amcham 2014

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Page 1: AmCham 2014

FEBRUARY 2014

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2 | ENGAGE FOR CHANGE IN 2014 ENGAGE FOR CHANGE IN 2014 | 3

EDITORSaša Marić[email protected]

COPY EDITORChris [email protected]

ART DIRECTORIlija Petrović[email protected]

PROJECT MANAGERS:Biljana Dević[email protected] [email protected] Novaković[email protected] Pajić[email protected]

PHOTOSZoran Petrović

TRANSLATORSSnežana Bjelotomić_________________________

SPECIAL THANKS TO

Branislav Čale, AmChamAmCham Serbia

_________________________

EXECUTIVE DIRECTORRuža Ristanović[email protected]

GENERAL MANAGERIvan Novčić[email protected]

FINANCIAL DIRECTORAna Besedić[email protected]

EDITORIAL MANAGER Tanja Banković[email protected]

OFFICE MANAGERNataša Nešić[email protected]

PRINTINGRotografika d.o.o.

Makenzijeva 67,11000 Belgrade, SerbiaPhone: +(381 11) 2450 508Fascimile: +(381 11) 2450 122E-mail: [email protected] no: 1451-7833All rights reservedalliance international media 2014

4 COMMENT: SERBIA’S POTENTIAL AND LIMITATIONS ANA S. TRBOVICH, Ph.D. Faculty of Economics, Finance and Administration – FEFA, Belgrade

6 BRINGING THE

BEST OF BUSINESS TO SERBIA MILOŠ DJURKOVIĆ, President of AmCham Serbia

10 PROVIDING COUNSEL

H.E. MR. MICHAEL KIRBY, US Ambassador to Serbia

14 AMCHAM AIMS TO ACT AS A ROLE MODEL TO SERBIA'S ECONOMY MAJA PIŠČEVIĆ, Executive Director of AmCham Serbia

18 IMPORTING THE AMERICAN DREAM JANE KITSON, Commercial Counsellor at the US Embassy in Belgrade

21 EMBRACING CHANGE TRS Europe

22 SUCCESS POSSIBLE WITH LEADERSHIP AND SUPPORT SUSAN KOSINSKI FRITZ, Mission Director of USAID Serbia

26 PUTTING SERBIA ON THE MAP ŽELJKO SERTIĆ, President of the Serbian Chamber of Commerce (SCC)

29 DECADE OF IMPROVEMENT STACEY KENNEDY, Managing Director South East Europe at Philip Morris International

30 STABLE PARTNER OF THE STATE DRAGINJA DJURIĆ, Executive Board President of Banca Intesa

33 US COMPANY EXPLORES MINING POTENTIAL OF BOR Rakita Exploration d.o.o Bor

34 SYSTEM OF VALUES DIMITAR ANDONOV, Operations Director for Serbia, Macedonia and Montenegro at Coca-Cola

36 EVERY ITEM HAS A BUYER DARKO MATIJAŠEVIĆ, Managing Director of Executive Group

39 HARMONISING LEGAL NORMS VLATKO SEKULOVIĆ, Partner at Sekulović Law Office, Belgrade

40 A CALL FOR DIALOGUE JASMINA PAVLOVIĆ, Country Manager for Serbia, Central Balkan Countries and Moldova at Pfizer H.C.P. Corporation Representative Office

41 MEETING GLOBAL STANDARDS TOMASZ ROGACZ, CEO of McDonald’s Serbia

42 ONE OF THE GLOBAL LEADERS IN DIRECT SALES VESNA KOVLJENIĆ, National Sales Manager of Avon Serbia

43 CONFIDENT IN PARTNERSHIP MILUTIN DELIĆ, General Manager of GSK for Serbia and Montenegro and Commercial Director for the Adriatic Cluster

44 EXPORTS TO US RISING Trading overview

46 US COMPANIES IN SERBIA Investments

47 A LIFE IMPROVED EVERY THREE SECONDS ZVEZDANA IVANOV, Country Manager for Medtronic B.V. Serbia

48 AMCHAM IN 2013: DRIVING CHANGE!

50 AMCHAM EVENTS IN 2013

CONTENTS

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Serbia’s Potential and Limitations

A merican investments in Serbia reflect both the potential and the limitations of Serbia

as an investment destination. There are relatively few investments considering the size of the US economy, with the majority of US companies in Serbia operating out of small sales offices or via a representative (franchise) local company. This includes big brands such as IBM, and it is not uncommon for small countries like Ser-bia, even when you consider the larger regional market. Yet those companies that made the leap into the Serbian market tend to be satisfied with their investment, with many expanding.

The US is one of the largest foreign direct investors in Serbia, with investments of more than US$3.5 billion and employing more than 9,000 people. These investments include Philip Mor-ris International’s purchase of the Niš Tobacco Factory in Au-gust 2003 through the privatisation process, Colorado-based Ball Corporation’s greenfield investment to produce beverage cans, followed by the Coca-Cola Company’s purchase of bottled-water producer Vlasinka and Merrill Lynch purchasing a 25% stake in real-estate firm MPC Properties, which subsequently built the Ušće Shopping Centre in New Belgrade. In August 2008, PepsiCo in-vested more than €200 million to acquire Marbo. Other sizeable US investments came through the Darby investment fund, which presently owns the Sevojno copper mill, as well as cable production company Novkabel and Klas bread manufacturing. The KKR fund invested in flooring producer Tar-kett and SBB (Serbia Broadband), while additional direct investments were made by Van Drunen Farms, Alltech, Eaton etc. Most recently, NCR made Belgrade its headquarters in one of largest greenfield endeavours, employment-wise, engaging hundreds of university-educated people.

Serbia’s primary advantage compared with other emerging markets is its European location and enhanced market access as a result of the regional CEFTA trade treaty, the Stabilisation and Association Agreement, which guarantees free trade to the EU for most products, and bilateral treaties with Russia, Turkey and sev-eral other countries. While many US investments initially targeted Serbian and regional markets, they are also exporting beyond the region. Yet the key question is why does Serbia not have more US investments, especially those featuring higher-value-added prod-

ucts and services like those of Ball Packaging or Microsoft. Microsoft established a software development centre in Bel-

grade in 2005, engaging in research and development rather than just the sale of software. While critical, the most decisive factor for this business development was not the availability of software engineers or English proficiency, but the desire of Serbian expatri-ates who had developed an excellent professional reputation while working for Microsoft in the US to build a local team and work from Belgrade. Today, Microsoft Serbia is a successful enterprise with an active software development centre that attracts young lo-cal talents who can develop an exciting international career while remaining in their home country. Ball Packaging, meanwhile, came in great part to serve Coca-Cola, which has been present in the Serbian market for decades and is an important buyer for alu-minium cans. It took Ball two years to overcome Serbia’s complex construction permitting process and build their production plant. Still, they later expanded production and the company often prais-es Serbia at international investment forums as one of their most productive facilities worldwide. In short, both Microsoft and Ball Packaging, while highly content with their investment decisions, needed an additional reason to choose Serbia over another desti-nation. To attract more of such investments, Serbia needs to first invest more in its business climate, currently ranked well below its potential even when measured by GDP in surveys such as the

World Bank’s Doing Business or the World Economic Forum’s Global Com-petitiveness Index.

Interestingly, Ernst & Young’s at-tractiveness survey Europe 2013 con-firms the discrepancy between the less attractive perception and the actual investment experience of companies in Serbia. The survey’s results show

that only 1% of interviewed investors (808 international decision-makers) picked Serbia as the most attractive destination in Central Eastern Europe, yet in practice Serbia scooped 11% of CEE FDI pro-jects in 2012. These results highlight the need for improved brand-ing and smarter, more consistent policies aimed at advancing the business climate, as well as the accompanying infrastructure and education, which impacts on a country’s global competitiveness. US investors in Serbia engage with the American Chamber of Commerce and other organisations to improve Serbia’s business environment and attract additional business to the country, as it is in American and Serbian businesses’ common interest that Serbia prospers economically and is anchored stably to the EU. ■

Ernst & Young’s survey Europe 2013 showed that only 1% of

investors picked Serbia as the most attractive destination in Central

Eastern Europe, yet Serbia scooped 11% of CEE FDI projects in 2012

COMMENT ANA S. TRBOVICH, Ph.D. Faculty of Economics, Finance and Administration – FEFA, Belgrade

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Working Together For A Healthier World

Pfizer HCP Corporation, Representative office BelgradeTresnjinog Cveta 1, Belgrade

Tel: 381.11.3630 000; Fax: 381. 11. 3630 033e-mail: [email protected]

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Bringing the Best of Business to Serbia

The most important thing AmCham be-gan with was the institutionalisation of a constructive standing dialogue be-tween the private and public sectors,

with the goal of improving the business climate in Serbia, says AmCham Serbia President Miloš Djurković of measures he believes to have been successful. “Naturally,” he goes on, “when dia-logue at an institutional level is initiated, many topics of interest for companies and the overall economy emerge.” Djurković is proud of such achievements and advances made by AmCham during its time in Serbia. Now, AmCham is look-ing to build on them and develop a generation of “uncompromising” new Serbian business leaders.

■ What are AmCham’s current priorities?- Our current priorities relate primarily to a series of measures that need to be implemented con-sistently to facilitate more investment and the creation of new jobs, namely: reforming labour legislation; implementing measures aimed at increasing liquidity in the economy and stabilis-ing the macroeconomic environment; securing a predictable and efficient tax system; reducing the grey economy and corruption; and equip-ping professionals with know-how and skills adapted to the needs of the modern market.

■ Your role can be described as a catalyst for bolstering business cooperation between Serbia and the US, and maintaining a dia-logue with Serbian officials with the goal of advancing this cooperation. How efficient have you found this goal’s implementation?- Let me reply to your question by giving a short review of the economic context in which AmCham started more than 12 years ago. At that time, investors were not eager to invest in Serbia. They were mistrustful to a certain de-gree and the whole environment was deemed

unsafe. At first we had 11 companies as associa-tion members with a clear goal of making Serbia a good investment destina-tion. The country’s tran-sition process was still in its infancy and there were no investments or foreign companies in the market.

Today, when we look back at everything we have achieved, we can see that we now have 187 American, international and domestic companies as members. It is also important to mention that AmCham members have invested more than €14 billion and created 100,000 jobs in Serbia so far. You have to admit these are impressive numbers.

■ What has been the most important focus of American-Serbian business collaboration,

Since the start of its activities here, the American Chamber of Commerce has promoted the best principles and practices of US and international business in Serbia. As well as its efforts to reform and modernise Serbia’s business environment in the short term, AmCham is making ethical practices and the education of future business leaders its key priorities

The current priorities of AmCham relate primarily

to a series of measures that need to be implemented consistently to facilitate more investment and the

creation of new jobs

INTERVIEW MILOŠ DJURKOVIĆ, President of AmCham Serbia

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and which areas should be targeted in particular?- The ongoing promotion of Serbia as an investment destina-tion is the centre of our attention. To illustrate this, let me say that we’ve already had a big IT investment conference in San Francisco in the last year. And together with the re-gional American Chambers of Commerce, we are planning to hold a regional investment conference in Serbia in the second half of this year.

There is more that we do. The Generalized System of Preferences (GSP), which allows Serbia to export to the US at a reduced customs duty, expired on 31 July last year and is expected to be renewed. Until that happens, companies are advised to keep all of the required documentation because, in the past, when the GSP was renewed, export companies were refunded the money they paid on account of higher custom duties prior to the renewal of the GSP.

■ How much does the slow but evident recovery of the US economy from recession affect Serbia in terms of the American companies that do business here?- Basically, this favourable influence can be seen through American companies showing a heightened interest in investing in Serbia. Judging by American investment in IT over the last year or two, we can safely conclude that Serbia has a good basis for attracting both American and other investors. Additionally, implementing necessary reforms is one of the prerequisites for cre-ating a better business climate.

■ The IT industry is often cited as an economic branch with huge potential in Serbia. What obstacles does the industry face, i.e. what kind of conditions must be fulfilled for the IT industry to develop faster?- The ICT market in Serbia is still small compared with other countries. Investment per capita is several times lower than in neighbouring countries and even dozens of times lower than in developed countries. The infrastructure, particu-larly within the public sector, is far below average compared with medium-developed countries, while the situation is somewhat better in the private sector. There are exceptions to this rule, namely certain companies that have gained a competitive advantage over others by investing in the mod-ern IT sector. This opens up the possibility of facilitating the faster development of the country through bigger invest-ments in ICT and the higher productivity and efficiency of both the public and private sectors.

Serbia can implement most of the projects in the pub-lic sector through EU pre-accession funds, given the coun-try now has better access to pre-accession and other funds because of the commencement of accession negotiations. Of course, we need to arm ourselves with more knowledge than we have today in order to draft projects and receive

money from said funds. So far, Serbia has used only 16% of the available fund money, while the Czech Republic, for instance, has used 65%.

Apart from that, we need to be much more transparent in implementing these projects be-cause project implementation is

not something Serbia can brag about. A great opportunity lies in combining the international experience of large mul-tinational companies and the experience of sound domestic companies. Such collaboration would enable the first to in-vest more in Serbia and the latter to expand their acquired know-how and experience to other countries. A better infra-structure would improve the efficiency of the public sector and make Serbia an investment-competitive country, while, at the same time, enabling citizens to work and live much more efficiently.

■ Cooperation with political decision-makers is re-quired in a transitional country. How would you rate the quality of cooperation between AmCham and the Serbian authorities?- As I have said before, the dialogue with the Serbian gov-ernment and representatives of state institutions has almost

The Generalized System of Preferences (GSP), which

allows Serbia to export to the US at a reduced custom duty, expired on 31 July last year

and is expected to be renewed

Investments AmCham members have invested more than €14 billion and creat-ed 100,000 jobs in Serbia so far.

Know-howWe need to arm ourselves with more knowl-edge than we have today in order to draft projects and receive money from EU funds.

EU The American Chamber of Commerce intends to fully contribute to the expedition of the EU accession process in the upcoming period.

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always been open and constructive. Implementing what has been agreed has proven the biggest challenge. We have been working to create a better business climate for more than 12 years now and have seen improvements in many areas. Still, I have to say that the pace at which reforms are conducted is slower than the one desired by political stake-holders. We do understand that there are certain transition-al issues, particularly those relating to EU accession, but we hope that the implementation of reforms will pick up.

■ What is the future of AmCham and US-Serbian business cooperation?- We have been trying to coordinate our goals with the cur-rent economic, social and political environment. EU acces-sion remains the most important issue for Serbia, and the American Chamber of Com-merce intends to fully con-tribute to the expedition of this process in the upcoming period. We will continue to of-fer suggestions and proposals to better facilitate companies’ operations and improve the business climate, which, in turn, would result in new in-vestments and keep us on the road to the change we want to accomplish together. We want to continue to be the voice of American business in Serbia.

■ What is the key differ-ence between AmCham and other, similar business associations, and do for-eign investment organisa-tions in Serbia cooperate with each other often?- The American Chamber of Commerce is not a classic bi-lateral chamber. We are more of a business association that assembles 187 companies – American and other successful international and domestic companies, which, at this time, make up the healthiest part of the Serbian economy.

I would like to underline that our association has a very diverse portfolio, starting from regulatory efforts to improve the business climate and promote Serbia as an investment destination, to getting involved wholeheartedly in educat-ing about and promoting the best business practices and most successful principles of American business, where corporate responsibility and developing business ethics play very important roles.

In terms of our cooperation with other business associa-tions, we have tried to leave enough room for collaboration with similar organisations, to transfer our experience to others and to provide assistance and offer advice. It is vital that we work together on important economic issues. This should be the priority of the government, business associa-tions and every individual.

■ How would you rate your term as AmCham Presi-dent? What are you most proud of and what has been the Chamber’s biggest accomplishment during your term in office?- I will let others judge, and will just mention some important facts. Specifically, from October 2011 to date, the number of AmCham members grew from 160 to 187. We have been

actively involved in promoting Serbia as an attractive invest-ment destination by our par-ticipation in two investment events held in the US thanks to the US Embassy in Serbia. The first event was dedicated to energy and took place in December 2011, while the second event – the IT mission trip – happened in May 2013 and, as the name suggests, was centred on IT. During that time, AmCham held an investment conference in San Francisco under the name ‘IT Believes in Serbia’.

The Association has launched several education-al programmes for young managers such as AmCham Academy, which has devel-oped into a serious and very prestigious business course ti-tled ‘Champions of AmCham – AmChamps’. Addition-ally, we have launched a new programme called ‘SMART Breakfast’, where we talk to

renowned leading public figures at meetings and they tell their life stories in an effort to inspire and incite various busi-ness initiatives. I would especially like to single out one of our more recent projects, the AmCham award called ‘Lead-er in Change’. This award will be given out annually, both to individuals and member companies in five categories. It is part of an effort to promote the values AmCham endorses, with the end goal of positioning these values as a model for doing business in Serbia. Judging by the huge interest shown by member companies, we’ve done well.

There are too many schemers, which is obvious when we see all

of these affairs happening around us. If we want a better, more

transparent and more successful Serbia, we all need to work on

improving business ethics

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Finally, in terms of our regulatory work, AmCham has managed to make its key priorities a part of the govern-ment’s work plan. What needs to be done now is to imple-ment these plans. With know-how, comparative practices and expertise, AmCham supports ongoing reforms in many areas that are crucial to bolstering the business climate – from parafiscal taxes, changes to real estate regulation, pub-lic acquisition regulation and the Labour Law, to stepping up the fight against the grey economy, promoting intellec-tual property rights and the like. We hope we will see the first results soon.

Of course, this success wouldn’t have been possible without a strong team. My top priority has been to assemble right people, and you need a good leader to guide a strong team. That’s why we brought Maja Piščević, whose ideas and energy have further motivated our great team. I would like to thank all of them – Maja, Amalija [Pavić], Milica [Samardžić], Bane [Čale] and Bane [Valent], Tina [Kostić] and Anita [Karadžić] – for their great work. Our success be-longs to them. I am confident that they will accomplish even more in the upcoming period.

■ If you could change one thing about the business climate in Serbia what would it be?- Business ethics. There are too many schemers, which is

obvious when we see all of these affairs happening around us. If we want a better, more transparent and more success-ful Serbia, we all need to pull in. This won’t happen over-night; it requires long, hard work, primarily by the state authorities, as well as from all of us. We need to provide a good example and educate those in our business surround-ings constantly. Creating uncompromising new leaders is imperative for us. ■

xxx

Miloš Djurković assumed the position of President of the American Chamber of Commerce in Serbia in October 2011. He has worked in the IT industry in Serbia and neighbouring countries for more than 20 years and to-day is the Managing Director of Hewlett Packard Serbia. Previously, he was General Manager of IBM in Serbia and Director of the Representative Office of Cisco Systems for Serbia, Montenegro, Macedonia and Albania.

