dedicated to Jean-Michel Basquiat and Vassily Kandinsky plus two edutainment events, Homo Sapiens and Dinosaurs.

Apart from its core expertise, the company also deals with all aspects of organization of cultural events relying on its highly qualified staff responsible for loan request, loan contracts with museums and collaboration with the editors, registrar activities, management of transport and insurance of works, design and implementation of the design, lighting and graphic design, ticketing services, audio guides, guided tours and educational workshops, development of a communication, promotion and marketing plan for the event editorial realization and production of the exhibition catalog, and fund raising, events and special projects dedicated to companies and partners involved.

Thanks to the experience gained as a producer of exhibitions, 24 ORE Cultura has expanded and diversified its sphere of activity, making its know-how available to museums, cultural institutions and municipal administrations. 24 ORE Cultura offers clients services such as research and development of ad hoc exhibition projects for museum and exhibition sites, consistent with the permanent collection and the sale of exhibition projects in Italy and abroad. It is able to support and give expert advice in the development of museum

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management strategies and in the development of international networking with the main museums, cultural institutions and public and private bodies.

24 ORE Cultura is also a wellknown publisher of illustrated books for both adults and children, in the fields of art, architecture, design and fashion. It conceptualises and publishes books and publications for the national and international market. The company has also developed publishing projects for some of the world’s leading international publishing houses, such as Phaidon, Hatje Cantz, Laurence King, Moleskine, Actes Sud, de La Martinière and others.

Confindustria Serbia has also demonstrated a peculiar sensibility to culture giving a specific attention to the rise of both Italian and Serbian young artists.

In 2015 Confindustria Serbia supported the exhibition of the professor Savo Peković, whose works from the "Absence of Presence" cycle were on the show at the Belgrade ArtGate gallery.

In 2016, the exhibition "Libere" in the Italian Institute for Cultures showcased the works of three young Serbian artists: Maja Planinac, Katarina Pavlović and Mina Radović. The exhibition was the first result of cooperation between Confindustria Serbia and this cultural institution which goal is to promote Italy in Serbia by creating a space for meeting and evaluating the cultural space of Italy as a place of origin of events and expression of artistic talents.

In October 2016, Confindustria Serbia supported the exhibition of the

VISITORS

THE PUBLIC PRIVATE PARTNERSHIP, FIRST OF THAT KIND IN ITALY, BROUGHT TO MUDEC MORE THAN 600,000 VISITORS IN JUST A LITTLE OVER ONE YEAR SINCE ITS OPENING prominent art photographer Nenad Marjanovic at the Dorcol Platz. The exhibition had a sales character with 50% of sales revenue donated to Italian earthquake victims.

With this act, Marjanovic sent a Serbian artistic scene on a symbolic way to the catastrophe that hit Italy, and in that way respond to the generosity that Italy has shown during and after the floods that have hit Serbia. At the suggestion of our

BM - CONSULTING Dott. Chimicco Mirce Balan + 381 (0) 66 5205205 mircebalan@yahoo.com

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Vice President Romano Rossi, Nenad Marjanovic addressed Confindustria Serbia with a request for support in the form of patronage.

President of Confindustria Serbia, Erich Cossutta, took the opportunity to announce even closer cooperation between all Italian institutions in Serbia in bonding economy and culture.

In 2016, Confindustria Serbia organized the first round table discussion on women entrepreneurship titled "Challenges, Opportunities and Current Situation of Women Entrepreneurship in Serbia" with the aim to define the economic role of women in Serbia and Italy. The event, which was opened by the President of Confindustria Serbia, Erich Cossutta, was attended by the numerous participants from the Serbian government, Italian and Serbian businesses, is only the first step in cooperation of Confindustria Serbia with the relevant institutions in order to strengthen the role of women in the economy. The round table was followed by a fashion show by the young Serbian designer Marija Grahovac, entitled "Touch", supported by Confindustria Serbia and the company Progetti, which contributed to the fashion event by presenting a new collection of shoes for the brand Red Milano..

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CORPORATE

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H

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We are aware of the fact that car maintenance is costly in itself, and that's why we have decided to make it easier for you and ensure that you can pay the insurance premium in 12 monthly installments, so your budget is not under a lot of strain. And if you choose to pay the premium in full, we will also give you an additional discount.

DISCOUNT

YOU CAN PAY THE INSURANCE PREMIUM IN 12 MONTHLY INSTALLMENTS, AND IF YOU PAY THE PREMIUM IN FULL, YOU ARE ENTITLED TO AN ADDITIONAL DISCOUNT

CONFINDUSTRIA SERBIA

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