Focus on
CORPORATE INTERVIEW
a HUB FOr InnOVaTIOn anD Green TranSITIOn
Veljko Todorović
Country Director of Grundfos Serbia
AMBASSADOR’S INTERVIEW a STrOnGer
In a TIme OF CHanGe
H.E. Pernille Dahler Kardel
Danish Ambassador to Serbia
August 2025
CULTURE
Denmark THrOUGH mUSIC anD FaIrYTaLeS
DIPLOMACY | BUSINESS | CULTURE
EU ENLARGEMENT, INCLUDING UKRAINE, MOLDOVA AND THE WESTERN BALKANS, IS ESSENTIAL FOR A SECURE AND UNITED EUROPE.
EU Presidency priorities, enlargement as a geopolitical necessity, and Serbia’s path to membership
On July 1st, Denmark assumed the presidency of the Council of the European Union, marking the eighth time a Scandinavian country has taken on this role. Over the next six months, what will Copenhagen’s priorities be, and how does Denmark view Serbia’s path toward EU integration? These topics were discussed with the Danish Ambassador to Serbia, Pernille Dahler Kardel, in an interview for Euronews Serbia conducted in cooperation with Diplomacy&Commerce magazine.
Your Excellency, thank you for taking the time to speak with us. Given that Denmark has taken over the EU Council presidency, what are its main priorities?
We assumed the presidency on July 1st, and it will last for the next six months. Our overarching goal is to be a strong Europe in a time of change, and that largely defines our focus areas. The current geopolitical environment strongly shapes our priorities. We’re focusing on two main areas. One is a secure Europe, which has many dimensions; it’s about building a Europe capable of defending itself.
We must be able to defend ourselves in the coming years. As you’ve seen, there’s renewed momentum to increase defence spending. But there are other aspects as well. For us, it’s crucial to emphasise that EU enlargement is a key part of a secure Europe, starting with Ukraine. Russia’s aggression against Ukraine was a wake-up call, and we must refocus on strengthening Europe. We believe that an expanded EU—including Ukraine, Moldova, and the Western Balkans, including Serbia—would make us stronger.
That’s why we’re very focused on this. We’re also focused on securing external borders and controlling illegal migration. So, security in a broader sense, not just the traditional concept of defence.
The second area is strengthening competitiveness in a green Europe. That means enabling European companies to compete globally. We’ve seen that bureaucracy and certain regulations hinder European companies from competing, and we need to address that. Green transition is a major priority for us. Denmark is a frontrunner in this area. We’ve set a goal to reduce emissions by 70% by 2030.
When that goal was set a few years ago, no one knew how to achieve it. But we rallied around it, and now we’re on track. I mention this for two reasons. First, it shows that when you set an ambitious goal and align efforts toward it, you increase the chances of success. Second, given the global pressure on climate policy, Europe needs to remain an ambitious actor in the green transition.
We’re currently reviewing climate targets for 2040. The European Commission has proposed a 90% reduction target. This is under negotiation, but we sincerely hope to lead the European delegation at COP30 in Brazil later this year with strong and ambitious climate goals. Europe must arrive in Brazil with robust climate commitments. Our efforts to combat climate change depend on whether Europe continues to pursue ambitious targets. So while we address immediate concerns, we must also stay focused on long-term issues like climate change.
This is Denmark’s eighth presidency of the EU Council. Given the current geopolitical and security context, would you say this is Denmark’s most challenging presidency?
And sometimes you forget how things were during previous presidencies. This one is certainly very challenging. Typically, as a Dane, you’re well prepared. We are well prepared this time too, but we don’t necessarily know the conditions we’ll be working under—the dynamics of the geopolitical environment, the transitions we’re witnessing, and the daily impacts.
Nor do we know what we’ll be able to achieve. We know what we want to accomplish. We don’t know how far we’ll get as the presiding country, unlike previous presidencies, where things were more predictable. So yes, it’s difficult, but that also makes it extremely important. We must stay focused and succeed. We’ll do everything we can to ensure that the EU is stronger after our presidency than it was before.
The Danish presidency program states that EU enlargement is a geopolitical necessity. In that light, what can Serbia, as a candidate country, expect?
I think one of the key developments is the renewed momentum around enlargement. That’s very important. Just a few years ago, we were hesitant about enlargement. But after Russia’s aggression against Ukraine, that hesitation is gone.
We now understand the importance of unity; that countries in this part of Europe belong in the EU. I hope one of the outcomes of our presidency will be to build that momentum around enlargement. So we’re no longer being asked whether we’re serious about enlargement. I’d like to see us move from questioning our seriousness to working together to solve problems.