Djurković graduated from the University of Bel-grade’s Faculty of Electrical Engineering. He was a mem-ber of the National Alliance for Local Economic Develop-ment (NALED) managing board and is a member of the Association of Serbian Corporate Directors. He is active in sports and is Vice President of Red Star Rowing Club. Djurković is married and has two children.

Miloš Djurković, President of AmCham Serbia

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Providing CounselUS Ambassa-

dor Michael Kirby is by turns sup-

portive and encourag-ing when it comes to Serbia’s ongoing mod-ernisation and reform

process, and forthright when talking about cer-tain American expectations of Serbia and its in-stitutions. As Kirby says, much of Serbia’s pro-gress “depends on getting the legal and regula-tory framework right”.

■ The relationship between Serbia and the United States has had many ups and downs since 2000. How would you describe the relationship currently?- US-Serbian relations are strong – and we are working to make them stronger. We have com-mon interests and a shared vision of a prosperous, demo-cratic Serbia that is integrated fully with the European Un-ion and other trans-Atlantic institutions. These interests were discussed in early Feb-ruary when Prime Minister Dačić visited Washington DC. He met with senators, con-gressmen and high officials at the State Department and praised our two coun-tries’ good relations. In my experience, we have enjoyed a very good relationship with the Ser-bian government. The Serbian government has been open to hearing our concerns and forthright when they believe our counsel could be useful.

This question is often asked in a political context, but the economic situation is no less im-portant. Yes, Serbia’s economy faces significant challenges today. But American companies are

optimistic about Serbia’s long-term prospects as it moves along the path to European Union mem-bership. US companies are interested in long-term investments in mining, power generation and telecommunications – investments in the fu-ture of Serbia that could mean jobs for thousands of Serbians. Success here, though, depends on getting the legal and regulatory framework right, and that is one important aspect of work with the Serbian government.

■ For Serbia, the stabilisation of relations with Kosovo is as important as fostering good relations with the EU. What expecta-tions does the US have for the normalisation of the Serbia-Kosovo relationship?- We strongly support the dialogue between Serbia and Kosovo and we want to see concrete measures that will normalise relations. The United States’ long-term goal is a Europe that is whole, free

and at peace – we believe the Belgrade-Priština dialogue is a step toward that goal.

The efforts to normalise relations, we believe, are con-sistent with the interests of Serbia and Kosovo. Not long ago, I read an eye-opening statistic – Serbia exported US$385 million worth of goods to Kosovo in 2012, and

a little more than twice that to Russia – but Rus-sia has 80 times the population of Kosovo. Russia is a large and potentially lucrative market, but Kosovo’s proximity and history suggest that it, too, is a valuable market for Serbian companies.

■ This February, Jonathan Moore, director of the State Department’s Office of South Central European Affairs, said a period of stronger economic cooperation between

It is in the interests of both Serbia and the US that the former continues along its reform path and seeks to build stronger, stable relationships with all international partners – including Kosovo. Serbia can count on American support every step of the way

In my view, our ties are broader than our

efforts here at the Embassy and extend to the human ties between

ordinary Serbians and Americans

INTERVIEW H.E. MR. MICHAEL KIRBY, US Ambassador to Serbia

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Serbia and the US was coming, particularly in terms of American companies bolstering investments in Serbia. What economic projects have been realised since then?- The United States remains committed to building stronger eco-nomic cooperation with Serbia, and to laying strong foundations that will better integrate Serbia into the global economy and pre-pare it for tough competition in the European Union. That is why the US and Serbia signed a memorandum of understanding on co-operation in the ICT industry last year. This cooperation became evident when Prime Minister Dačić and I led an ICT trade mission to the United States last year. The Prime Minister met with senior executives from Amazon, Apple, Cisco, EMC2, Google, IBM, Intel, Microsoft, PayPal and TeleSign. Each one of those companies has been in contact regarding invest-ment opportunities. In February I visited Georgia-based NCR’s re-gional headquarters in Belgrade. NCR expects to grow its work-force to 2,000 people by the end of 2014. Another success: Srem-ska Mitrovica welcomed Cooper Standard, which broke ground last year and is expected to em-ploy 500 people in this tough economic environment.

Economic success is not just about big numbers. In many countries, prosperity is driven by small- and medium-sized en-terprises: the sometimes family-owned businesses at the core of a community. For that reason, the United States prioritises wom-en’s entrepreneurship as a leading international economic issue. Empowering women economically increases prosperity for fami-lies, communities and entire nations. We have partnered with the Association of Business Women here on a variety of projects, and support its expansion to all regions of Serbia, including the most economically disadvantaged parts of the country.

■ Economic ties between Serbia and the United States are not based solely on investments. How are these ties main-tained and improved?- In my view, our ties are broader than our efforts here at the Embassy and extend to the human ties between ordinary Serbi-ans and ordinary Americans. When we issue visas for students to study in the US, or for tourists to visit, we facilitate person-to-person interactions that allow us to understand each other bet-ter. We try to nurture and build those ties with our programmes. The Embassy sponsors a host of exchange programmes – for high school and university students, professionals, members of the

military, politicians etc. These programmes help expose Serbians to the American perspective on many issues, from how to dimin-ish domestic violence to how to attract economic investment to underdeveloped areas. When these Serbians return, I hope they understand us better, but have also gained something valuable to share here.

More broadly, we try to open channels of communication. The Embassy has one of the largest Facebook pages in Serbia (www.facebook.com/usembassyserbia), which we update daily and which features vigorous debates about important issues. We won’t change every person’s opinion, but I hope our followers un-derstand us better and respect the open dialogue we encourage.

■ In November, Serbian me-dia reported on a crisis in the US-Serbian relationship caused by the Bytyqi broth-ers case. Serbian authorities gave their assurance that the case would be solved. What does the US government ex-pect of the Serbian authori-ties in this case?- The US Government expects justice to be served.

No-one – not Americans, not

Serbians, no-one – wants to live in a country where people can get away with murder. Justice demands that those who murdered Agron, Ylli and Mehmet Bytyqi be called to account. Fourteen years after their deaths, no-one has been convicted for killing these three American citizens.

The US government remains very concerned about the By-tyqi brothers’ case. We expect police and prosecutors to pursue aggressively any leads in this case. It is Serbia’s responsibility to ensure justice within its borders. We expect the Serbian authori-ties to bring to justice those responsible for murdering the Bytyqis.

■ Serbia is moving towards European integration but not towards NATO membership. What do you think is Serbia’s future in terms of its cooperation with NATO?- It is for Serbia to decide what its relationship will be with NATO.

We believe that NATO helps to assure the stability of the trans-Atlantic region, and it is obvious that the Serbian Armed Forces can be a force for stability in Europe and the world

MarketsRussia is a large and potentially lucra-tive market, but Kosovo’s proximity and history suggest that it, too, is a valu-able market for Serbian companies.

Bytyqi Brothers The US government remains very con-cerned about the Bytyqi brothers’ case. We expect police and prosecutors to pur-sue aggressively any leads in this case.

Vision The US has a long-term vision: we see a Europe that is whole and free, prosperous and at peace. The countries of the Bal-kans are critical to achieving our vision.

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Every country in Europe, including Russia, has some type of coop-eration with the NATO allies. Serbia is a member of NATO’s Part-nership for Peace and has been a strong and active participant in that programme. We believe that NATO helps to assure the stabil-ity of the trans-Atlantic region, and it is obvious that the Serbian Armed Forces can be a force for stability in Europe and the world. That is why we work with the Serbian Armed Forces to promote its professionalisation, to assist in reforms and to improve their ca-pability for cooperation with NATO forces. Since 2007, the United States has invested about US$7 million in Serbian military person-nel training and 400 military students have completed their train-ing in the United States. Over the last two decades, Serbia has gone from being an importer to an exporter of security – that benefits the region immensely and I am glad we have been helpful in that transition.

■ What do you think of the eco-nomic reforms the Serbian govern-ment plans to implement in 2014?- I believe the government recognises how critically meaningful economic reform is. Enacting reform tends to be a complicated political question, in Serbia or anywhere. Serbia will have a new government after the March elec-tions. I cannot predict the future but I will say that I will encourage the new government to improve the general business climate, especially to improve conditions for international and do-mestic investors alike. For example, this could be done by:• streamlining the construction permit-

ting process so businesses can expand and create new jobs without bureau-cratic delay;

• implementing needed reforms to en-sure clear property rights and fair compensation or the return to right-ful owners of property that prior gov-ernments had confiscated without compensation;

• addressing rigidities in the labour market so it is easier for companies to hire and dismiss employees – without that possibility, many companies are reluctant to take on new workers;

• reforming state business inspections so they are more about consumer and worker safety;

• bolstering law enforcement efforts against smuggling and tax evasion – the formal economy must be more attractive to oper-ate in than the grey economy; and

• strengthening protections for intellectual property rights.The new government should focus on getting that regulatory

and legal framework right.

■ Apart from economic reforms, which are now at the cen-tre of attention, what other areas in Serbia should be re-formed as soon as possible?- The rule of law. Because we consider rule of law to be so impor-tant, we have multiple programmes to help foster it here. USAID runs several programmes to strengthen Serbia’s courts: one in-tended to help the courts administer justice more fairly, efficiently and quickly; another that helps ordinary citizens by bolstering misdemeanour courts; and another that boosts the judicial in-dependence of the High Court Council. Along with USAID initia-tives to support the Anti-Corruption Agency and the State Audit Institution, these programmes will build durable institutions – limited by the appropriate checks and balances – that can sustain

anti-corruption efforts over time. In addition, two American prosecu-

tors are working through a US Depart-ment of Justice programme to help Ser-bia build a criminal justice system that is more effective, more efficient and in greater compliance with international and European standards. They work with the Ministry of Justice and pros-ecutors’ offices to provide practical expertise as Serbia re-examines its jus-tice sector’s laws and codes. They also conduct legal training programmes, while a separate programme provides support and training to Serbia’s police.

In sum, we believe that Serbians expect and deserve a judicial system that treats everyone equally, regardless of wealth or station; and that will in-sure a healthy and prosperous Serbia.

■ What do you make of the claim that superpowers such as the US are no longer as interested in Southeast Europe? Is this a positive development given the region is finally stable politically? What vi-sion does the US have for this part of the world?- The United States is, and will contin-ue to be, very interested in the security

and stability of the Balkan region. Economic prosperity is key to the regional stability we believe desirable. Of course, crises and events elsewhere will attract the world’s attention, but the US has a long-term vision: we see a Europe that is whole and free, prosperous and at peace. That work is not yet finished, and the countries of the Balkans are critical to achieving our vision. The United States strongly supports the membership of all Southeast European countries, including Serbia, in the European Union and expanding security cooperation between the Balkan countries, the United States and our allies. ■

We believe that Serbians expect and deserve a judicial system that treats everyone equally,

regardless of wealth or station; and that will insure a healthy

and prosperous Serbia

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SECURITY · SAFETY · IT · MULTIMEDIA · AUTOMATION

PHILOSOPHY IN SECURITY

Koving d.o.o, 34 Jurija Gagarina street, 11070 New Belgrade, Serbia, Tel/fax: +381 11 319 34 08, [email protected], www.koving.rs

25 years experienceOver 7000 references

Partnership with 55 world producers

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AmCham Aims to Act as a Role Model to Serbia’s Economy

AmCham en-joys a mostly p r o d u c t i v e relationship

with the Serbian government and is thankful for its ongoing dialogue with officials and min-istries. The Chamber’s great success has been in making decision-makers sensitive to the needs of the business environment, both in terms of foreign investors and domestic companies. Since AmCham was established in Serbia in 2011, the organisation’s recommendations have had an influence on more than 100 laws and bylaws passed by the government. However, when it comes to important issues such as the drawn-out process of reforming the country’s Labour Law, the Chamber and its members are justifi-ably concerned.

■ The goals and mis-sion of AmCham are well-known. How dif-ficult has it been to im-plement them in prac-tice, and what have been the biggest chal-lenges the Chamber has had to face on an executive level?- It is difficult to give an unequivocal answer to this good-but-complex question. For me person-ally, the biggest challenge has been creating ex-pectations about what AmCham can do for its members, followed by their successful implemen-tation. You know, we are a sort of spokesperson

for the most successful sector of the Serbian econ-omy, assembled under the wing of AmCham. The trust our members have put in us is a huge obligation and responsibility, which is tested on a daily basis. This role also entails our members fully trusting us to recognise their key priorities and fight for their realisation, which can some-times last for years.

The second challenge is finding common de-nominators, because if one company has a prob-lem, that doesn’t automatically imply that other companies, maybe even several of them, have it too. Hence it is very important to understand the needs of each member individually and work on getting as many companies on board to meet those needs whenever possible. If that is not pos-

sible, we will try to pre-sent their problem in the appropriate fashion.

■ AmCham has been paying a great deal of attention to direct, dy-namic dialogue with Serbian officials. Are you satisfied with the efficiency of these ef-

forts and the pace at which agreed changes are realised?- If you are asking me about the present time, I can hardly say that we are happy with how fast the promised changes are being implemented. Many publicly stated deadlines have been bro-ken, which is why our members have expressed justifiable concerns. They were really encour-

According to the AmCham Executive Director, one of the organisation’s most important roles is to serve as a role model to the Serbian economy – especially young people looking to launch their own businesses – through promoting examples of best corporate practices and ethical, transparent and socially responsible operations

The previous government recognised AmCham’s

priorities as its own, but, as we all know, these priorities

did not materialise. I am referring primarily to

the Labour Law

INTERVIEW MAJA PIŠČEVIĆ, Executive Director of AmCham Serbia

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aged by the speed at which the previous government had recognised AmCham’s priorities as its own, but, as we all know, these priorities did not materialise. I am referring pri-marily to the Labour Law.

On the other hand, and speaking in the long term, I am glad to say that AmCham is exceptionally proud of the quality of cooperation with state officials, starting with top government officials to line ministries, as well as with the results of our ongoing dialogue and the decision-makers’ sensitiv-ity to our organisation’s recommendations. Since the establishment of Am-Cham in 2001, more than 100 laws and bylaws have been passed based on rec-ommendations from the Chamber.

These results and the trust that our members have put in us are both an obligation and encouragement for us not to give up on reform proposals we deeply believe will not only make investors in Serbia more content, but will also send a strong message to the investors we want to attract, putting Serbia on the right track for further eco-nomic recovery.

■ How much influence can Am-Cham and other foreign investment organisations really exert when it comes to changing and improv-ing Serbia’s overall business environment? Especially in light of Serbia’s EU accession and the necessity of complying with different standards – from business codes to legal and other types of regulation.- Thank you for asking that question. I firmly believe that one of AmCham’s most important roles is to serve as a role model to the Serbian economy – especially young people looking to launch their own businesses – through promot-ing examples of best corporate practice and ethical, trans-parent and socially responsible operations. All over the world, American companies have managed to live up to their role as promoters of the business values the US econo-

my – as the global leader – is based on. With this goal in mind, we have decided to launch the

Leader in Change Award this year. The award’s title is also AmCham’s motto. The aim of this award is to help our mem-bers to become recognised as leaders of change in their indi-vidual or corporate activities. I believe that, in this way, Am-Cham will contribute significantly to promoting the social

values we have continu-ously endorsed. We are going to bestow honour upon award recipients, as well as the responsibility to justify the trust of the AmCham members who voted for them through their future activities.

■ What laws do you think have had the biggest influence on improving the busi-ness climate in Serbia, both for American and

other foreign investors?- I would like to mention the infa-mous Labour Law. For many years, the American Chamber of Com-merce has been involved in discus-sions about this undoubtedly im-portant subject. Our members and, we believe, the entire Serbian pri-vate sector agree that the law has to be changed. Why? On the one hand, because Serbia cannot be an

isolated island in a globalised world. If all regional countries coordinated this important piece of legislation among them-selves, it would send a really important message to existing and potential investors. So this should be done for domestic and foreign investors alike.

It also should be done for young people, whose unem-ployment rate is frighteningly high, as well as for the mid-dle-aged population of age 50 and over, who can contribute hugely to the quality of the Serbian workforce with their ex-perience and knowledge, but who are not given a chance to do so because employers fear they might be eligible for sever-ance pay, which, according to the existing law, employers are obligated to disburse when they are forced to reduce the number of employees.

We have decided to launch the Leader in Change

Award this year. The aim of this award is to help our members to become recognised as leaders of

change in their individual or corporate activities

TrustThe trust our members have put in us is a huge obligation and re-sponsibility – which is tested on a daily basis.

Business ValuesAmerican companies have managed to live up to their role as promoters of the business values the US economy – as the global leader – is based on.

Indicator The Labour Law has failed to win support so far. This will be a tremendously impor-tant indicator of the government’s inten-tions to put the economy first.

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This reformative law has failed to win support so far. For our members, as well as future investors, this will be a tre-mendously important indicator of the government’s inten-tions to put the economy first. Apart from the said law, our members expect the following legislation to be reformed as soon as possible: tax legislation, namely, reducing parafis-cal charges; inspection legislation, with the view of taking a tougher stance against the grey economy; and real estate legislation, with the view to being able to acquire the re-quired building permits in less time. In this respect, the priori-ties of all 187 members of the American Chamber of Com-merce are our priorities too, and this is something we are going to plead in our commu-nication with the government and relevant institutions.

■ As regards to the eco-nomic activities of Am-Cham members, in which sector are they most suc-cessful in Serbia?- It is difficult to answer that question given AmCham is made of American, other in-ternational and Serbian com-panies, all of which operate in more than 25 economic branches. Some companies are conglomerates that are active in five or more econom-ic sectors. If we look at the Ser-bian economy as a whole, half of the top-grossing companies in 2012 are AmCham mem-bers, and they are energy, telecommunications, agricul-ture, processing and pharmaceutical companies. In terms of our American members, the most successful come from production, processing and ICT.

■ In the latter half of last year, there was talk of Am-Cham and the Serbian government cooperating on youth employment. How far did that project progress, and what will happen with it in future?- The Engage for Change survey has been conducted among our members in order to find out which reforms are neces-sary in Serbia, i.e. which reforms could facilitate higher em-ployment in their respective core business activities. Some answers were expected, and these are mostly about regu-latory reforms, namely adopting the new Labour Law. On the other hand, quite a few companies we surveyed talked about inefficient and inconsistent courts, which should

serve as a guarantee that laws will be enforced and as the main protector of business contracts, including the rights and obligations that stem from them.

Finally, this was an opportunity for us to find out how staff could be better trained, particularly in terms of practical knowledge, motivating employers to hire more people. For that reason we decided to launch our new year-round educational programme called ‘AmChamps – Young Leaders in Change’. This programme will consist

of a range of carefully devised workshops, lectures and case studies where our students – the best young managers and best students from the University of Belgrade, the cream of the crop – will be mentored jointly to modern-ise their knowledge, as well as acquire practical skills and precious experience.

At our ‘Engage for Change’ conference, which took place in December last year, we handed over the survey results and concrete recommendations to top Ser-bian government officials. As far as we are concerned, the priorities of our members have been transformed into the agenda of our regulatory committees. We are deter-mined to invest all of the ef-fort it takes for these priorities to materialise as much as pos-sible and in the shortest time possible, since the time it will

take to implement these priorities directly influences the creation of new jobs in AmCham companies.

■ What do you feel is the future of Serbian-US eco-nomic cooperation in light of Serbia’s potential fu-ture EU accession?- We are confident that the gate to improving economic co-operation with the US is wide open today. By taking respon-sible decisions, the Serbian government has secured official support from the US administration, which is the first and main prerequisite for bolstering economic cooperation and new investment. What still needs to be done is to resolutely implement reform priorities and conduct a targeted promo-tion of Serbia and the region. We need to pull together and get as many good American investors to pass through this gate. These investors will become ambassadors of the Ser-bian economy in the US in years to come. ■

Quite a few companies we surveyed talked about inefficient and

inconsistent courts, which should serve as a guarantee that laws

will be enforced and as the main protector of business contracts,

including the rights and obligations that stem from them

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Importing the American Dream

The ‘American Dream’ is a concept that will be familiar to anyone who has been exposed to US culture and history. The idea is simple: have an idea, work your

hardest to realise it, enjoy the rewards. It’s a con-cept the US Embassy in Belgrade’s Commercial Counsellor Jane Kitson would like to import to the Serbian business environment.

Kitson, like everyone else, is aware of the reforms the Serbian government will need to implement to foster a more business-friendly environ-ment, and her organisa-tion, the Commerce De-partment’s International Trade Administration, is helping US companies to register their views about the local changes they’d like to see. Meanwhile, the Commerce Department continues to work to bring investment and business from the US, the influence of which on young Serbian workers might see the American Dream become a Serbian one too.

■ What has the US Embassy’s Commercial Section been doing to boost economic rela-tions between Serbia and the US?- The United States’ Embassy in Belgrade is for-tunate to host several agencies that focus on

building bilateral trade between the US and Ser-bia: USAID, the State Department’s Economic Section and my agency, the Commerce Depart-ment’s International Trade Administration. My agency is “the official trade promotion agency of the US government” and has three main goals: promoting US exports, identifying resellers of US-manufactured goods and services, and bringing US investors to Serbia.

Here in Serbia, the Commercial Section assists US companies to offer ad-vice or voice their concerns to the Serbian government. With the government’s at-tention to the economy, this centres largely on pro-posed reforms, the regula-tory framework and issues to do with investment. Of-ten we do this in tandem with AmCham Serbia.

We worked extensively on the US and Serbia’s

2013 memorandum of understanding on infor-mation and communication technology, which led to the Serbian ICT trade mission to the US. Every company we visited is exploring invest-ment opportunities in Serbia.

We also work regionally. The Commerce Department partnered with the AmChams in Serbia, Croatia, Romania and Bulgaria to hold ‘Transparency in Government’ seminars last

As Serbia looks to boost its exports to the US market, the US Embassy’s Commercial Counsellor is doing her utmost to bring investment to Serbia. The US Embassy’s Commercial Section works to improve investment and business conditions for US companies here, often in collaboration with AmCham and other stakeholders, to the betterment of all

Working for a US company gives anyone,

of any age, an inside view of transparent, non-discriminatory, customer-

focused business. Of course there are

exceptions, but I believe this is generally true

INTERVIEW JANE KITSON, Commercial Counsellor at the US Embassy in Belgrade

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September. We shared best practices for implementing a consultative process that allows all stakeholders to review legislation, offer expertise and voice opinions. Interest from government agencies, businesses and the press was very strong – we exceeded capacity! The consultative process is crucial for Serbia to implement effec-tive and well-accepted reforms.

■ Serbia has traditionally recorded a trade deficit with the US. Howev-er, statistical data shows that this deficit dropped last year, when Serbia increased its exports to the US by 70%, primarily due to the export of Fiat vehi-cles. How might trade between the two countries be improved further?- My portfolio focuses on promoting US exports and bring-ing US investors to Serbia, so I cannot opine on Serbian export strategy. However, US and domestic businesses

agree: governments must provide stability and predict-ability through the equitable application of the rule of law. Entrepreneurs – be they small- and medium-sized enterprises, or giant businesses – need a legal and finan-cial framework that allows them to finance their ideas,

hire workers, protect intellectual property, build a factory and know which taxes they owe. Guaranteeing that all businesses are treated equal-ly before the law is fundamental to improving any country’s place in the global market.

I encourage Serbia to think of itself as competing with other countries for investment. From that perspective, Serbia gains when it presents a compelling set of reasons, including investment incen-tives, for businesses to come to Serbia. US businesses evaluate new markets all of the time and, when they do so, they measure one country’s benefits and drawbacks

I encourage Serbia to think of itself

as competing with other countries for investment

Support us and share in our success!

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GoalsThe US Embassy’s Commercial Section has three main goals: promoting US ex-ports, identifying resellers of US goods and bringing US investors to Serbia.

FrameworkEntrepreneurs need a legal framework that lets them finance ideas, hire workers, protect intellectual property, build facto-ries and know which taxes they owe.

Collaboration The Commercial Section and AmCham work together on issues such as intel-lectual property protection or reforms such as the labour or bankruptcy laws.

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against another country’s. A compelling and competitive framework is crucial.

■ What kind of cooperation does the Commercial Sec-tion have with AmCham Serbia, and what is its focus?- The Commercial Section and AmCham Serbia work to-gether on many projects – the transparency seminar is a good example – but primarily on industry-related issues such as intellectual property protection or governmental reforms that affect all market participants, such as critically needed reforms to the labour or bankruptcy laws. We strive to improve the marketplace for all, making Serbia a more attractive place to conduct business for foreign and do-mestic investors alike.

Of course, US companies request guidance and ad-vice, and we direct them to AmCham Serbia. AmCham’s membership and valuable network of service providers can assist in bringing those companies into the market, making Serbia more diverse and competitive in the global marketplace.

■ In your opinion, are in-centives for foreign inves-tors attractive enough to bring more foreign direct investment to Serbia?- The question of offering in-centives, and of what type, is for Serbia to decide. However, I would note that for large in-vestments, companies need access to land and buildings, skilled labour and predictable taxation regimes. A fund could be set aside to offer large investors incentives for long-term projects that bring jobs, technology transfer, economic development and other ben-efits. Tax incentives for training employees in new technolo-gies, or grants, capital funds and tax incentives for research and development, could attract manufacturers.

■ Corporate Social Responsibility programmes are becoming increasingly important worldwide. How do you evaluate CSR programmes in Serbia?- I work mostly with US firms, and their CSR programmes tend to reflect the firms’ worldwide programmes. Coca-Cola,

for example, focuses on youth development programmes here and around the world.

One of the largest US employers in Serbia, Ball Manu-facturing, has one of the most robust programmes. It runs a youth education programme focused on recycling and environmental awareness; partners with a local financial institution to foster the development of local independent beverage producers; and raises employee awareness of ethi-

cal business conduct. In Serbia I have noticed

that companies in need of spe-cialised, skilled labour, such as those in the IT or mining sec-tors, often partner with educa-tional institutions to provide teaching content, visiting ex-perts and computers to train students. This can prove to be a win-win situation, creating a highly trained labour pool that benefits the worker, com-pany and community.

■ As American investment in Serbia’s economy grows, so will the influence of American approaches to business. What does that mean for a young Serbian who finds a job working for an American company in Serbia today?- Working for a US company gives anyone, of any age, an inside view of transparent, non-discriminatory, custom-er-focused business. Of course there are exceptions, but I believe this is generally true. Most US businesses are based on the ‘American Dream’:

that if you have an idea and you work hard, then you will find success – and that you yourself must be the one to make it happen! The US has a legal and regulatory framework that empowers us to succeed, and that is testament to the appeal and longevity of the American Dream.

I have met many young Serbians who have studied or lived in the United States, and the American Dream has tak-en hold of them. They have returned to Serbia to work for change, for the future of Serbia. Maybe that dream is uni-versal and appeals to dreamers and risk-takers everywhere. Regardless, I believe that is America’s best export – a will-ingness to risk it all, to make the world better for ourselves, for our families and for our communities. ■

Maybe the American Dream is universal and appeals to dreamers

and risk-takers everywhere. I believe that is America’s best export – a willingness to risk it all, to make the world better for ourselves, for our families and

for our communities

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Overall, TRS Europe employs about 550 workers and has a projected annual turnover of €40,000,000, with 98% of its production exported to 21 countries

Embracing Change

In the space of two years, TRS revenues have increased 60%, EBITDA by 45% and the com-pany headcount by 66% (225

new jobs created, 25 of which go-ing to people with special needs). Growth has been achieved through investments in HR, technology and knowledge. Only last year, the company launched 144 new products (18% of total portfolio). Overall, TRS Eu-rope employs about 550 workers and has a projected annual turnover of €40,000,000, with 98% of its produc-tion exported to 21 countries.

An ambitious, responsible com-pany like ours has the right products – high-quality remanufactured toner cartridges made in accordance with the relevant international certifica-tions, quality and ecological stand-

ards, all of which are conditions for ac-cess to the global market. By choosing our products, customers can make sig-nificant cost savings while at the same time making a significant contribution to environmental protection.

Results and business performance metrics for 2013 rank TRS Europe among Serbia’s ‘crème de la crème’. With the highest credit rating, TRS is a partner vendors are competing to work with. Now, with great results following widespread changes within the company and its working environ-ment, TRS Europe stands as a testa-ment that change is an opportunity to grab – just overcome the odds! ■

CORPORATE TRS Europe

TRS Europe d.o.o.Rade Končara 1, 21131 Petrovaradin, Srbija Tel. +381 (0) 21 439 900; Fax. +381 (0) 21 439 901Web: www.trs.rs

To be acquired by a global leader – as happened to print consumables company TRS Europe in 2011 – is suggestive of a company that is ‘on the up’. Since then, TRS Europe has been defined by change: new technologies, new organisation, new markets, new world

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Success Possible with Leadership and Support

USAID Mission Director Susan Kosinski Fritz has overseen operations in Ser-bia since 2010 and presents a positive view of the country’s potential. She

and her colleagues have been working in Serbia’s peripheral, less developed regions, bringing busi-ness know-how and support, as well as helping to reduce the country’s gargantuan court case backlogs. These are just a few of the daunting projects USAID faces, but as Kosinski Fritz says herself, “With continued Serbian leadership and sustained US and interna-tional support, success on a national scale is abso-lutely possible.”

■ As EU accession talks start, Serbia continues along its reform path-way. How does Serbia’s democratic and eco-nomic development compare to Croatia, Romania and Bulgaria in 2006, when these countries – all now EU members – were last approved USAID funds?- Despite facing individual challenges on their paths to join the EU, Romania, Croatia, Bulgaria and Serbia share similar characteristics of transi-tion economies and political systems. USAID uses a number of tools to measure the level of reform in transition countries. One of these tools tracks

and analyses a country’s progress along different dimensions, comparing USAID-assisted countries in Europe and Eurasia to Croatia, Bulgaria and Romania in 2006, USAID’s last year of funding for each of those countries.

Luckily, 2014 is not USAID’s last planned year of funding for Serbia. Using Freedom House’s Na-tions in Transit, Serbia in 2013 scores better than Bulgaria, and close to Romania, but slightly be-hind Croatia in 2006. Using the European Bank

for Reconstruction and Development’s (EBRD) Transition Report, Serbia in 2013 scores about the same or slightly lower than Bulgaria, Croatia and Romania in 2006 on most economic indica-tors. Where Serbia falls behind is on large-scale privatisation, governance and enterprise restructur-ing, and banking reform.

■ To what extent and in which areas do the economic and demo-cratic development problems of Serbia dif-fer from those elsewhere in the region?- USAID Serbia’s primary focus is on Serbian de-velopment. Our USAID colleagues in Bosnia and Herzegovina, Kosovo and elsewhere in the region will have more insight into the specific challenges in those countries. As USAID’s funding in the re-

Contrary to at times gloomy outlooks on Serbia’s transitional efforts, the USAID Serbia Mission Director feels progress is not only possible but tangible too. The organisation continues to partner with and support Serbian enterprises and, with strong leadership from the government, results will only continue to improve

Company competitiveness is dependent on how

supportive the overall business climate is. National and local

government legislation and administrative processes

need to be transparent and efficient. They should

support, not hinder, a company’s growth

INTERVIEW SUSAN KOSINSKI FRITZ, Mission Director of USAID Serbia

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gion diminishes, though, we are supporting more regional, cross-border programming to address some of the common challenges, primarily economic, that countries face.

One of these common challenges is the need to increase exports in order to create jobs for the many unemployed, especially youth. For many Serbian companies, other coun-tries in the region are natural – and historic – markets. However, companies need to have products and processes that make them competitive in both regional and global export markets. In part, a company’s competitiveness is dependent on how supportive the overall business climate is. National and local government legislation and administrative processes need to be transparent and efficient. They should support, not hinder, a company’s growth. While specific areas of reform vary from country to country, this is a challenge throughout the region. The passage and implementation of key economic reforms to improve labour laws and construction permitting is critical and urgent for Serbian companies to increase their competi-tiveness and for Serbia to increase its competitiveness as a

country and attract much-needed foreign direct investment. Every country has its specific features, though, and Ser-

bia is no exception. Serbia’s democratic transition has been relatively lengthy, although a number of key governance reforms have been undertaken only within the past four or five years. This means Serbia may have lost some valuable

time compared with some of its neighbours. On the positive side, with political will and public sup-port, it may be possible to make up that lost time.

Another distinguishing fea-ture of Serbia is its rich multi-culturalism. Serbia has a diverse number of multi-ethnic com-munities in Vojvodina, Sandžak, south Serbia and elsewhere. How the Serbian government supports

and helps these multi-ethnic regions and marginalised groups to develop is an important question. Finally, Ser-bia has a tradition of civil-society activism dating from the 1990s; as many leaders of that generation leave the scene, civil society activists have a unique opportunity to help society address today’s and tomorrow’s challenges in new and innovative ways.

Through one of our initiatives, we have improved the business

skills, product design and sales of companies in south

and south-west Serbia, resulting in 400 new jobs

and US$13.8 million in sales from trade fairs alone

Refreshing advice.

www.deloitte.com/rs

Terazije 8,11000 Belgrade, SerbiaTel: +381 11 3812 100Fax: +381 11 3812 210

© 2014 Deloitte Serbia

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■ USAID and the Supreme Court of Cassation recently presented a programme to resolve old cases in Ser-bia’s courts. Under this programme, the total 1.75 million old cases buried in the court system should be reduced by 80% over the next five years. How is this possible in a country where it is not uncommon for an ordinary litigation case to last up to 10 years?- You are correct – like all worthy goals, this one is ambi-tious. But we and our Serbian partners think it is achiev-able. In fact, one of the courts USAID has partnered with for the last several years has reduced its old cases by 87%. The Supreme Court of Cassa-tion is showing real leader-ship in reducing case backlogs. For example, it has created a special working group fo-cused exclusively on backlogs. That same working group in-cludes many of the judges that achieved a similar backlog re-duction in 10 pilot courts with USAID help. All of these suc-cesses were only possible by using a variety of approaches: enhanced cooperation with external partners; improved internal organisation and pro-cedural steps; and increased public trust. With continued Serbian leadership and sus-tained US and international support, success on a national scale is absolutely possible.

■ USAID’s current strate-gic plan covers the period from 2013 to 2017, within which you have focused on, among other things, the least developed, peripheral parts of the country – the regions of Sandžak and south Serbia. What are the biggest problems you have faced in these places?- Businesses in south and south-west Serbia are faced with all of the same macro and micro constraints as those in other parts of the country – a business environment that is costly and time consuming, and pressure to continuously improve products and operations and seek out new markets, to name just a few. A larger percentage of businesses in these regions are small and sell their products very close to home, which makes them more vulnerable to changes in their markets.

I would highlight, however, that there are superb ex-amples of companies in these regions, including jeans and shoe producers, exporting to the most exacting customers in Europe. Just think of all that they could achieve if the transportation infrastructure were modernised and the cost and time of transporting products to Belgrade and be-yond was reduced!

■ Five organisations in Serbia received grants from USAID recently, with project management placed ful-

ly in their hands. This rep-resents a new operational approach for USAID in Ser-bia. What was the motiva-tion behind this?- Our new operational ap-proach makes perfect sense in Serbia for a number of rea-sons. First, USAID is changing the way we work as an agency – in Serbia and all around the world. Second, Serbia is fortu-nate to have some relatively strong civil society organisa-tions with proven capacity to deliver results and manage funds effectively, so we knew we had great potential part-ners. Third, as our budgets grow smaller, working direct-ly with local organisations is cost-effective and permits us to put responsibility for Ser-bia’s development directly into the hands of Serbians, who are best attuned to local needs. This will be especially important for Serbia as the country progresses toward the European Union.

■ Are you satisfied with results achieved in Serbia compared to elsewhere in the region? Which projects do you consider the best

and most successful?- We’re proud of all of our assistance efforts, and it isn’t possible to compare them against one another or to other countries in the region. Just to name a few quick highlights: our work through the Separation of Powers Project has de-livered really impressive, tangible results by helping to re-duce case backlogs in partner courts by as much as 80%. Through another project, we supported the development of

There are superb examples of companies in south and south-

west Serbia, including jeans and shoe producers, exporting to the most exacting customers in Europe. Just think of all they

could achieve if the transportation infrastructure were modernised

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the new Law on Misdemeanours – very progressive legisla-tion that was drafted with substantial public and expert in-put. Through our civil society work, we’ve been supporting pioneering work in digital activism, corporate social respon-sibility and philanthropic development.

Through our Business Enabling Project, USAID is pro-viding valuable analysis and input to the government of Ser-bia on key economic legislation that we expect will be passed soon. Through this project, with the help of the National Alliance for Local Economic Develop-ment (NALED), we have already helped the government to elimi-nate 138 parafiscal charges, reducing the non-tax burden of a medium-sized company by 47%. We also supported the development of a new law on factoring, which helps provide additional liquidity to Serbian companies.