How does Denmark, as the presiding country, view Serbia’s progress in EU integration so far?
Serbia has been a candidate country for many years and has made progress over time. We’ve just seen the latest European Commission report on the rule of law. There are challenges. I don’t think there’s anything unexpected in the report.
That’s why I believe it’s important to encourage Serbia to stay on course, complete its tasks, and become a member of the EU. The process is ongoing, and it’s important to see it through. It would be wonderful to see Serbia become an EU member.
One of the EU’s main priorities right now is strengthening governance. How can Denmark, as the presiding country, contribute to this task?
When you hold the presidency, you can set the agenda and steer discussions. We’ve strongly taken on the defence agenda, based on the Council conclusions from June. There’s still work to be done to ensure that in a few years, Europe will be capable of defending itself.
By setting the agenda, we can help ensure that it continues to be implemented. We’ve also decided to increase our defence spending to 5%. If you had proposed that a year or two ago, it wouldn’t have been accepted. But we made that decision. And that investment, to ensure we can defend ourselves together, is an important example to set.
Part of that is looking at our internal capabilities, making sure we have boots on the ground where needed. We’ve also decided it’s important for women to serve and have better conditions for service. To me, that’s a sign of what’s needed to advance equality.
Defence today isn’t just about physical strength; it involves many other factors. To solve these challenges, just like in any other area of society, diversity leads to better outcomes. That’s why we see it as a key aspect of promoting equality and ensuring the best possible results.
Serbia emerges as a key point of cooperation with Denmark, linking industry, education and sustainable development
Grundfos, one of Denmark’s leading industrial companies, has been present in Serbia for 15 years, positioning its Inđija factory as a regional hub for production, research and development and innovation. We spoke with Veljko Todorović, Country Director of Grundfos Serbia, about the company’s role in green transition, partnerships with universities, and how sustainability shapes both business and society.
How would you describe the essence of the Danish approach to business, and in what way are these values – particularly sustainability, inclusiveness and innovation – transferred and developed through Grundfos Serbia?
I believe it is exactly as you said. Sustainable business is one of our core values. When we talk about sustainability, we do not mean only financial sustainability. Still, above all, the contribution we make through our work to humanity as a whole, to the country, and the planet.
As for innovation – how is it reflected in our operations? Quite simply, we are strongly connected to all the processes taking place within Grundfos – from production, through company-wide operations, to product development. This focus is embedded in everything we do and build in Serbia. Our factory has been awarded the LEED Gold certificate and is a truly sustainable building. The systems we have installed are state-of-the-art solutions in terms of sustainability, aimed at reducing the overall impact on the environment.
Grundfos was among the first in the sector to implement SBTi targets for reducing CO2 emissions. How challenging was it to align such ambitious climate goals with the requirements of everyday production?
SBTi targets encompass three scopes. Scopes 1 and 2 refer primarily to our internal emissions and the footprint we leave through production and logistics processes. However, the largest share of emissions comes from the products themselves – specifically from their use throughout their entire life cycle. Although our share in global emissions is only about 1–1.5 per cent, it is the use of products that creates the greatest impact.
Grundfos is known as the first company to introduce frequency-controlled motors, which significantly reduce electricity consumption. This is an innovation we continue to develop and elevate to an even higher level. Naturally, this brings certain challenges. Such products are more expensive, so it is necessary to find business models and ways to place them on the market at a competitive price. It is not simple, but this is exactly why we exist as a company – to seek out and deliver such solutions.
VELJKO TODOROVIĆ
Country Director of Grundfos Serbia
OUR FACTORY IN SERBIA HAS BECOME A SHOWCASE OF WHAT SUSTAINABILITY MEANS
Inđija has become one of Grundfos’ key hubs worldwide. What are the reasons for such a strategic position of Serbia in your global value chain? And, to begin with, could you explain what exactly Grundfos has in Inđija as part of its global operations? In Inđija, we currently have one factory with two buildings covering a total area of 41,000 square metres.
This includes two production halls, an administrative building and a warehouse. In addition, we use a rented building in the IT park across the street from the factory, which hosts global funtions supporting research and development, supply chain and many more departments world wide.
Serbia offers a qualified and educated workforce. We indeed lost a certain continuity due to the events of the 1990s and early 2000s, and we fell somewhat behind in industrialisation processes. Nevertheless, our educational system still enables people to learn quickly and applying the necessary technical knowledge.