Through another initiative, we have improved the business skills, product design and sales of companies in south and south-west Serbia, re-sulting in 400 new jobs and US$13.8 million in sales from trade fairs alone. We are excited about partnering with the government of Serbia’s National Agency for Regional Development to develop and implement a project to continue supporting com-panies in these regions – so stay tuned for more good news!

■ With USAID having supported Serbia’s media for many years through various projects, it’s safe to as-sume you are familiar with the worsening financial sustainability, decreasing levels of media freedom

and tabloidisation of Serbian media. Is there a solu-tion to the media’s growing problems? To what extent is government responsible?- USAID has supported Serbian independent media for years. In fact, we still do, through a project with an inde-pendent coalition of media groups promoting media liter-

acy. We follow media devel-opments closely.

Without necessarily agreeing that problems in the Serbian media are grow-ing, I do agree that further reforms are needed. Imple-menting the government’s media strategy fully is a good place to start: the strategy might not be a perfect docu-ment, but it is a step in the right direction. Transform-ing the government’s role from direct funding to pro-ject-based media support is essential to moving toward

a competitive media market. Ensuring media ownership transparency is also extreme-ly important.

On another level, though, the global media trend is to-ward consolidation as the in-dustry is transformed by new technologies, information

sources and consumer habits. Considering the high number of print and electronic outlets here in Serbia, some similar form of media consolidation is inevitable. The question is how government policies, aligned with European norms, can help manage that consolidation in a way that encour-ages real competition while ensuring quality public service and media freedom. ■

USAID has supported Serbian independent media for years. In fact, we still do, through a project with an independent

coalition of media groups promoting media literacy

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Putting Serbia on the Map

I n the view of Ser-bian Chamber of Commerce Presi-dent Željko Sertić,

economic cooperation between the US and Ser-bia has been improving steadily, but there are still quite a few unutilised trade and investment

opportunities for the two countries to explore and take advantage of. Exports of Fiat cars have helped Serbia to register a trade surplus for the first time. Now, Sertić and his organisation are pursuing all avenues to turn a novelty into a trend.

■ US-Serbian economic cooperation has had its ups and downs. How would you rate the level of cooperation today?- Over the past three years, our exports to the American market have grown. In 2013, Serbian exports grew to US$493 million, a five-fold in-crease relative to the year before. This is our best export result since 2000. Given imports from the US have declined by 5%, this is the first time we have had a surplus – in the amount of US$145 million – in trade with the US. Exporting Fiat vehicles has contributed to better export performance.

Despite Serbia’s GSP status – the General-ized System of Preferences, or duty-free export of more than 4,650 Serbian products – expiring on 31 July 2013, our exports grew. We believe that Congress will vote in favour of re-activating the GSP status of countries that had it previously. The Serbian Chamber of Commerce thinks Serbi-

an companies should continue to export to the US as per usual procedures and continue their exist-ing cooperation with American buyers, as there are no new or additional restrictive measures to prevent them from doing so.

■ Given political relations between the two countries have become warmer, it is realis-tic to expect economic relations to follow suit. How can the US and Serbia improve their economic relationship and foster more dynamic trade?- Developing relations with the USA is one of our foreign and economic policy priorities. Ameri-can companies are among the biggest investors in Serbia, and developing trade relations with the US is not only significant for improving our country’s balance of payments, but for bolstering overall bilateral relations too.

The best way to strengthen our economic re-lationship with the US is by attracting American capi-tal to the Serbian economy, namely via new projects and the privatisation of our com-panies. We need to continue to improve the stability and predictability of our invest-ment and business environ-ment, as well as continue de-veloping market institutions, promoting our investment potential, our liberal foreign investment regulation and free-trade agreements with a view to breaking into third

markets, either together or individually. In order for Serbian products to have a more

prominent presence in the US market, the SCC will continue to work on the networking between Serbian and American companies, disseminate information, educate and provide other services to Serbian businesses, preparing them for their

In 2013, Serbian exports to the US grew to just shy of half a billion dollars, its best result since 2000. Despite a 5% dip in imports, American companies continue to invest – it is now up to organisations such as the SCC and AmCham to boost results further and keep bilateral trade on the right path

For Serbian products to have a more prominent

presence in the US, the SCC will work on the networking between Serbian

and US companies, disseminate information,

educate and prepare Serbian businesses

for their appearance on the US market

INTERVIEW ŽELJKO SERTIĆ, President of the Serbian Chamber of Commerce (SCC)

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appearance on the American market – including informing them of new export opportunities.

Also, the Serbian Chamber of Commerce will continue to develop its activities to inform potential American busi-ness partners about the conditions and opportunities for cooperation with Serbian businesses.

■ As you mentioned, the export of Fiat vehicles has helped Serbia to reduce its disparity in trade with the US. Could you tell us about this year’s plans for further exports to the US, and which sectors have realistic opportunities for growth in this respect?- We expect export tendencies to grow, and we would like to see our export structure im-proved with a higher share of finished products. The growth of the Serbian economy and its capacity to secure sufficient quantities of goods, continuity in delivery and adherence to delivery times, as well as having appropriate product design and complying with the demands of the American market, will certainly contribute to that. Serbian exports to the US could also benefit from stronger marketing activities, higher visibility for Serbia’s economic potential and networking with distribution companies.

New opportunities to develop economic cooperation lie in the food industry and agriculture, as well as metal pro-cessing, wood processing, textiles, the IT industry, infra-structure and construction, the military industry and the banking sector.

One of the best examples of cooperation with US com-panies is the company Medino from Krnjevo, which in late August 2013 concluded an agreement for the distribution of natural honey and other products with a distribution com-pany from New Jersey. Serbian honey is soon going to be sold in more than 1,000 shops across the US under Medino’s Woodland and ZiZu brands.

The US market is demanding and very competitive, and transport costs are very high, so any Serbian company mar-keting its products in the US is very important to Serbia’s rep-utation and economy. In most cases, Serbian companies sell their products to the distribution chains of American retailers. The biggest concentration of Serbian products is in small retail shops where the Serbian diaspora is the target group.

■ Several Serbian officials visited the US in 2013, with some concrete business deals announced. Do you know if the implementation of any of these projects has begun?- During Serbian officials’ last visit to the US, American in-vestors expressed interest in investing in the IT sector, en-ergy and mining, so we do expect these business initiatives

to be realised in the coming period. In November 2013, Mi-crosoft representatives reciprocated with a visit to Belgrade, where they continued talks about investment projects.

Companies such as Freeport, General Electric and Chev-ron are also willing to invest in Serbia. Freeport is looking to invest in the exploitation of mineral ore, General Electric would like to acquire a locomotive and train car factory, while Chevron is interested in oil shale.

■ Which of the existing treaties between the two countries are most impor-tant to Serbian-American economic ties?- The agreement between the governments of the United States and Serbia and Monte-negro on economic, technical

and related assistance, which was ratified on 6 March 2001, determines the formats and means for providing economic, technical and other related US assistance to Serbia and Mon-tenegro, while the agreement on the promotion of invest-ments between the federal government and the US govern-ment ratified on 12 December 2001 practically boils down to protection of US investments. The development of economic relations between the two countries would be bolstered sig-

The US market is demanding and very competitive, and transport

costs are very high, so any Serbian company marketing its products

in the US is very important to Serbia’s reputation and economy

Leading IT systems integrator with tradition and reputation in the markets of Serbia and the region.

For a number of years, we have provided our clients in Serbia and the region with state-of-the-art IT solutions that incorporate top-class technology and professional services.

Beogradska 39, 11000 Belgrade, SerbiaPhone: 381 11 3302 500; Fax: 381 11 3232 655E-mail: [email protected]; Web: www.sbs.co.rs

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nificantly if they concluded an agreement on the mutual promotion and protection of investments and a double taxation agreement.

■ Can you single out some good examples of American com-panies investing in Serbia, creating new jobs and contribut-ing to economic collaboration?- The biggest American investment in Serbia was the acquisition of Niš Tobacco Industry (DIN) by Philip Morris International. In 2003, Philip Morris acquired the Niš-based company for €518 milllion and the company’s investments so far have exceeded €660 million. The following American multinationals have also made significant investments and operated successfully in Serbia: Coca-Cola, PepsiCo, Ball Corporation, Microsoft, Cooper Tire, Van Drunen Farms and Alltech.

Although I am bit apprehensive about singling out any company, I would like to mention two: can manufacturer Ball Corporation, as the first and biggest foreign greenfield investment in Serbia; and Microsoft’s regional development centre. In 2005, Ball Packaging opened a state-of-the-art production facility in Zemun, hiring more than 100 domestic workers. The plant now produces cans for both the regional and European mar-kets. In 2011, the company expanded its production capacity and hired 40 more workers. According to Ball Packaging, they have invested around €100 million in Serbia so far. Also, Microsoft’s decision to open a regional development cen-tre in Belgrade in 2005 was very im-portant for Serbia considering that, at that time, the company had only three such centres worldwide.

The latest example of a success-ful American investment is the one carried out by National Cash Reg-ister (NCR). This is the world leader in providing technological support to companies across various sectors, from the public sector to finance and games of chance. NCR has opened an operations and information centre in Belgrade that will have close to 2,000 young, highly educated employees by the end of the year.

This year, we are also expecting the construction of a heat ex-changer and refrigeration factory to begin. This is an investment by the company Luvata and the plant will be located in Zrenjanin’s industrial zone.

■ How would you rate cooperation between the SCC and the American Chamber of Commerce?- Our cooperation with AmCham is good. We exchange informa-tion and have joint activities, while individual members of Am-

Cham participate in our activities. AmCham is also a member of the SCC Foreign Pool, the role

of which is to develop and bolster mutually beneficial, continuous and long-term cooperation between our and other bilateral cham-bers, their representative offices, associations and business clubs in Serbia. The primary goal of this body is to form networks be-tween national and international business communities in Serbia in order to achieve more rational utilisation of resources, higher synergy and more efficient internationalisation. This is in the best interest of both the SCC and Foreign Pool members.

Apart from AmCham, the Serbian Chamber of Commerce has had exceptionally good cooperation with the US Embassy’s Economic and Trade Affairs Section in Belgrade and on USAID projects in Serbia.

■ There are several thousand Serbs living in the US and Canada. Most of them emigrated in the 1990s and many are still emigrating to this day. These are often top experts, manag-ers and scientists in whose educa-tion Serbia had invested billions of dinars. Is Serbia communicating with these people today to help ad-vance economic cooperation, as Tur-key and other countries do?- The Serbian diaspora is a huge and an insufficiently mobilised development re-source, which should be better utilised with the aim of attracting investments to Serbia and exporting Serbian products.

The Serbian Chamber of Commerce values our diaspora as an important part of the Serbian economy and has been trying to win back their trust, as well as use their know-how, business contacts and capital for the better-ment of the Serbian economy. One of the first indicators of a successful economic environment is when its diaspora starts to invest. Trust and investments from the diaspora are

good indicators for other investors too. Back in 2001, the SCC formed the Diaspora Centre and con-

stituted the Diaspora Business Council, which today comprises 32 members from the diaspora and 17 members from Serbia. At the same time, we have been advocating setting up an intel-lectual diaspora network as a vehicle to bring our experts back to the country. We have also signed a cooperation agreement with the Serbian Ministry of Diaspora stipulating that Serbian students living abroad should do their professional practice with Serbian companies, through which we contribute to the state’s efforts to bring young experts back to Serbia. I expect that an increasing number of SCC members will recognise that this is in their interest and join the project. ■

The SCC values our diaspora as an important part of the Serbian economy and has been trying to

win back their trust, as well as use their know-how, business contacts and capital for the betterment of

the Serbian economy

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Decade of Improvement

Philip Morris International (PMI) is behind well-known cigarette brands such as Marlboro and Parliament and has been operating in Serbia for over

10 years.

■ Philip Morris marked its 10th anniversa-ry in Serbia last year. Could you sum up the company’s most important results during that period?- The decade behind us was devoted to the con-tinuous improvement and development of all aspects of our Serbian business. Our financial in-vestments since the acquisition of Duvanska In-dustrija Niš have amounted to more than €672 million. I am proud to celebrate our 10th anni-versary in Serbia as a stable market leader, but also as an agile organisation capa-ble of responding quickly to consumer needs and a pioneer of innovation.

Last year, Philip Morris was the first in Serbia to launch branded universal tobacco – suitable both for rolling and tubing. Our Niš factory was the first PMI factory in Eastern Europe, the Mid-dle East and Africa to manufacture such a prod-uct. However, the event that makes me particu-larly proud was Serbia becoming the first country worldwide where a new variant of Marlboro was

presented, Marlboro Advance XL.Additionally, we have increased exports of

our products to other countries significantly. Products made at our Niš factory are not only be-ing exported to CEFTA markets, but also to Asian countries. This is a great achievement, as it con-firms the high quality standards of the products we manufacture in Serbia.

■ The illegal tobacco trade disturbs your company’s market operations. Do you think enough has been done to curb the growth of the black market?- Last year, the legal cigarette market decreased by 20%, resulting in losses of more than €170 million to the state budget from excise taxes and VAT. A large number of small retail outlets are also struggling because of this illicit ‘competi-tion’. Given the high unemployment rate and that retail entrepreneurship is the only way many in Serbia can provide for their families, you can imagine the black market’s economic and social impact.

The problem must be tackled quickly and effi-ciently. The only way to do this is through a joint effort by all stakeholders involved, proper en-forcement and a strong ‘zero tolerance’ attitude to the grey economy.

■ Philip Morris’ ‘Start Up for Your Business’ project supports small family businesses. What results has the project had thus far?

- It has been five years since we start-ed supporting small and family business entrepreneurship in Serbia. I’m proud we have helped people address their unem-

ployment directly and encourage entrepreneurial thinking. ‘Start Up for Your Business’ has helped as many as 280 business owners build a better future for their families. They in turn have pro-vided employment for roughly 1,000 individuals. The new contest cycle is currently in progress, through which we hope to help start up another 100 small businesses. ■

The Managing Director of tobacco giant Philip Morris’ South East Europe sector reflects on the company’s first 10 years in Serbia and the ‘agility’ that has allowed its operations here to adapt to challenges, innovate and continue to thrive in a sometimes difficult market

Last year, the legal cigarette market decreased by 20%,

resulting in losses of more than €170 million to the state budget

from excise taxes and VAT

INTERVIEW STACEY KENNEDY, Managing Director South East Europe at Philip Morris International

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Stable Partner of the State

Banca Intesa, the Serbian bank of Italy’s Intesa San-paolo group, is the strongest bank operating in the coun-

try. Its Executive Board President Draginja Đurić has seen the bank continue to perform well since it started operations in Serbia, even in the face of worsening economic conditions. Here she explains the challenges facing the Serbian banking sector and speaks about the need to create a stronger, more stable economy for the benefit of all.

■ By most indicators, Banca Intesa has been the most successful bank in Serbia for years and you have been heading the bank from the start. How would you describe the state of the Serbian banking sector today?- Banks are the engine of the broader financial system in Serbia, and de-spite challenges reflected in amplified credit risk and contracting demand, the banking sector is still the soundest sector of the domestic economy. The reasons for this lie in the fact that, on the one hand, the local banking sector is well regulated and supervised, while on the other most of the banks in Serbia operate as part of international groups that are fully aligned with the highest global banking standards. This provides important, double-stability assurance, which, coupled with high capitalisation and li-quidity indicators, gives banks ample capacity to support the economy along its recovery path.

Still, in order for banks to be able to deploy their potential to a greater extent, it is crucial to tackle the high level of non-performing loans (NPLs), which pose a heavy strain on both the banking sector and businesses, while at the same time addressing key market challenges and tak-ing resolute steps to put the economy on a sus-tainable growth trajectory.

■ Away from objective reasons and the eco-nomic crisis, what do you think should be done to help the banking sector to drive Serbia’s economy?- The role of the banking sector in any coun-try is to channel funding towards productive investments and facilitate efficient allocation

of resources for the pur-pose of increasing in-dustrial production and exports and creating jobs. In general, a sta-ble and healthy banking sector plays a key role in supporting econom-ic activity, but banks themselves cannot drive economic growth.

What spurs GDP ex-pansion is investment, innovation and techno-

logical advances, which is why it is essential to improve the overall business climate in the country. The role of the state is to help foster a stable and predictable market environment, giving impetus to economic activity, encour-aging investors and reviving industrial pro-duction. The role of the banks is to support this process.

Banking has become an often unfairly maligned industry, one whose positive contributions to the economy and the lives of citizens tend to get lost amid the criticism. Banca Intesa and its peers are the “engine of the broader financial system in Serbia”, according to Draginja Djurić, and in spite of challenges the banking sector is still the soundest segment of the economy

The role of the state is to help foster a stable

and predictable market environment, giving impetus to economic activity, encouraging

investors and reviving industrial production.

The role of the banks is to support this process

INTERVIEW DRAGINJA DJURIĆ, Executive Board President of Banca Intesa

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■ Ever since the deepening of Serbia’s economic cri-sis, banks have been under public pressure for mak-ing profit. Is there a credible bank or a company in the world that is not generating profit and what is your reaction to these occasional populist campaigns?- The value-creation ability of banks is often considered in a rather critical and one-sided way, while their contribution to the economy and community is easily overlooked. The capacity of any bank to preserve the interests of its shareholders and deposi-tors, provide for its employees, help the economy and contribute positively to the community must not and should not be placed into a negative context.

The Serbian banking sector is a stable partner of the state and the key supplier of finance for businesses, while providing jobs and financial security for the families of the more than 27,500 people it employs. It is also second by contribution to the state budget through taxes paid from business.

On the other hand, the profitability of banks in Ser-bia is clearly overstated. The domestic banking sector’s

return on equity has been in decline for several years and is now more than twice below its level in 2008, which is also reflected in the fact that, according to the last report of the central bank, as many as 13 of the 31 banks that operated in the market in 2013 ended the third quarter of the year in the red.

■ The current economic cri-sis has narrowed banks’ in-vestment horizons signifi-cantly – the number of NPLs has grown substantially and lending safety has been re-duced to a minimum. What do serious banks such as Banca Intesa do to overcome such market conditions?- In an environment where banks are unable to collect one of every

five loans they give, the focus is placed on asset-quality man-agement, additional prudency in new lending and efficient collection. It is not in the interest of any bank to tie fund-ing in loan loss provisions, so at the same time we are put-ting maximum effort into being responsible and proactive, and helping those clients that have encountered repayment

The value-creation of banks is often considered in a one-

sided way. The capacity of banks to preserve the

interests of shareholders, provide for employees, help the economy and contribute

to the community should not be placed into a negative context

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problems by coming up with acceptable options, either through debt reprogramming or restructuring. However, those are limited, individual efforts that cannot produce a long-term impact unless there is a wider effort coordinated by the state and coupled with economic activity growth and reduction in unemployment.

■ Banca Intesa tops Serbia’s asset list. From that po-sition, how would you assess the near future of the banking sector in Serbia, especially when it comes to an issue such as the long-announced consolidation, mergers and reduction of the number of banks?- It is evident that the domes-tic banking sector is gradu-ally reducing in size, and that trend of consolidation can be expected to continue. Overall, the sector is fairly competitive, but given the needs of the economy and our citizens, the market is overly fragmented, with a large number of banks tak-ing rather small shares in assets, lending or deposits. Furthermore, there are a certain number of banks with a track record of un-profitability. On top of this, further market consolida-tion is likely to be induced by external factors such as global mergers or the need of some banks to comply with recommendations from the European Commission.

■ Real estimates of the Serbian financial sector show it to be underdevel-oped, both by volume and the number of products available, benefiting neither banks nor citizens. What do you think should be done to enable banks in Serbia to expand their activities and improve their products for the mutual benefit of all? - The offer of the banking sector corresponds to the level of market development. Even though banks themselves are constantly working to introduce innovative solutions, there is sufficient room here to broaden the spectrum of products. With a general lack of understanding in the market for more advanced financial instruments, it is up to banks to engage in active education and promotion of more sophisticated products.

When it comes to volume, with an asset-to-GDP ratio of

around 87%, the domestic financial sector is lagging behind those in developed parts of Europe, but we must not forget the conditions local banks operate in. With the unemploy-ment and NPL rates each exceeding 20%, living standards being among the lowest in the region and the real economy facing a major liquidity crunch, there is a lot to be done, and the role of the state is crucial here.

■ How can the National Bank of Serbia and the gov-ernment help in this process?- The government has identified comprehensive fiscal

consolidation and struc-tural reforms as a priority for unlocking the potential of Serbia’s economy, which is why full and consistent implementation of the an-nounced measures is cru-cial. Steps to improve the business climate need to be taken without delay in or-der to draw more investors, boost industrial production and exports, and ultimately create jobs. Given the scope of the NPL problem, its reso-lution is imperative.

The central bank has provided a significant con-tribution to this process by amending the decision on the classification of bal-ance sheet assets, laying the foundations for resolv-ing the issue of bad loans, which could eventually lead to lower interest rates. Be-sides these measurements taken by the National Bank,

it is necessary that all other institutions join the process in order to improve the efficiency of the entire judiciary system, ensure the protection of creditors and secure the safety of investors.

Legislative changes, namely those concerning the laws on mortgages, bankruptcy and enforcement and execution are needed to speed up the collection process and address the NPL problem in a more systematic way. Also, enabling banks to sell claims from individuals through changes to the Law on the Protection of Financial Service Users would unburden balance sheets and unfreeze more funding to be channelled towards development initiatives. The NPL bur-den affects not only banks and the economy, but also the state and consequently the citizens. It calls for active and committed involvement from all sides. ■

Overall, the sector is fairly competitive, but given the needs of the economy and our citizens, the market is overly fragmented,

with a large number of banks taking rather small shares in

assets, lending or deposits

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US Company Explores Mining Potential of Bor

Freeport-McMoRan Copper & Gold Inc. is a leading internation-al natural resources company with headquarters in Phoenix,

Arizona and a global workforce includ-ing approximately 34,000 employees. Freeport-McMoRan operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, molybdenum, cobalt, oil and gas. It is also the world’s largest pro-ducer of molybdenum and a significant gold, oil and gas producer. The company has a strong commitment to safety per-formance, environmental management and to local communities wherever it operates. Freeport-McMoRan is a found-ing member of the International Council on Mining and Metals and committed to implementation of the ICMM Sustainable

Development Framework. Freeport-McMoRan’s portfolio of

metals assets includes the Grasberg minerals district in Indonesia, signifi-cant mining operations throughout the Americas and the Tenke Fungurume minerals district in the Democratic Re-public of Congo. In addition, the compa-ny’s portfolio includes oil and gas assets in North America and the Gulf of Mexico

In the Bor district of eastern Serbia, the Timok Project is an early stage ex-ploration project that is majority-owned and operated by Freeport-McMoRan. Initial drilling at Timok has returned encouraging results, with high copper and gold content. Freeport-McMoRan is continuing to explore the property to determine if the Timok Project has the potential for development into a mine. ■

CORPORATE Rakita Exploration d.o.o. Bor

Freeport-McMoRan’s portfolio of metals assets includes the Grasberg minerals district in Indonesia, significant mining operations throughout the Americas and the Tenke Fungurume minerals district in the Democratic Republic of Congo

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System of ValuesCoca-Cola is not

just one of the world’s most famous brands,

it was one of the first ma-jor international compa-nies to bring its business to the region. Coca-Cola

Operations Director Dimitar Andonov discusses the positive effect his company’s system and val-ues have had on Serbia and the region.

■ Coca-Cola made one of the first large in-vestments in the region, and the company has seen a lot here over the past 45 years. What were the most important stages in Co-ca-Cola’s regional development in the last half century?- Our history in Serbia started 46 years ago. Back then, Coca-Cola issued a bottling plant in Zemun with a license for the production of Coca-Cola in Serbia. The Zemun facility still produces Coca-Cola along with other globally renowned non-alcoholic beverages. Over the years we have improved our business while at the same time contributing significantly to the development of both the local community and the domestic economy.

In 2005, we acquired the Vlasinka mineral water plant, where Rosa min-eral water is bottled, and the year after that we bought Fresh & Co. By doing so, we have devel-oped our portfolio significantly by adding new products. These strategic moves further solidified our leadership position in the market for non-al-coholic beverages and mineral waters.

I think we have best showed our contribution to the Serbian economy in a study called ‘The So-

cio-Economic Impact of the Coca-Cola System in Serbia’, which was written by the London-based Steward Redqueen consultancy. The study’s aim was to demonstrate, using an economic model, the degree of influence the Coca-Cola system has in countries it operates in, where the influence is defined as value added and an employment incen-tive. The study showed that Coca-Cola employs around 1,300 workers in Serbia today who con-tribute indirectly to the employment of 18,000 people in Serbia. In other words, each Coca-Cola worker in Serbia helps to support 13 other work-ers throughout the Serbian economy, which is no small feat, both for us and the Serbian economy.

■ Foreign investors such as large inter-national companies exert a strong influ-ence over the economy in Serbia. Do you think the government, through laws and regulations, provides Coca-Cola and other companies with enough room to grow and

advance their businesses?- The Coca-Cola system em-ploys the local workforce, contributes to the employ-ment, wages and tax rev-enues of the entire economy through the purchase of goods and services from vari-ous suppliers and the selling of its products via a wide dis-tribution network. If we con-

sider the aforementioned, we can say Coca-Cola is a domestic company.

Large business systems such as ours thrive on stable and predictable business conditions, constructive dialogue between the state and the economy, strong legislation and its implemen-tation, and the continuation of EU integrations. Reforming public administration, the very low liquidity of the Serbian economy and, lately, the

Coca-Cola employs some 1,300 workers in Serbia and, according to a survey commissioned by the soft-drinks giant, the company’s successful operations contribute indirectly to the employment of a further 18,000 people. Overall, Coca-Cola’s output in Serbia is equal to 1.18% of the country’s GDP

The contribution of the Coca-Cola

system is important to the country’s

budget considering it amounts to 1.18% of national GDP

INTERVIEW DIMITAR ANDONOV, Operations Director for Serbia, Macedonia and Montenegro at Coca-Cola

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unstable dinar exchange rate are just some of the biggest problems we hope will be resolved soon.

■ You mentioned a study about the socio-economic impact of the Coca-Cola system in Serbia. The study claims Coca-Cola has paid almost €350 million into the Serbian budget and employs more than 1,300 peo-ple. Has the economic downturn changed this picture?- Undoubtedly the economic crisis has had a huge impact on business in Serbia. The reduced purchasing power of Serbian citizens has impacted upon our operations too. The current crisis has sent us back to a period of slower economic activity, but the Coca-Cola system remains a reliable partner to our business partners and the community in which it operates. Although this year is going to be challenging for us and we are going to have to show business flexibility, quality and the satisfaction of our consumers remain our absolute priorities.

■ Also, if Serbia were to import your beverages rather than buy them directly from you, the economy “would lose additional €50 million”. Could you elaborate?- While we were involved in writing the study on the im-pact the Coca-Cola system has had on the Serbian economy, we took a hypothetical situa-tion in which all of Coca-Cola’s operations in Serbia were re-placed by imports, i.e. only the company’s distribution and sales channels would remain. The result we got was that, in this scenario, the Serbian budget would lose €50 million – and we won’t even go into the impact this would have on jobs, wages and tax revenues.

Generally speaking, the contribution of the Coca-Cola system is important to the country’s budget considering it amounts to 1.18% of national GDP. This information best il-lustrates the fact that Coca-Cola is more than a liquid refresh-ment to the countries in which it operates. Our system is also an important source of economic growth and development.

■ Large companies in the region are starting to con-solidate their markets to increase business efficiency. This is also directly linked to the overall economic and political stability of the region. What are Coca-Cola’s plans in this respect?- The consolidation process is nothing new and happens across various industries. Our companies in the region un-dertook this process a long time ago. The Coca-Cola Compa-ny operates along the matrix principle, wherein most of our managers work simultaneously across several markets and with several brands.

Considering the economic situation of the last few years,

and the fact overheads have kept growing, the consolidation model was a way for us to maintain our leadership position. This model also ensures that the company has a better ex-change of information and know-how, as well as giving our talented employees the chance to advance much faster.

■ Away from the negative influence of the economic crisis, Coca-Cola has been dedicated to CSR activities. What are your CSR plans for 2014?- We always like to point out just how proud we are to have contributed to the development of Serbia’s economy and society, as well as to long-term investments in the lo-cal community. For us, socially responsible operations are a priority, and the sustainability principle permeates our en-tire business process. We will continue to initiate activism, so that, together with our partners, we can contribute to changes that will improve the conditions and quality of life of Serbian citizens today.

We are going to continue constructing 45 outdoor gyms to celebrate 45 years of our operations. Along with this, we are going to continue working in areas we have been con-

tributing to for years, such as environmental protection, supporting vulnerable groups and educating young people. We have excellent cooperation with representatives from the public, civil and corporate sec-tors, and we are going to con-tinue to join forces with them in many activities.

Over the following period, together with Coca-Cola vol-

unteers, we would like to promote forgotten values such as generosity. Our idea is – through the small everyday gestures that give life meaning – to motivate, encourage and inspire people to change their behaviour despite the tough times we are living in. Maybe these kinds of initiatives are not closely related to corporate social responsibility, but we in the Coca-Cola system have been living and promoting this for decades now. We are very proud that our activities in this field have been recognised and that people have joined in, so that both companies and individuals can contribute to attention-wor-thy human endeavours.

■ Every year, Coca-Cola invests hundreds of thou-sands of euros in local communities. What sectors do you spend your money on and what is your priority for 2014 in this respect?- Our corporate social responsibility strategy states that Coca-Cola should contribute most to those areas we believe could significantly change overall society for the better, such as environmental protection, supporting vulnerable groups, educating young people and promoting active living. ■

Considering the economic situation, the consolidation model was a way for us to maintain our leadership position. This model

ensures we have a better exchange of information and know-how, and gives talented employees

the chance to advance

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Every Item has a Buyer

“As a one-stop shop for all c o m m u n i -cations, we

have managed to provide clients with an attractive value proposal in a com-plex economic and media environment,” says Ex-ecutive Group Managing

Director Darko Matijašević while explaining the source of the integrated communications compa-ny’s success. With double-digit growth over the last five years, Executive Group is a Serbian com-pany able to handle the brave new digital world.

■ The global financial crisis has affected the operations of all businesses in the region, particularly the media. What are your projections for this year’s commercial revenues from advertising in the media in Serbia and the region?- Brand owners have been constricting their marketing budgets since 2008 in light of declining consumer spending and various competitive pres-sures, such as price wars in several industries. Marketing decisions on new investments are being made carefully and brand owners are adjusting their business strategies to market trends. Based on our analysis and indications from clients, our 2014 forecast for Serbia foresees low single-digit growth in the media market.

We expect the election campaign to produce a net positive impact on ad spending as well as the expected global recovery, which will spill over into the local market towards the beginning of the fourth quarter. We are being led to believe that brand owners will spend significantly more

in the fourth quarter of this year than during the same period last year as they commence competi-tion for consumers and their improved purchas-ing power.

■ Do you expect to see advertisers shifting their budget allocations towards new media?- We are monitoring trends in this arena, and one thing we noticed is that large companies are turning increasingly to business operations and therefore also to advertising on social media. So-cial media offers ample space for launching crea-tive messages and entire campaigns to the widest possible audience. These can bring exceptional results but still carry a certain amount of risk because the online environment has rules that ought to be well understood. Strategies should be designed in the right way, alongside other com-

munications channels such as traditional PR.

Advertising space still ex-ists on TV networks because a large portion of consumers is still not committed exclusive-ly to social media. Print media is slightly falling behind and losing pace, but numerous publications still have loyal readers – those who read newspapers and magazines regularly as an irreplaceable daily ritual. The main task is

to develop appropriate high-quality content be-cause the saying “every item has a buyer” is true.

■ Companies have become more cautious in regard to expenditure and investment, and are looking to increase the efficiency of advertising. How does this reflect on the business operations of agencies, especially media outlets?- In Serbia, we are already used to doing business in a market without stable economic parameters

The media landscape is changing at a pace that is frightening to those unwilling or unable to adapt. This coupled with a disadvantageous economic landscape has given space to those who are most creative and willing to try something different. It is in this environment that Serbian integrated communications agency Executive Group has thrived

There are players who recognise and take advantage of new opportunities.

Considering the number and diversity of our clients, and our double-digit growth, it seems we are doing

something right

INTERVIEW DARKO MATIJAŠEVIĆ, Managing Director of Executive Group

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or a predictable environment, but there are players who recog-nise and take advantage of new opportunities. Considering the number and diversity of the clients we serve, and our double-digit growth over the last five years, it seems we are doing something right. Our philosophy to build and cultivate an integrated com-munications agency with strong competence and capabilities in digital, PR, advertising, public affairs and event management has served our clients well.

As a one-stop shop for all communications, we have managed to provide clients with an attractive value proposal in a complex economic and media environment where the integration of traditional and digital channels has become a key factor of suc-cess. We have been focused on a strategic approach to every client and committed to providing solutions through the high quality and stickiness of ideas and com-munications content.

■ It seems like the financial crisis has forced large companies to turn more and more to innovative communica-tions strategies. Where does the clas-sic PR format of message distribu-tion stand in all of this?- The process of integrating various com-munications channels began around 20 years ago and went into fuller swing with the breakthrough of social networking and new technologies. This process has become even more evident because many companies are investing their resources and creative potential into the develop-ment of business strategies for a market where purchasing power has become in-creasingly weak. We have set ourselves apart by always designing and conduct-ing communications through various channels, aiming towards innovation, creativity and increased impact and efficiency.

The basis of communications is to convey information to the widest possible audience. The space for the traditional PR format is decreasing considerably, but we try to find ways to set ourselves apart. Regardless of the advantages the digital revolution has brought, traditional media still plays an important role. The point of the media – to inform the public – still hasn’t changed. We are convinced the media and PR agencies can work together if they do their jobs well.

■ The communications market is more complex and dy-namic than ever, and consumer focus has become divided with the introduction of new distribution channels, lead-ing towards integrated channels. Do you expect to see digi-tal media take over from traditional media in future?

- As I have already mentioned, a strategic and integrated ap-proach to communications is what makes Executive Group dis-tinct in the Serbian and regional communications market. In 2009 we formed a special team and department for digital com-munications and new media with the desire to offer clients the best solutions in this field. The digital field, which includes online communications, digital marketing and production, today rep-resents an integral part of our business because the demands of the market require ongoing technological development. We com-municate daily with more than one million users in the region on

behalf of our clients via social networks. I expect one of the leading trends in

communications over the coming years will be mobile communications. This trend is highly present in Europe, but Ser-bia also has the preconditions for growth in this area because today we communi-cate mainly via mobile phones we always have with us, like a kind of arm exten-sion. Over the phone, a brand can com-municate with consumers in an extreme-ly active manner, and this is how various transactions are made today, along with purchasing services, groceries, tickets for shows and the like.

■ There is an increasing number of multinational, even regional, com-panies in the region using new me-dia channels with the aim of being more efficient and direct in their campaigns. What experience does Executive Group have in this area?- One of the main advantages our agency has is a strong presence in the regional market. We have been doing business for more than six years in all countries of the former Yugoslavia, as well as in Albania,

and our activities extend to other countries in the region. Over 30% of our revenue comes from regional activities. Clients often want a more efficient approach to communications in the region, so they choose a single solution that contains everything they need.

The strategies of integrated agencies such as ours increasingly include the creation of campaigns for big clients where, along with PR, marketing and advertising, all areas relating to digital presence represent integral parts of their communications. In this way they have no limits and campaigns can be easily transferred to the entire region.

■ Serbia has begun its EU accession process. What changes in the relationship between agencies and the media do you expect to see during this process?- The process of EU accession represents a chance for the develop-ment of our country and a quicker economic recovery, and at the

Executive Group combines knowledge and creativity

with the latest technologies. We continuously observe

global trends and invest in employee development and new technological solutions

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same time it opens up new possibilities in communications. The exchange of knowledge and experience is a stimulating process for all of us, and, in my opinion, a stricter implemen-tation of standards will bring about better results for those who are prepared for the challenge. If we want to succeed, we have to be as innovative as possible and as engaged as possible when attracting leading global companies, and it is my belief that we have something to offer.

In terms of our agency, this process opens up a new area for the further improvement of integrated communications. At the level of new media, as well as at the level of the state adminis-tration and non-governmental organisations, we are seeing great improvements in the use of new communications channels, changing the society we live in. It is my hope that the media in the period to come will become stronger and a kind of mirror of a better society, and that with the implementation of new, contem-porary media legislation, we will succeed as a society in responding to all challenges in accordance with European standards.

■ From the perspective of a successful media agency, what possibilities do you foresee for the sustainable development of Serbia’s me-dia sector, which today is in big crisis? - Despite the seemingly difficult environment, I believe it has never been more exciting to be in media than today. The para-digm change is tremendous and many outlets will cease to exist. Those who transition well and recreate themselves will be bigger and better than ever. We live in the information and media age, where various me-dia have the opportunity to expand their business model be-yond information and content sharing into various services – e-commerce being one of them.