On the other hand, I believe there is also a mindset here – a strong motivation to show that serious projects can be carried out in Serbia. And we have succeeded in that. We started the factory with a small team, and two years ago, we went through Grundfos’ global factory certification process. At that time, we were assessed as the best Grundfos factory – not in terms of size, but based on all the indicators and processes used to evaluate operations. We have also trained people who now support other divisions and segments of the organisation, and the value they create in Inđija is recognised globally within Grundfos.
The company is majority-owned by a foundation. How does this ownership model shape long-term decision-making, and how different is it from traditional corporate governance?
Our company is privately owned, which means we are not listed on the stock exchange. The main owner of Grundfos is the foundation established by our founder, Poul Due Jensen, precisely to protect the financial integrity of the company.
This ensures that the company always serves its original purpose –dealing with water and systems that use it efficiently and reduce environmental impact. The fact that the owner is a foundation adds an important dimension: profit is not the goal, but a means to achieve our mission.
Profit is therefore used primarily to finance new development projects and expand our global impact, rather than to satisfy shareholders. Employees are also small shareholders, and the profit we generate is channelled mainly into innovation and product development, further increasing our positive impact worldwide.
How viable is a non-traditional, non-corporate business model in today’s era of neoliberal cap-
A COMPANY WITHOUT ITS PEOPLE DOES NOT EXIST
italism, where profit is paramount and everything else is secondary?
Honestly, I believe this model gives us an advantage rather than being a burden. Grundfos is a company with a strong purpose and a culture rooted in the legacy of our founder, his son and now his grandson as our curent CEO.
People stay with Grundfos for decades because they can align their values with the company’s values. This model also allows for simpler decision-making, as we are not tied to the short-term demands of the stock market. Ultimately, it is a different system of values from the one that dominates today, but precisely those values, culture and purpose are what guide us.
You have invested in a wastewater treatment plant, the “BioBooster”, in Serbia. Are similar investments planned in other local communities, and how important are such projects for the company’s reputation?
We no longer call it “BioBooster”, as that was the name of a former organisation, but the essence is that we now have a system for water recirculation. It enables us to turn grey or black water – including rainwater – into drinking-quality water, which is then reused in the system, reducing both the water we take from the network and the amount discharged into sewage.
As far as we know, this is the only such example in Serbia. Our plant operates autonomously,
processing only water within the factory, and we now have a 250-cubic-metre tank for rainwater, with capacity still expanding. The treated water is used for toilets, cooling towers and other needs, further reducing consumption. For us, this project was a showcase of what can be achieved and how we approach sustainability. It may never fully pay off financially, but it is a concrete project, not just a story, and it remains highly important for our mission and purpose.
Has this facility proved to be financially viable?
No, it has not been financially profitable. But in terms of impact – yes.
Did it perhaps inspire you to continue further, or encourage others in Serbia to do something similar? Unfortunately, not, as water here is still seen as abundant and often taken for granted.
What matters, however, is that our Serbian factory has been designated a so-called VIP factory – one of only three in the world where we bring our most important customers. We use this facility as a demonstration to show what can be achieved and to inspire partners not only in Serbia but globally. So even if it has not brought financial profit, it has become a valuable example and a model that proves things can be done differently.
How do you see the development of relations between Denmark and Serbia in the context of innovation, education and the green transition? Can Grundfos serve as a bridge for further cooperation projects?
We are, in many ways, the largest representative of Danish industry in Serbia. Grundfos sees Serbia as a key hub, especially for our domestic pumps division, but our operations here also include research and development, marketing, HR and finance – making the Inđija factory highly significant.
Over the past 15 years we have built close cooperation with the Danish Embassy and universities. This year we launched a summer school enabling students from Serbian faculties to spend time in Denmark working on innovative projects, and I hope such initiatives will continue to grow.
Denmark is a world leader in renewable energy, and there is so much Serbia can learn. With the right will and connections, cooperation in this field will only become stronger.
You have held the Top Employer title for three consecutive years. What, in your view, sets you apart in human resources and how do you build a corporate culture in an industry often perceived as “technical”?
A company cannot exist without its people, and our approach is rooted in openness, trust and genuine care for employees. We encourage transparent communication, listen to feedback and make sure suggestions are implemented.
Leadership here is based on respect and equality rather than hierarchy, and we pay close attention to wellbeing, development and integration of young talents.
That combination of values is what makes Grundfos a Top Employer – not just an award, but a culture our employees truly experience.
A CONSUMMATE PERFECTIONIST OF THE CELLO
Musician - cellist Toke Moldrup (and Fairytales by Hans Christian Andersen)
Danish Cellist Toke Moldrup has been a guest of ArtLink Festival in Belgrade in two editions and is preparing his third appearance with Serbian pianist and festival Director Jovanka Višekruna Janković. It will be a Fairytale program created and curated by two artists. Two previous appearances of Toke Moldrup have been a kind of great achievement, for both the artist and the festival.