■ Do you expect to see stronger competition in the near future with the arrival of one of the leading global full-service agencies?- Considering we have had the chance to work on interna-tional projects with leading communications agencies, and contrary to our preliminary view, I am confident there are no crucial differences between the quality, methods and results

of what we are doing in Serbia and what is considered the global standard.

I believe the even stronger competition of world-famous agencies will influence those of us who wish to stay in this business, and make us prove that we are equal to if not better than the best. New challenges encourage creativity, and an integrated presence in all communications channels will be-come a necessity. I believe we have the potential to develop at the global level, as proven already by the activities of our out-

sourcing arm Fabrika, which has been providing services in digital production to leading marketing and digital agencies worldwide for three years. With Fabrika, we not only export products made in Serbia, but also import the latest technological and creative solu-tions for implementation in the local market.

■ Executive Group has won plenty of awards already, so what is the basis of your com-pany’s strategy and where do you see further development?- Our strategic goal is to continue to develop and grow aggressively in all fields. When it comes to advisory

services in the area of integrated communications, we strive to improve and strengthen the lead-ing position in the Serbian and regional markets, while within our outsourcing activities in digi-tal and TV production, we are expanding our cooperation with the biggest global companies. We started as a very small team more than 10 years ago; today we have more than 80 professionals. Our

agency has received the PRiznanje award four times from the Serbian Society for Public Relations, and has been selected as PR agency of the year. The most prestigious global awards in the in-dustry, SABRE and IPRA, which we received in 2009, also serve as testimonies to the quality of our work.

Executive Group combines the knowledge and creativity of its people with the implementation of the latest technolo-gies, and we continuously observe global trends and invest in the development of employees and new technological solu-tions. Our recipe for success includes top-quality services, a comprehensive understanding of the market and dedication to each and every client. Continuous growth, a strategic ap-proach to communications and integrated operations are all parts of our motto. ■

Despite the seemingly difficult environment, I believe it has

never been more exciting to be in media than today. The paradigm change is tremendous and many outlets will cease to exist. Those who transition well and recreate

themselves will be bigger and better than ever

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Harmonising Legal Norms

Serbia’s existing laws were written during different so-cial and economic systems. We still have some laws dat-

ing back to the socialist self-govern-ment period, followed by laws from the 1990s – namely the period when Serbia was isolated internationally – followed by laws passed after political upheaval in 2000, as well as laws and regulations taken from the European Union. Such a situation creates legal confusion as these laws often oppose each other or are completely obsolete. As such, says lawyer Vlatko Sekulović, it is necessary to put regulation under the guil-lotine once more, with the aim of eliminating outdated and unneces-sary legal norms and harmonising the Ser-bian legal system.

■ Foreign investors often state that laws are not Serbia’s prob-lem; instead it is the lack of bylaws that hin-ders the implementation of adopted laws. Do you concur?- When passing legislation, lawmakers need to create a complete legal framework of statutory norms and adopt bylaws. Efficient and uniformed implementation of laws by the state administra-tion and courts is even more important. Only in this way are we going to have predictability and safety in business, which is very important, both to foreign and domestic investors.

■ The Labour Law, which is currently on hold, is one of the key reformative laws and a law that large companies and foreign in-vestors are especially interested in. Do the

preliminary draft law’s basic premises com-ply with European standards, and what would be a mutually acceptable solution for both trade unions and employers?- In terms of labour legislation, [EU] member countries have relative freedom to regulate the rights and obligations of employers and employ-ees. The draft law, which has been made public, contains certain novelties in areas that are excep-tionally important to foreign investors. The issue of severance pay needs to be regulated differ-ently, as the current legislation has been misused by employees, meaning employers must carry the biggest burden unjustly. The procedure of

job termination should be made less formal, which would make employer-employee re-lations more balanced. Apart from a few other important amendments that should be made, I think another key thing is for the law to

be formulated differently and to attenuate sanc-tions for employers in the case of unlawful job dismissal. Existing regulation, in regard to these three issues, just deters employers from hiring new employees.

■ In your experience, what would you say are the biggest legal hurdles preventing new investment in Serbia?- Too much red tape, a huge number of required permits, opinions, approvals and other docu-ments that investors must acquire before em-barking on any kind of business activity. We need to simplify administrative procedures and introduce the self-certification principle, just like in the EU. ■

During the many years the Sekulović law practice has existed, the firm has come to realise that the most important prerequisite for efficient implementation of laws is that they are simple to interpret. Only then can legal norms be mutually coherent and consistent

Only with efficient and uniformed implementation of laws are we going to have

predictability and safety in business, which is very

important to investors

INTERVIEW VLATKO SEKULOVIĆ, Partner at Sekulović Law Office, Belgrade

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A Call for Dialogue

Pfizer is a global pharma-ceutical development giant whose activities in innova-tive, established and over-

the-country medications have seen it amass monster revenues. The com-pany’s operations in Serbia, though also successful, face challenges in the form of burdensome levels of administration and a lack of invest-ment in healthcare. Pfizer’s Country Manager for Serbia Jasmina Pavlović

discusses these issues and how the company’s activities can help boost the country’s economy.

■ Pfizer is one of the world’s biggest phar-maceutical companies, with recently re-ported revenues for 2013 of more than US$51 billion. How is Pfizer Serbia organ-ised and what is its strategic direction? - Pfizer is one of the world’s largest research-based pharmaceutical companies. We strive to set the standard for qual-ity, safety and value in the discovery, development and manufacture of medi-cines. R&D is at the heart of fulfilling Pfizer’s purpose as we work to translate ad-vanced science and tech-nologies into the therapies that matter most. We focus our efforts on core areas where we believe Pfizer is best positioned to bring unique, needed therapies to patients. This includes chronic inflammatory and autoimmune diseases, vaccines, oncology, neuroscience and pain, cardiovascular and metabolic disease, and rare diseases.

Our structure, leadership team and financial capability are organised around three important business areas: innovative, established and over-the-counter pharmaceutical products that will continue to deliver value to patients, payors and other stakeholders in 2014 and beyond. Serbia and Balkan countries we cover from Serbia follow the same strategy as Pfizer globally.

■ How is the process of introducing new pharmaceutical products to Serbia in com-parison with other European countries? Does administration and a lack of money in the Serbian healthcare system slow down the process?- We know Serbia faces many health challenges, with rising levels of disease. In comparision with neighbours Romania and Bulgaria, Serbia has a low number of newly introduced pharmacother-apies per capita, i.e. biologics, and this figure has not increased over the years. The lower GDP of Serbia in comparison with these countries is one of the causes, but there is also the suboptimal al-location of existing funds. Less than 30% of the total National Health Insurance Fund budget is spent on medications and only US$120 is spent on pharmaceuticals per capita.

We believe, in the interests of innovation and the improvement of the healthcare system, that more dialogue between the industry and the gov-ernment could improve both the speed and qual-

ity of the process and that Ser-bia shouldn’t hesitate to use this opportunity.

■ Citizens in general are not satisfied with the quality of healthcare in Serbia. How do things look from the per-spective of a multinational

company and what should be the govern-ment’s priority when solving the most impor-tant healthcare issues?- Pfizer believes the introduction of an integrated information system to healthcare will allow bet-ter diagnostics and evaluation of the current healthcare system. In our opinion, this is a nec-essary first step. Solving the funding problem is crucial and a new integrated system could help improve healthcare financing.

Many European governments drastically cut down their public health expenditure dur-ing the financial crisis. Now the consequences of this financial downturn on health have begun to emerge. This recession has led to an increase in

With revenues for 2013 in excess of Serbia’s GDP, Pfizer knows a little something about improving economic performance. The company believes that investment in healthcare should be a priority and wants greater dialogue between the pharmaceutical industry and government

Less than 30% of the total National Health

Insurance Fund budget is spent on medications and only US$120 is spent on

pharmaceuticals per capita

INTERVIEW JASMINA PAVLOVIĆ, Country Manager for Serbia, Central Balkan Countries and Moldova at Pfizer H.C.P. Corporation Representative Office

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poor health status, raising the rates of anxiety and de-pression among the economically vulnerable. The most important thing authorities should strive to find is a good balance between the measures they introduce and their impact on the quality of healthcare. Pfizer believes a lack of investment in healthcare and prevention is a false economy.

Our focus on R&D means that we are strong contrib-utors to Europe’s economic health. Despite the impact of cutbacks, we have maintained our investments relative to other industries. As of November 2013, Pfizer has 81 compounds in its research pipeline focused on areas of unmet need, such as cancers and rare diseases.

■ Pfizer has been praised and awarded for its com-mitment to education and corporate social re-sponsibility. In Serbia, such efforts are sometimes perceived in the wrong light. How do you mitigate

local ‘conspiracy theories’ and follow globally ac-cepted trends while still ensuring that local users of your products get the necessary education for patient treatment? - As a member of today’s rapidly changing global com-munity, we strive to adapt to the evolving needs of soci-ety and contribute to the overall health and wellbeing of our world. We continually review and improve our efforts to lessen our impact on the environment, nur-ture a workplace of diversity and inclusion, and con-duct responsible business practices. We are committed to conducting our work with healthcare professionals to the highest ethical standards to ensure the integrity of these relationships.

We try to explain to people that because our knowl-edge of diseases changes rapidly, there is a lot of infor-mation healthcare professionals and the industry can learn and exchange with each other. We have a legal obligation to work with a variety of healthcare profes-sionals such as doctors, researchers and scientists to ensure we provide the best possible care for patients. During these interactions, Pfizer Serbia’s activities are determined by the laws and bylaws of Serbia, as well as the innovative drug industry association Inovia’s code of conduct. The authorities should seek a better public understanding of the industry’s role, since it could lead to further investments by the foreign pharmaceutical industry in the Serbian market. ■

Our focus on R&D means that we are strong contributors to Europe’s economic health. Despite

the impact of cutbacks, we have maintained our investments relative

to other industries

TOMASZ ROGACZ, CEO of McDonald’s Serbia

McDonald’s Serbia CEO To-masz Rogacz talks about the positive role the res-

taurant chain has had and intends to keep having in Serbia.

■ Last year, McDonald’s cel-ebrated 25 years in Serbia. How do you rate the company’s achievements in 2013?- Last year was very important for us. Our first restaurant was opened in 1988 in Slavija, Belgrade and was the very first McDonald’s restaurant in this part of Europe. For 25 years we have been growing continuously and competing successfully in the de-manding, dynamic Serbian market.

When we talk about our core busi-ness in 2013, our to-tal sales growth was 12% higher com-pared with 2012. In the previous year we opened three new restaurants and re-modelled two that were operating already. We made sig-nificant investment in the local mar-ket and created more than 200 jobs.

■ As you grow, you will need more quality employees. Could you describe the training a Mc-Donald’s employee receives?- People are the biggest asset a com-pany can have. Quality workers are those who are well motivated and educated. We offer our employees

various methods of education, to im-prove their skills and develop profes-sionally. Today, if you want to suc-ceed, you need to evolve and enrich your knowledge regularly.

■ As a franchise of one of the world’s biggest companies, you must fulfil high operating stand-ards. Do Serbian McDonald’s restaurants fulfil company-wide regulations?- All of our 20 restaurants in Ser-bia operate completely by the high standards established on a global level. Our top priorities are strict standards of food preparation, the highest quality of our products and

a rich customer ex-perience. All of our products are con-trolled from very beginning, starting from breeding and growth, to process-ing in different facili-ties and preparation at our restaurants

before serving them to guests.Also, we try to source all of our

ingredients in local markets. In Ser-bia we cooperate with partners such as OSI Food Solutions, Žitoban, Salat Centar and Desing, all of whom fulfil all standards for producing top-quali-ty products. We always offer addition-al support to the local market, and in this case, by cooperating with local companies we are influencing the Ser-bian economy in a positive manner. ■

The golden arches were first raised in Belgrade more than 25 years ago, and McDonald’s growth in Serbia has mirrored its growth worldwide. Now, one of the world’s truly iconic brands is set to attract success in Serbia for years to come

All of our 20 restaurants in Serbia operate

completely by the high standards

established on a global level

INTERVIEW

Meeting Global Standards

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One of the Global Leaders in Direct SalesFirst and foremost,

Avon is dedicated to empowering women, which can

be shown by the more than six million women across the globe who comprise the big Avon family. So far, the

Avon Foundation has raised and donated in ex-cess of US$800 million to medical research in more than 50 countries, as well as to help women fighting breast cancer and domestic violence all over the world.

“Avon aspires to create innovative products in order to make the modern woman feel beauti-ful, content and healthy,” says Vesna Kovljanić, National Sales Manager of Avon Serbia. “Wom-en are the be-all and end-all to us whenever we make a new business move or come up with a new idea.”

Avon has a special way of communicating with its consumers. For instance, the company was the first to cre-ate an e-commerce site for cosmetics, establish the di-rect sales format and nurture constant communication with its clients.

■ How would you rate the Serbian market given there are new ‘products’ launched in the grey economy on an almost daily basis, and that these ‘products’ haven’t been test-ed adequately?- It is exceptionally important to be mindful of the quality of the cosmetic products we use, exactly as we are mindful of the food we eat. Avon has top experts and state-of-the-art technology. All of our products are subjected to additional inspec-tion by the relevant institutions and have all of

the test certificates required for the markets in which Avon operates.

■ How is Avon implementing its global strategy in the Balkans ?- Avon was established more than 125 years ago, and the unique business format we created and implemented has positioned the company as the one of the global leaders in direct sales. We have been operating successfully in Serbia for more than 10 years and have a long-term commitment to this market. Our long-standing experience in catalogue sales and a growing number of clients, both worldwide and in the Balkans, demonstrates that we have not only won consumer trust, but also that our business format is widely accepted.

Just over 10 years ago, Avon Serbia launched a breast cancer campaign that has

subsequently evolved into a widespread movement, en-lightening women about the importance of prevention.

■ How is this campaign de-veloping, and what are Av-on’s other immediate plans in this matter?- One of Avon’s main goals is to empower women and aid their overall development. We

have invested a lot of emotion and effort into suc-cessfully realising this campaign in more than 50 countries all over the world. Last year, Avon launched National Breast Cancer Day in Serbia, which now takes pride of place in the calendar. This day will be marked every year. Our goal is for people to never stop thinking about breast cancer and, with every future step, Avon will continue to prove to ladies how much they mean to us and how much we care about them – just like they should take care of themselves. ■

In 1955, the Avon Foundation was established as the biggest global corporate philanthropy project focused on the most important female issues. Today, it continues to work for women everywhere through its efforts to provide funds for medical research, fight cancer and prevent domestic violence

Last year, Avon launched National Breast Cancer Day

in Serbia, which now takes pride of place

in the calendar. This day will be

marked every year

INTERVIEW VESNA KOVLJENIĆ, National Sales Manager of Avon Serbia

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Having come off an-other strong year for GSK internationally,

the company’s General Man-ager for Serbia and Montene-gro, and Commercial Director for the Adriatic, discusses the year ahead.

■ How do you see the year just gone in terms of GSK’s business and what are the company’s plans for 2014?- Looking back, 2013 was ex-ceptional year for GSK world-wide, taking in consideration R&D delivery with approvals for 6 major products and 5 ad-ditional regulatory filings com-pleted. New product launches strengthen our business in res-

piratory, vaccines, HIV and on-cology. We are expanding the respiratory portfolio with two significant recent approvals and seven potential new prod-ucts that are in late-stage devel-opment, providing a platform to maintain market leadership to 2020 and beyond.

Despite major organizational restructuring in 2013 and the challenges in the external envi-ronment, GSK Serbia has suc-ceeded in realizing its financial plan. Changing the way in which we operate has given the organi-sation a fresh perspective on the value we deliver to society.

We will keep a high stand-ard of employee empowerment in 2014 by fostering a culture of support and resilience. When

you’re in charge of an organiza-tion, you’re not just in charge of delivering the next quarter, but of trying to set its culture and philosophy. I firmly believe that people are our most valu-able asset, and investment in their development and wellbe-ing is our key priority. Looking ahead, only a motivated and high-performing team will be

able to deliver excellence and respond to the unmet needs of Serbian patients. Here in Ser-bia, we have that.

■ As President of Inovia’s Managing Board, what is the major challenge facing innovation in the pharma-ceutical industry in 2014?- Healthcare budgets are under pressure – governments should optimize the value and out-come of their healthcare spend

and eliminate waste through improved efficiency. Financial volatility threatens the sol-vency of the entire sector and brings a challenge to pharma-ceutical companies to provide the best treatment for patients with constant risks to the finan-cial sustainability.

Our efforts in medicine de-velopment would be of maxi-mum help to Serbian patients if we improve the access time needed for patients to benefit.

We anticipate that EU acces-sion would reflect in this area, in the form of quicker, more streamlined procedures. We are confident that innovative phar-ma can act in partnership with the state to find long-term solu-tions that balance financial in-vestment with recognizing the value of innovation and clinical outcomes for the patients, all of which would provide equal op-portunity for the optimal treat-ment of Serbian citizens. ■

Pharmaceutical company GSK continues to push the boundaries of medicine development through its dedication, not only to innovation and science, but to its people

We are confident that innovative pharma can act in partnership with the state to find long-term, sustainable solutions

INTERVIEW

Conf ident in Partnership MILUTIN DELIĆ, General Manager of GSK for Serbia and Montenegro and Commercial Director for the Adriatic Cluster

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Exports to US RisingT r a d i n g

between S e r b i a and the

US had previously been characterised by a huge deficit. But since 2001, the first noticeable growth in Serbian exports to the US occurred in 2005 fol-lowing the start of the US’s open-market policy towards Serbia (which was re-awarded Most-Fa-voured-Nation status). The first major export total – hitting US$81 million – was registered in 2007. In 2009 and 2010 exports grew again, close to US$86 million, a slight increase from 2008. Then in 2011 and 2012 Serbian exports grew by 21% and imports by 17%.

The last three years have witnessed a progres-sive increase in Serbia’s exports to the US. If we compare June 2012 to June 2013, we see that Serbian exports grew threefold to US$133 million while imports remained virtually the same at US$159 million (source: Serbian Chamber of Commerce). Serbia-to-US export figures have been improving due to improvements in local production and quality, a number of invest-ments and Serbia’s propensity for the US market.

The formal contribution to this increase in trade happened on 1 July 2005, when Serbia was granted preferential duty-free entry for 4,650 Ser-bian products under the US Generalized System of Preferences (GSP). These custom-free exports include a substantial number of industrial and agricultural products (with the exception of most textile products), clothing and footwear, watches,

hand luggage, work gloves, leather clothes, steel and steel products, glass and glass products, and electronics. Although there is a requirement that 35% or more of the value added to an exported product must come directly from Serbia.

Last year on 31 July, Serbia’s GSP status ex-pired and it is due for reactivation in the coming period. Given this wasn’t the first time that the country’s GSP status has expired, it is expected that the US Congress will vote in favour of reactivating GSP status for countries that have had it before. Companies should be able to continue exporting to the US under regular procedures and continue fostering relations with American clients given there are no new or additional restrictive clauses to prevent them doing so. There is also the possibility that Congress will authorise retroactive disburse-ment of all amounts due from the differences in tar-

iff rates to American companies that have been importing goods from countries on the GSP list.

On 4 January 2011, Presi-dent Barack Obama signed the Food Safety Modernization Act (FSMA), which brought the big-

gest changes to food imports since 1938. The act came into force in July 2011. The aim of the FSMA is to ensure food safety through stricter control of food producers, as well as improving the standardi-sation of food production, transport and import. In essence, this act bans the import of food products that do not comply with American standards, in-troduces stricter procedures for obtaining required documents and implies re-registration of food facili-ties and products. This shifts focus from US Customs to the FDA (Food and Drug Administration) and in-creases control over the production and transport of food sold in the US market. The act introduced changes to a total of 30 processes and procedures.

The FDA has created a special web page about FSMA:

www.fda.gov/Food/FoodSafety/FSMA/ucm247546.htm

Serbian exports to the US reached their highest level last year: US$133 million. Such improvement can be put down to an increase in quality, both of finished products and in production capacity, as well as ongoing investments and Serbia’s natural inclination towards the US market

The last three years have witnessed a progressive

increase in Serbia’s exports to the US

TRADING OVERVIEW

To the end of July 2013, the following Serbian companies exported most to the US: Fiat Automobili Srbija d.o.o. Kragujevac; Prvi Partizan Užice; Zastava Arms AD Kragujevac; Alltech Serbia AD Senta; Copper Mill AD Sevojno; and others.

To the end of July 2013, the following Serbian companies imported most from the US: Roche d.o.o. Belgrade; RTB Bor Group – RTB Bor d.o.o. Bor; NIS AD Novi Sad; ADOC d.o.o. Belgrade; Cooper Tire & Rubber Company Serbia d.o.o.; and others.

Fiat the Biggest Exporter, Roche the Biggest Importer

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Leading SITC import sectors from the USChemical materials and products, not specified elsewhereScientific and control instrumentsRoad vehicles

Metal products, not specified elsewhereMedical and pharmaceutical productsOther

57%

7%7%

8% 10%11%

Leading SITC export sectors to the USRoad vehicles

Miscellaneous finished products, not specified elsewhere

Machines and devices

Miscellaneous food products

Non-ferrous metals

Other

74%

16%

2%2%2%4%

SIGNED AGREEMENTSThere are only a handful of intergovernmental econom-

ic and trade agreements in force currently, which is unsur-prising given the US’s use of sanctions against the Federal Republic of Yugoslavia until 2000.

The two countries have signed the following agreements:• The Agreement between the Government of the United

States of America and the Government of Serbia and Montenegro Concerning Economic, Technical and Relat-ed Assistance, which was signed and ratified on 6 March 2001. The agreement stipulates ways in which the US will render economic, technical and related support to Serbia and Montenegro.

• The Investment Incentive Agree-ment between the Government of the United States of America and the Government of the Federal Repub-lic of Yugoslavia, which came into force on 12 December 2011. This agreement protects US investments in Serbia and Montenegro.

As of July 2013, the US ranks 17th on the list of 149 countries that Serbia exports to, with 2.01% of Serbian ex-ports ending up in the US. On the other hand, the US ranks 18th on the list of 189 countries that Serbia imports from, with US exports accounting for 1.61% of total Serbian im-ports. The trade deficit stands at just US$26,041, which is almost negligible. (Source: Serbian Chamber of Commerce)

Graph 2 shows the export-to-import ratio in trading with the US. This ratio declined noticeably from 2006 to 2008. From 2009 to 2010, the export-to-import ratio grew con-siderably due to the global economic crisis and reduced trad-

ing. In 2012, the ratio recorded a slight growth of 3.68%, while in 2013 to July the ratio grew rapidly to 110.12%.

In the last few years, there have been a number of changes in terms of imported and exported products due to structural changes in the Serbian economy, a substantial number of pri-vatisations carried out by US companies and Serbia changing its development strategy to accommodate available resources and the development of its economy. After 2008, the struc-ture of trade between Serbia and the US hasn’t changed much and there have been no noticeable fluctuations. Only trading in food, chemical products, machines and transport devices, non-ferrous metals, natural rubber and several other product

categories has oscillated. The export of Fiat vehicles was the

biggest positive influence on the struc-ture of Serbian exports to the US in 2013. Last year Serbia mostly export-ed machinery and transport (road) vehicles (55.44%), miscellaneous fin-ished products (31.59%), fruits and

vegetables (6.6%), non-ferrous metals and natural rubber products (4.73%). In terms of imports, Serbia mostly import-ed the following products from the US: machinery and trans-port equipment (34.58%), chemical products (26.23%), mis-cellaneous finished products (18.73%) and metal products, rubber and other products (7.47%). Relative to 2012, the import structure hasn’t changed to a great degree.

The graph directly above shows the leading SITC sec-tors of Serbian imports from the US. Serbia mostly imported chemical products, scientific and control instruments, road vehicles, medical and pharmaceutical products and other miscellaneous products from the US. ■

120

100

80

60

40

20

0

16.79

25.93

21.94

13.53

17.5627.36

25.56

110.12

2005 2006 2007 2008 2009 2010 2011 2013-VII2012

Export to import ratio, in %

Export in USD Import in USD Balance in USD

Trade exchange between Serbia and the US, in million USD

600

400

200

0

-200

-400

-6002005 2006 2007 2008 2009 2010 2011 2012 2013-VII

The export of Fiat vehicles was the biggest

positive influence on the structure of Serbian

exports to the US in 2013

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US Companies in Serbia

Agreement on US Assistance for Development of Civil Society

T his can be explained by the fact that some US companies invest via their foreign offices, mainly based in the Netherlands and other European countries. According to the NBS, during the said period, the US investment in Serbia was €6.613 million net.

The biggest American investors in Serbia are Philip Morris, U.S. Steel, Coca-Cola, PepsiCo, Ball Corporation and Microsoft. There are several successful international companies from the US operating in Serbia, with the following two having realised the biggest projects:

Ball Corporation, the second biggest can producer in the world, has built a state-of-the-art production facility in Zemun that employs more than 100 Serbian experts. The company’s products are exported to nu-merous countries both in the region and across Europe. Microsoft, mean-

while, opened its development centre in Belgrade in 2007. Al-though not a financially substan-tial investment, this had a great

symbolic meaning for Serbia given Serbia was only the fourth country in the world to have one of these development centres at the time.

Even during the economic downturn in 2009, US investors in Ser-bia continued to invest, even if to a somewhat lesser degree. One of the most important investments during this period was carried out by U.S. Steel, which invested in environmental protection, specifically by ac-quiring new environmental protection equipment in Smederevo. Over the last two years the company has spent €60 million on the project.

In 2011, Ball Corporation invested €35 million to expand its pro-duction facility, hiring 40 new workers. Although call-centre compa-nies National Cash Register (NCR) and Sitel are not considered major investors in Serbia, they each plan to implement projects in the country, creating 200 and 500 new jobs respectively. ■

U S Ambassador to Serbia H.E. Michael Kirby at-tended the signing ceremony at the Serbian government building, noting that the US govern-ment will be donating more than US$200,000 to

the Serbian government through this project. Funds will be used for training programmes and strengthening the Office for Cooperation with Civil Society’s capacity.

Kirby said the project is part of a new strategy whereby the Serbian government will receive direct assistance via US-AID, confirming confidence in Serbia’s capacity to spend the funds in the most productive way possible. The agreement constitutes an illustration of the increasingly strong partner-ship between Serbia and the US, he added.

Ćirković said the Office for Cooperation with Civil Society is working to strengthen the dialogue between institutions and civil society, adding that the process of reinforcement of cooperation between the civil sector and the government was backed by the EU through its accession funds.

The project was approved in keeping with the agreement on assistance between the Serbian government and the US, with a view to improving how public administration func-tions. The project will support the Office for Cooperation with Civil Society for a duration of 18 months. ■

Although the official report for January-May 2013 from the National Bank of Serbia (NBS) cites the US as the 13th biggest investor in Serbia, the real value of American investments is actually much bigger

On 14 February, Director of Serbia’s Office for Cooperation with Civil Society Ivana Ćirković and USAID Serbia Mission Director Susan Kosinski Fritz signed an agreement for the implementation of a project to aid the development of civil society

The biggest American investors in Serbia are Philip Morris, U.S. Steel, Coca-Cola, PepsiCo, Ball Corporation and Microsoft

INVESTMENTSINVESTMENTS

H.E. MR. MICHAEL KIRBY, US Ambassador to Serbia, SUSAN FRITZ, Mission Director of USAID Serbia, and IVANA ĆIRKOVIĆ, Director of the Office for Cooperation with Civil Society Photo: Tanjug/D. Peternek

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ZVEZDANA IVANOV, Country Manager for Medtronic B.V. Serbia

M edtronic has been operating in the region for a long time yet little is known about the scope

of its advancements in technology for treating chronic disease. In short, what kind of benefits does Medtronic provide its clients?- For more than 65 years Medtronic has been changing the face of chronic disease treatment. Each year more than 8 million people benefit from our medical therapies, which treat cardiac and vascular diseases, diabetes, neurological and musculoskeletal conditions. Medtronic employees across the Adriatic region (based in Croatia, Serbia and Slovenia) offer our breakthrough therapies and provide education and training to local healthcare specialists, enabling them to alleviate pain, restore health and extend the lives of many pa-tients in need.

■ Could you elaborate on these life-changing therapies?- Millions of people around the world benefit from our breakthrough therapies. This translates into another life improved by a Medtronic product or therapy every three seconds.

Through innovation, Medtronic is com-bining its devices with advanced informa-tion technologies and new developments in biologics. The results are new breakthrough

therapies that are less invasive or can con-tinually monitor key physiological changes within patients for better long-term disease management.

Our first life-changing therapy – a wearable, battery-powered cardiac pace-maker – was the foundation for dozens more Medtronic therapies that use electri-cal stimulation expertise to improve the lives of millions of people. Over the years we have adapted additional technologies

for the human body, in-cluding radio frequency therapies, mechanical devices, drug and bio-logic delivery devices, and diagnostic tools. Today, our technologies are used to treat more than 50 chronic diseas-es affecting many areas of the body.

■ Why has Medtronic enjoyed worldwide success for so long?- Medtronic offers more than 150,000 dif-ferent products for the treatment of more than 50 different chronic diseases. Our 46,000 dedicated employees in 140 coun-tries worldwide contribute to human wel-fare and our success. We have 44 manufac-turing facilities and 26 R&D centres around the world, and approximately 10% of our revenue is invested back into R&D.

■ Which diseases have you come across most often in the region, particularly in Serbia?- Cardiovascular diseases. ■

Medtronic, global leader in medical technology has been helping people in Serbia and the region to treat chronic diseases for four decades. With continued focus on R&D and constant innovation, the company’s products go a long way to keeping patients healthier and pain-free

Here at Medtronic it is our foremost priority

to contribute to human welfare and our success would not be possible without our 46,000

dedicated employees in 140 countries worldwide

INTERVIEW

A Life Improved Every Three Seconds

Serbia Good for Foreign Investment

V učić thanked US Ambassador H.E. Michael Kirby and repre-sentatives from NCR, which currently employs 900 people in

Serbia, for opening the NRC regional centre in Belgrade. He also pointed out that the Ser-bian government is ready to assist all foreign companies operating in Serbia through em-ployment and tax incentives.

Vučić stated his assertion that Serbia will be a good place for investors, adding that the government will respond quickly to ensure improved conditions for youth employment.

According to Vučić, the educational sys-tem should be changed and market-orient-ed, and he also noted that Serbia has many young people who are experts in informa-tion technology and logistics. ■

During his mid-February visit to US company NCR Corporation, Serbian First Deputy Prime Minister Aleksandar Vučić said the company will employ 2,000 people by the end of 2014, adding that Serbia is becoming a good place for foreign investment

INVESTMENTS

ALEKSANDAR VUČIĆ, First Deputy Prime Minister of Serbia, and PETER DORSMAN, Executive Vice President of NCR Photo: Tanjug

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Driving Change!

Over the course of 2013, AmCham organised more than 90 events, which were attended by more than 5,000 participants. To engage

members, there was a balance of traditional and innovative events. SMART breakfasts, wherein public figures revealed their life sto-ries, grew into a forum for inspiring change. AmCham’s educational programme, includ-ing the AmCham Academy, Soft Skills for Tough Leaders series and various student programmes, looked to improve the skills of young managers and students ready for the real business world.

Advocacy-oriented conference ‘The Sec-ond Lap Time: Engage for Change’ advanced AmCham’s position as Serbia’s leading busi-ness association, while business seminars and topical briefing sessions produced opportuni-ties to share experiences and expand personal networks. Global trends in corporate reputa-tion, IT trends, job grading, the impact of so-cial networks and organisational culture were just a few of the topics covered.

Finally, specialised B2B forums provided the opportunity to explore new business possibilities and exchange views with peers and colleagues. All of which helped AmCham to lift networking and sharing standards to a new level.

KEY POLICY REFORMS: SHARPENING THE ADVOCACY EDGE

On the advocacy front, in 2013 Am-Cham promoted its policy reform priorities: budget stabilisation, labour regulatory reform,

a crackdown on the grey economy, reducing excess ad-ministration in the construc-tion industry, and the finalisa-tion of economic restructuring

are recognised as painful but necessary steps towards recovery.

AmCham’s persistent and constructive support for the law-drafting process saw la-bour, parafiscal and construction regulation reforms pushed forward for adoption in 2014. In addition, out of the 35 regulations that Am-Cham Committees follow, 14 were amended. Implementation, however, has been a problem, especially in intellectual property protection, tax regulation enforcement, coordination of various inspections and a new public procure-ment regime – particularly in the health sector.

AMCHAM SURVEY: AN IMPORTANT EFFORT FOR THE CREATION OF NEW JOBS

Over the period of October to Decem-ber 2013, Am-Cham conducted a survey of its mem-bers with the pur-pose of identifying

the prerequisites for the creation of new jobs in their core businesses and revealing the obsta-cles they encounter in the Serbian market.

Respondents identified the following pri-ority measures necessary for the creation of new jobs:– Reform of labour legislation– Implementation of measures to improve the

liquidity of the economy and ensure the stabi-lisation of the macroeconomic environment

– Provision of a predictable and effective taxa-tion system

– Reduction of the grey economy and corruption– Provision of an ample pool of skilled la-

bour able to cope with the needs of the

modern market.Respondents also indicated that failure to

make progress on the identified reforms in the coming period will significantly reduce their prospects for increasing employment during any later period. The survey results were pre-sented to the public and government represent-atives at AmCham roundtable ‘The Second Lap Time: Engage for Change’. The highest-priority reforms revealed by the survey’s findings will be valuable for setting AmCham’s advocacy priorities for 2014.

INVESTMENT PROMOTION: WE BELIEVE IN SERBIA

Besides improv-ing the busi-ness climate at home, we focus on spreading the good word about Serbia around the

world. To that effect, in May 2013, as part of the Serbian-US ICT mission, AmCham organ-ised a conference in San Francisco called ‘I(T) Believe(s) in Serbia’. Its aim was to promote Serbia as an attractive investment destina-tion for companies operating in Silicon Val-ley, the heart of the global IT industry. More than 80 US companies were offered first-hand information about Serbia’s highly competitive wage structure and why the country is rapidly becoming a regional hub for ICT services and software development companies.

MEMBERSHIP GROWTH AND AN INCREASE IN VISIBILITY

In other positive news, AmCham has maintained a stable member-ship base, ending the year with 187 members, repre-

Promoting Members’ Strengths: More Than 90 Events and 5,000 Participants

AMCHAM IN 2013

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senting a 7.5% annual growth rate. In addition, the constant development of AmCham’s communications channels has progressed to more than 600 qual-ity public media returns annually and the extensive communication of Am-Cham’s message via social media and online in general.

LOOK TO THE FUTURE: ENGAGE FOR CHANGE IN 2014

As well as our regular activities, Am-Cham will continue to introduce inno-vations throughout 2014. The most significant projects include ‘Young Leaders in Change – AmChamps’, AmCham’s annual ‘Leader in Change’ award and a regional in-vestment conference.

AmChamps is a brand-new educa-tional programme for young managers and students with the goal of boosting their leadership potential and encour-aging their further professional devel-opment. It will also provide students with an opportunity to gain practical knowledge and acquire the modern working skills necessary for today’s business environment.

The AmCham ‘Leader in Change’ award will be presented an-nually as part of an effort to recognise the values the American Chamber of Commerce stands for and wishes to en-courage and promote in its capacity as a role model for business in Serbia. Eli-gible candidates for the award will be individuals and businesses that have demonstrated extraordinary leader-ship and determination to convert their vision to reality.

Finally we plan to join forces with other American Chambers of Commerce in the region to organise a regional in-vestment conference in Serbia in the second half of this year. ■

Key Policy Reforms: Regulatory or Implementation ChangesThumbs Up• Ministry of Finance opinions deemed man-

datory for the Tax Administration • The land development fee integrated into

the Property Tax Law finally abolished• Reform of the inspections system initiated

– published the concept of the umbrella law on inspections with key measures for improving efficiency, transparency and client-oriented service

• Intellectual property (IP) rights protection improved through implementation of the new public procurement regime – a model statement requiring a declaration of pos-session of IP rights made obligatory in all procurement processes

• Transfer Pricing Rulebook published, decreasing arbitrariness of the conduct of the tax authorities

• Improvements to the Competition Law adopted

Thumbs Down• The following were initi-

ated without completion:– amendments to the Labour Law– amendments to the Law on Planning and Construction – parafiscal reform

· new Law on Compensation not adopted· significant problems with the imple-

mentation of local-charges reform – signage fees increased in some cases over 4,000%

• No follow-through on initiative for open discussion on improving Tax Administra-tion performance

• Implementation of Public Procurement Law not adequately prepared

• Central procurement procedures for health institutions adopted without public debate

MembershipMembership Growth• 39 new members• 187 total membership• 7.5% growth rate over 2013

Values & ResponsibilityINSPIRATION!