The first one happened during the period of COVID, when most European festivals were cancelled, when the courageous and visionary festival Director Jovanka Višekruna Janković managed to bring to Belgrade several international artists, among them Toke Moldrup, who gave an extraordinary recital with Danish pianist Tanja Zapolski. That was just an introduction for a new exciting festival story – Bach Marathon by Toke Moldrup that Jovanka Višekruna Janković managed to realise in Belgrade as a part of ArtLink Festival in 2022 at the riverbank of the Sava River.
DREAM BIG, AND IF YOUR DREAM FAILS, DREAM A NEW ONE
It was an extraordinary music and sports event that presented the synergy of the artists’ endless energy and motivation, and resilience in achieving the extraordinary. It is the innovation, it is a challenge, a creation, a strength, the showcase of the power of dedication, a power of constant improvement through everyday practice and the power of energy of our mind, body and heart when they work as one.
ArtLink festival creates synergies and new stories among artists. If there is a talent and connection, if there is a potential and mutual understanding and recognition in terms of creation and artistry, there is always a new story. And here we come to a new one – Fairytale that is now a new work in process. Toke Moldrup has his Fairy tale program, but Serbian pianist has also her fairytale concept. And it goes back to their childhoods and to Hans Christian Andersen. The first dreams, first music and sounds started with that book of the most beautiful fairy tales!
The Little Mermaid, a symbol of the city of Copenhagen, is a famous fairytale that is a part of Danish cultural history and culture, but also a part of European collective consciousness. Two artists are creating a Musical Fairy tale program, but also a small Musical Marathon that will connect the symbol of Belgrade – Monument Victor – and the symbol of Copenhagen through the music performance and musical walk. Also, the castles –Belgrade Fortress and the beautiful castles that are the symbol of the Fairy tale, you can see in Denmark, they look like the cover of the book by H.C. Andersen.
What do you feel needs to be done to grow classical music audiences? Now we have to come up with many more reasons why we do what we do. And great things have come of it. I think the answer to the question is: Let’s keep doing our best to get the music out there, creating visionary programming, exciting education on all levels. Let’s launch crazy projects and do what we are best at: performing as if our lives depended on it. And let’s be sure to get some statistics on the actual numbers of listeners in the concert halls. My dad used to complain about those numbers, too. But from my view here in Denmark, Europe, it seems like more and more people are getting interested in the wonderful world of classical music.
What do you consider to be the most important ideas and concepts to impart to aspiring musicians? Dream big and do all you can to achieve this dream. If your dream fails, dream a new dream.
Learn when you are learning. Don’t ask questions all the time, follow along and see where it takes you. If you don’t feel that you are learning enough, consider changing teachers or institutions, but maybe wait until you’ve finished your next exam.
Practise all the time. With the instrument and without it: read, see, understand, feel.
Trust your instinct, it is usually right. If you are not sure about a decision, go to an isolated (maybe even dark) room for ten minutes, consider, make the decision and stand by it. If you have a girlfriend/boyfriend/spouse – by all means, run it by him or her!
Acclaimed as “A star” (New York Times), “Tomorrow’s man” and even a “A consummate perfectionist on the cello” (Politiken), Danish cellist Toke Møldrup has performed across Europe and the United States, South America, Australia, the Middle East and Asia for two decades. Møldrup’s concerts, social media presence, and his experimental and reflective approach to classical music captivate existing audiences while engaging new listeners.
Møldrup has performed in venues such as the Weill Recital Hall at Carnegie Hall, Wigmore Hall, Vienna’s Musikverein, Daiichi Seimei Hall in Tokyo and the Forbidden City Concert Hall in Beijing. As a soloist, Møldrup has performed with Danish and international symphony orchestras under conductors such as Vincent de Kort, Santtu Rouvali, Lan Shui and Toshiyuki Kamioka, and at festivals such as the Bergen International Festival, Lincoln International Chamber Music Festival, Monte-Carlo Spring Arts Festival and Oberstdorf Music Summer.
With a keen interest in developing the cello repertoire, he has premiered many works by contemporary composers, among them the European premiere of John Williams’ cello concerto, the world premiere of Geoffrey Gordon’s cello concerto and Christian Winther Christensen’s double concerto. His versatile approach to modern cello playing is demonstrated in his recent adding to the list of recordings: CONSOLATION – dedicated to the victims and heroes of the pandemic with pianist Tanja Zapolski, Beethoven’s complete sonatas and variations with pianist Yaron Kohlberg, CELLO LIBRIS – chamber and concerto works for cello by Geoffrey Gordon and last but not least the 6 suites for solo cello by Johann Sebastian Bach.
Among many national and international prizes, Toke Møldrup has received Queen Ingrid’s Honorary Award for his achievements on behalf of Danish music as well as the Augustinus Foundation’s Anniversary Grant. Due to his busy concert schedule and his position as a professor at the Royal Danish Academy of Music, Møldrup has recently left his position as principal cellist of the Copenhagen Philharmonic, one of Denmark’s top orchestras and famous for its inspirational and successful initiative to attract new audiences to the world of classical music. He is now continuing this important work as artistic director of the annual Svanekegaarden International Cello Masterclass.
Important influences on Møldrup’s artistic development include cellists Valter Dešpalj, Hans Jensen, Ralph Kirschbaum, Yo-Yo Ma, Harro Ruijsenaars and Morten Zeuthen as well as Prof. Tim Frederiksen and The Alban Berg Quartet, under whose mentorship he studied as a member of the Paizo Quartet, winner of the Grand Prize at the Melbourne International Chamber Music Competition in his early career.
Toke Møldrup plays a David Tecchler cello (Rome, 1697) courtesy of the Augustinus Foundation.
What is happiness? An elusive concept but a recognisable feeling. Momentary happiness, when your team scores a goal in the Champions League, or lasting happiness, with your family, or walking around the city where you live and want to live for the rest of your life?
Visual Capitalist reminds us, “While happiness can be intangible, it is often influenced by real social factors such as personal freedom, financial security, safety, and trust in public institutions—as a result, the answer to the question of whether people are ‘happy’ depends on several factors at both the individual and societal levels. We couldn’t agree more.
And every year, the World Happiness Report measures and ranks the happiest countries in the world, using data from the Gallup Global Poll, which polls over 100,000 people from 140 of the 195 countries (the list is therefore incomplete), and the results show that for the 8th year in a row, the champion is Finland! Although it might be the most depressing and alienated country in the world, it seems that happiness is not just about a smile on your face, long beaches, a cocktail in your hand, and a casual flirtation with a girl or maybe chitchat with your neighbour. This is also shown by the second place, where the old long-time champion was found – Denmark, which is admittedly a little brighter – anyone who
has been there can confirm this – but again a Nordic country.
Until 2020, Switzerland was consistently in third place after these two, but the land of watches and cheeses gave up its place – Iceland! Again, a country with little light, winter and a bad climate. Admittedly, Icelanders are known as cheerful people – in going out. But we didn’t know they were so happy otherwise. It is interesting that the Swiss no longer seem to feel as happy as before – from 3rd place in 2020, they fell to 4th place in 2021, then to 8th in 2022, and in 2023 they were among the Top 10 for the last time – in 9th place. Switzerland has fallen down the list to #13 in 2024. Their neighbours, the Austrians, have also been out of the Top 10 since 2022.
Now in 4th place is – you guessed it –Sweden! We can talk about immigration, crime or the highest number of sexual offenses – but Swedes are happy people! Still, they are a symbol of pop music joy, deep down. For the first time in 5th place we leave Scandinavia or Nordics and there is – the Netherlands, but then a surprise happens – Costa Rica has seen a steady climb from #15 in 2019 to #6 in 2024, while Mexico has risen from #24 to #10 in the same period –both now ranking above the US and Canada. For the first time, a truly sunny and cheerful country with sociable people in the Top 10!
Today, Norway is the 7th happiest country in the world, to complete the Nordic story,
followed by Israel. Israel was in fourth place in 2022, and eventually fell to #8 in 2024probably due to the tense Israeli-Palestinian conflict in the last two years. However, it is still the happiest Middle Eastern country in the world. It is not difficult to be happy when you are rich, so it is not difficult for Luxembourgers to take the number 9 spot, while Mexico is one of those outsiders who somehow jumped into the Top 10 this year, which we must welcome with joy, after so many decades of crisis.
The situation seems to be improving in every sense, and two seas and perfect food, architecture, music and warm people do the rest of the work.
And finally - what makes you happy? Surely not the climate, nor the beauty of the countrynor the sun, nor the company of friends all the time. Countries that consistently rank highly in the World Happiness Report tend to offer strong social safety nets, high levels of trust in public institutions, and a strong sense of community that drives interactions between people. In the Nordic countries, for example, the combination of high GDP per capita, generous welfare systems, low corruption, and work-life balance contribute to higher life satisfaction. In contrast, countries with political instability, economic inequality, or limited public services often score lower – concludes Visual Capitalist this story. Which is a good guideline for us here.
Focus on
August 2025