SMART Breakfast• 14 inspiring speakers• 500 attendees• 2,500 views @ YouTube

EDUCATION!Programmes for Young and Mid-manage-ment – A Forum for Inspiring Change

AmCham Academy• 2 generations completed• 114 participants – prospective leaders• 17 lectures delivered by top managers• 3 workshops conducted by HR managers

New: Soft Skills for Tough Leaders• 8 workshops• 30 AmCham member representatives

Student Programmes – Engaging the Leaders of Tomorrow!

‘Qualify to be Qualified’ – Preparing Students for Future Success• 2 programme cycles• 15 workshops on… • 11 topics attended by… • 62 students from more than…

• 20 faculties of the University of Belgrade

Meet the Business First-hand – Visiting Successful Companies:• 3 visits: JTI, GroundLink, Schneider

Electric• 20 company top-management involved

in lecturing• 100 final-year students attended

CommunicationsThinking Big & Voicing our Vision• Media exposure: 643 media reports,

20% growth compared with 2012• AmCham.rs: 115,000 page views,

27,000 visits, 500 uploads• AmCham @ Twitter – 600 tweets,

550 followers• AmCham @ LinkedIn – 330 group

members, 60 discussions commenced • AmCham @ YouTube – 15 uploads,

21,000 views• Perspective magazine: 2 issues,

more than 30 contributors

Facts & Figures: ENGAGEMENT & NETWORKING & SHARING EXPERIENCE – 90 AMCHAM EVENTS WITH MORE THAN 5,000 PARTICIPANTS!

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30.01.2013

Seminar with Cameron Munter on Good Governance and Serbia’s International Image Former US Ambassador to Serbia Cameron Munter shared his views on good governance and Serbia’s international Image with repre-sentatives of AmCham member companies. Professor Munter pro-vided insights on how businesses can contribute to a better busi-ness climate through internal reforms and overall best practices.

12.02.2013 General Assembly MeetingMember companies elected seven new officers to the board of governors at the AmCham 12th General Assembly. Jugoslav Pirić of Microsoft was elected First Vice President of AmCham, while Vladan Živanović of Saga was elected Second Vice President. Ste-phen Fish (Ernst & Young), Ivan Vujačić (Eurobank), Miša Lukić (Leo Burnett), David Banjai (Ball Packaging) and Željko Tomić (OSA Računarski Inženjering) were also elected to the board.

21.02.2013

Exclusive VIP Screening of ‘Lincoln’AmCham Serbia, weekly Vreme and MegaCom Film organised an exclusive VIP screening of Ste-ven Spielberg film ‘Lincoln’ for members of the Serbian National Assembly, AmCham members and US Embassy representatives.

26.02.2013

SMART Breakfast with Represent System & Ivan TasovacAt this first SMART breakfast of the year, AmCham members had the chance to hear the lat-est from the digital world and social networking from Rep-resent System CEO Borislav Miljanović and special guest Ivan Tasovac, at the time Di-

rector of the Belgrade Philharmonic Orchestra. The speakers dis-cussed the value of personal brands, how to manage your online identity and create a symphony of good reputation using a multi-tude of digital tones.

05.03.2013

Public Discussion on the Draft Law on CompensationAt a public discussion organ-ised with the Foreign Investors Council (FIC), AmCham wel-comed the draft Law on Com-pensation, noting that the op-portunity to review the levels of all charges and their clear setting in the law should not be missed. Stakeholders agreed on key improvements to the draft law but also suggested potential aspects in need of development.

18.03.2013

AmCham & B92 Fund: IT Leaders in Battle for Maternity WardsAmCham Serbia and the B92 Fund, with the initiative of Microsoft and the support of IT companies and the Ministry of Health, organised a charity dinner at which contracts were signed for the donation of €65,000 to the Battle for Maternity Wards campaign, which is aimed at providing funds for badly needed hospital equipment. With the help of donations from IT leaders, the means were gathered to support the purchase of 35 CTG machines for 15 Serbian maternity hospitals.

AMCHAM EVENTS IN 2013

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20.03.2013-30.05.2013 and 02.10.2013-17.12.2013

Second and Third Cycle of AmCham Academy

The second and third generation of AmCham Academy participants completed the 2013 programme for developing business skills. Around 100 young perspective managers participated in lectures delivered by Serbia’s most reputable business leaders. During the award ceremonies, AmCham Executive Director Maja Piščević con-gratulated all participants and expressed special gratitude to the lecturers for their continued cooperation and excellent contribu-tion to promoting strong values and best business practice.

21.03.2013

‘Not at the Expense of Others’ IPR CampaignThe ‘Not at the Expense of Oth-ers’ campaign was launched by AmCham Serbia and the US Embassy with the aim of rais-ing awareness among youth of the importance of respecting intellectual property rights and the negative impact of pi-racy on Serbia’s economy. The

campaign was capped off by a ceremony to announce the winner of a contest to shoot the best amateur film on IPR protection, during which the winning film received its premiere.

16.04.2013

Key Challenges in Personal Data ProtectionThe Chamber welcomed Com-missioner for Information of Public Importance and Personal Data Protection Rodoljub Šabić and his deputy Aleksandar Resanović to a briefing session that served as an open discus-sion on the personal data pro-tection regulatory framework. AmCham member companies had the opportunity to exchange views on common challenges in this area, emphasising that the framework should be amended and further liberalised.

22.04.2013

Public Procurement Legal Framework BriefingAmCham hosted a briefing session on the new Public Procurement Law with representatives from the state authorities in charge of its implementation. The event proved to be an excellent opportunity to discuss key changes to the law and ask questions regarding its implementation.

13.05.2013

‘I(T) Believe(s) in Serbia’ Investment Promotion As part of the Serbian-US ICT mission, AmCham Serbia organised a conference entitled ‘I(T) Believe(s) in Serbia’, which aimed to pro-mote Serbia as an attractive investment destination for companies operating in Silicon Valley, the heart of the global IT industry. The conference took place in San Francisco and was held in front of more than 80 US companies.

15.05.2013

Business Speed Dating with AmCham Law OfficesIn one of the newest Am-Cham B2B formats, Busi-ness Speed Dating, 11 Am-Cham member law offices made a series of five-minute presentations on their ser-vices and deals to other AmCham members. The ob-jective was to secure follow-up business meetings with potential clients.

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27.05.2013-31.05.2013 and 16.12.2013-20.12.2013

Qualify to be Qualified Programme for Students

The Qualify to be Qualified programme was held twice this year as a cooperation between AmCham and the University of Bel-grade’s Centre for Career Development. The aim was to enable young students and graduates to explore their career potential and develop professionally through a series of workshops and lectures by AmCham HR committee members. Around 60 care-fully selected students had the opportunity to learn about some of the most important soft skills, such as team building, time management and writing skills.

30.05.2013

Business Luncheon with Jorgovanka TabakovićNational Bank of Serbia Gov-ernor Jorgovanka Tabaković met with representatives from the largest foreign and local companies in Serbia. Tabaković discussed infla-tion projections, expecta-tions regarding monetary policy in the forthcoming period and the stability of the financial sector.

20.06.2013

Roundtable on Regulatory Reform in the Field of InspectionsAmCham members had the opportunity to hear the government’s

plans to reform the inspections regulatory framework, get expert recommendations for the improvement of inspections efficiency and coordination, and discuss some of the most common chal-lenges facing current practices. The latter included overlapping jurisdictions, focus on repression instead of prevention, lack of adequate education, corruption and lack of transparency.

08.07.2013

‘Serbia Turns to Economy – Responsibly Together out of the Crisis’ Conference

At this conference jointly organised by AmCham, the FIC, the Privrednik club and the EU delegation, representatives from the business sector, government, EU delegation, IMF and World Bank discussed specific steps necessary to overcoming the economic cri-sis and improving Serbia’s business climate. The representatives pointed to economic priorities that should be high on the govern-ment’s agenda, such as labour-legislation reform, an effective taxation system, reducing corruption and the stabilisation of the macroeconomic environment.

06.09.2013

Business Luncheon with Aleksandar Vučić

Serbian First Deputy Prime Minister Aleksandar Vučić discussed the economic challenges facing the Serbian economy and the goals of the government at a business luncheon held with representa-tives of AmCham member companies. Vučić highlighted the ne-cessity of structural reforms in order to improve the the country’s business climate.

AMCHAM EVENTS IN 2013

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12.09.2013-07.11.2013

First Generation of Managers Complete Soft Skills for Tough Leaders Programme

Mid-level managers received certificates after completing the eight-week Soft Skills for Tough Leaders programme, which consisted of soft-skills workshops delivered by HR committee members. The certificates were awarded by AmCham Executive Director Maja Piščević, who congratulated all participants on their commitment.

17.09.2013

Cooking with AmCham – Guess the Secret IngredientAmCham Serbia organised a cooking spectacle on a lovely after-noon, opening a season of networking events and attracting more than 120 guests from the membership. AmCham members enjoyed food prepared and served by AmCham board members, with US Embassy officials acting as chefs’ assistants. Guests also enjoyed a game of ‘Guess the Secret Ingredient’, tasting a variety of recipes and attempting to guess the mystery ingredient in each.

25.09.2013

American Standards in RulemakingThe Embassy of the US in Belgrade and AmCham organised a joint seminar on the importance of a transparent and comprehensive consultation process during the adoption of regulations. The semi-nar attracted both Serbian stakeholders and representatives of United States Department of Commerce, who shared relevant US best practices.

30.09.2013

SMART Breakfast with Vlade DivacBelief in success, persistence in achieving goals and respect for others are just some of the values that renowned basketball play-er Vlade Divac discussed while talking about his life at a SMART Breakfast organised by AmCham Serbia. “Dreams are what propel you forward, while determination and hard work lead you onto the right path,” said Divac, adding that the ability to adapt, con-tinually progress and have faith in yourself are among the main conditions for success.

24.10.2013

SMART Breakfast with Vanja GrbićMembers of AmCham heard an inspiring story of the values related to leadership, as well as role of leaders and individuals in the team, from our famous volleyball player Vladimir Vanja Grbić. “Commitment, patience, belief in yourself and your team are the most important values“, said Grbić at the AmCham SMART Breakfast, but added that without failure one cannot reach its highest achievement potential.

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25.10.2013

Intellectual Property Protection RoundtableAmCham organised a roundta-ble on the subject of intellectual property rights in the software industry, attracting stakehold-ers from the Tax Administration, Market Inspection, the Ministry of the Interior, Customs Admin-istration and Judiciary. Special guests were representatives of the music and film industries, who addressed the piracy issue from their perspective.

28.10.2013

AmCham Extraordinary General AssemblyAn Extraordinary General Assembly was held to vote on amend-ments to AmCham statute, as proposed by the board of governors. Amendments were adopted by a large majority and will result in a more competitive and even stronger AmCham for the benefit of all member companies and the Serbian business environment.

31.10.2013

AmCham Children’s Halloween PartyOn the final night of October, the AmCham premises were filled with children who came trick-or-treating while dressed in colourful costumes. There were Halloween games for them to play, as well as a costume contest. Parents also enjoyed the holiday atmosphere, mingling as their kids unleashed their creativity and had fun.

02.11.2013

SAMCham Tennis TournamentAmCham organised a tennis tournament with the Serbian Asso-ciation of Managers (SAM) at the Gemax Tennis Club in Belgrade. Members of both organisations made the most of a sunny autumn day by playing on both indoor and outdoor courts. A total of 14 singles matches were played, resulting in an AmCham victory of 10-4, after which an award ceremony was held.

04.11.2013

Business Today Seminar on the Global Reporting Initiative (GRI)At the Business Today seminar on the Global Reporting Initia-tive, participants shared their knowledge of sustainable busi-ness and corporate social re-sponsibility through GRI meth-odology. Representatives of companies implementing GRI reporting shared their practical experiences and provided in-sights into the main challenges their companies faced during the process of report certification.

20.11.2013

SMART Breakfast with Mirjana Karanović

Courage, self-confidence and a battle against personal fears are just a few of the topics that Serbian actress Mirjana Karanović

AMCHAM EVENTS IN 2013

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touched upon during her SMART Breakfast with AmCham mem-bers. She emphasised that courage comes with practice and rec-ognised how essential it is to rationalise actions and draw conclu-sions from them.

03.12.2013

Public Discussion on Construction Permits & Conversion AmCham welcomed government efforts to simplify construction permit issuance procedures at a public discussion on the new draft Law on Planning and Construction, which was or-ganised in cooperation with USAID. Participants agreed that conversion still remains a problem, however, and warned that without strong control from law enforce-ment, it will not be possible for the procedures to func-tion properly.

10.12.2013

Meet the Business First Hand, Hosted by JTITogether with the Centre for Career Development and Student Counselling, AmCham organised a student field trip to the Japan Tobacco International plant in Senta. This was a great opportunity for final-year students to see how a leading international company operates, and to discover to what extent their theoretical knowl-edge aligns with real-world business practice, preparing them for their future career challenges.

17.12.2013

‘The Second Lap Time – Engage For Change’ RoundtableMore than 50% of AmCham member companies are expecting ad-ditional investment and new job openings in their respective in-dustries over the next two years. This optimistic forecast comes from a survey conducted by AmCham, the results of which were presented at AmCham-organised roundtable, ‘The Second Lap

Time – Engage for Change’. Government and AmCham member representatives discussed reform priorities for improving the busi-ness environment and regulatory and structural changes whose implementation would help to increase employment in Serbia.

18.12.2013

Christmas Cocktail Party

Members and partners enjoyed the elegant ambiance of the White Palace at a Christmas cocktail party jointly hosted by AmCham and Philip Morris Serbia. This end-of-year gala was also an opportunity to celebrate Philip Morris’ 10th anniversary of doing business in Serbia.

27.12.2013

SMART Evening with Kori Udovički & Rade ŠerbedžijaThrough memories and a bit of nostalgia, the SMART Evening with Kori Udovički and Rade Šerbedžija reminded those present of for-gotten human values. Starting his story with memories of Yugosla-via’s disintegration, as well as better times, Šerbedžija told the au-dience that he is an incorrigible optimist who still believes in this country’s people and their incredible strength. Udovički agreed that as a society Serbia needs a very small push to develop, and predicted better times ahead.

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ABBOTT LABORATORIES S.A. Miloš Davidović (+381 11) 314 95 21 (+381 11) 314 95 51 Bulevar Mihajla Pupina 115D Belgrade www.abbott.comABBVIE BIOPHARMACEUTI-CALS GMBH Jelena Španović (+381 11) 314 95 21 (+381 11)269 08 49 Bulevar Mihajla Pupina 115D, Belgrade www.abbvie.comAGRI BUSINESS PARTNERRonan Conroy (+381 25) 451 800 Vojvode Radomira Putnika 1 Sombor www.abp.rsAIGO BUSINESS SYSTEMS Dragan Popović (+381 11) 209 08 00 (+381 11) 209 08 08 Sinđelićeva 9 Belgrade www.aigo-Bs.comAIRPORT CITY Adir El Al (+381 11) 209 05 25 Omladinskih Brigada 88 Belgrade www.airportcitybelgrade.com“ALEKSANDAR MILOVANOVIĆ OF AVIONICS & TELECOMMU-NICATION SERVICES” Aleksandar Milovanović (+381 11) 630 16 55 Takovska 36-38 Belgrade www.ats-Serbia.comALGOTECH Aleksandar Bakoč (+381 11) 353 76 00 (+381 61) 820 00 05 Požeška 60 Belgrade www.algotech.rsALLIANCE ONE TOBACCO Jelica Leontijević (+381 11) 245 87 53 (+381 11) 245 87 53 Cara Nikolaja Ii 59 Belgrade www.aointl.comANA I VLADE DIVAC FOUNDA-TION Ana Koeshall (+381 11) 334 17 55 (+381 11) 334 17 55 Ilije Garašanina 53A Belgrade www.fondacijadivac.orgAPATINSKA PIVARA APATIN

Dragan Radivojević (+381 11) 307 24 00 (+381 11) 307 24 44 Milutina Milankovića 11A/I Belgrade www.jelenpivo.comARROW ECS DOO SRBIJA Ljubica Hadžistević (+381 11) 655 75 80 (+381 11) 655 75 83

Tošin Bunar 272 Belgrade www.arrowecs.rsATLAS CENTER LTD BEOGRAD Pedja Petronijević (+381 11) 313 07 51 (+381 11) 313 07 52 Bulevar Zorana Đinđića 64ABelgrade www.gtcserbia.comAVON COSMETICS Ielyzaveta Korobchenko (+381 11) 222 00 00 (+381 11) 222 00 01 Bulevar Mihajla Pupina 165G Belgrade www.avon.rsBALKAN TRUST FOR DEMOC-RACY Gordana Delić (+381 11) 303 64 54 (+381 11) 303 64 55 Cara Lazara 16 Belgrade www.gmfus.orgBALKANS REAL ESTATE Thomas H. Villadsen (+381 11) 220 02 17 (+381 11) 220 02 20 Pc Ušće, Bulevar Mihajla Pupina 6/23, Belgrade www.mpcproperties.rsBALL PACKAGING EUROPE David Banjai (+381 11) 377 06 02 (+381 11) 377 08 02 Batajnički Drum 21A Zemunwww.ball-Europe.comBANCA INTESA Draginja Đurić (+381 11) 310 88 88 Milentija Popovića 7B Belgrade www.bancaintesa.rsBBDO OVATION ADVERTISING Dragoslav Ilić (+381 11) 414 61 60 (+381 11) 414 61 64 Velisava Vulovića 16 Belgrade www.ovation.rsBDK ADVOKATI/ATTORNEYS AT LAW Vladimir Dašić (+381 11) 328 42 12 (+381 11) 328 42 13 Dobračina 38 Belgrade www.bdklegal.comBDO D.O.O. Ksenija Ristić Kostić (+381 11) 328 13 99 (+381 11) 328 18 08 Knez Mihailova 10 Belgrade www.bdo.co.rsBEL MEDIC Jasmina Knežević (+381 11) 309 10 00 (+381 11) 309 10 11 Koste Jovanovića 87 Belgrade www.belmedic.comBEOGRADSKA FILHARMONIJA (+381 11) 328 29 77

Studentski Trg 11 Belgrade www.bgf.co.rsBERLIN CHEMIE Marinko Veković (+381 11) 655 60 90 (+381 11) 267 24 76 Milutina Milankovića 19A Belgrade www.berlin-Chemie.rsBEST SEED PRODUCER LTD Vladimir Vrbaški (+381 21) 735 577 (+381 21) 735 577 Maršala Tita 15/I Feketić www.bsp.co.rsBRANKO ŽUŽIĆ OF BLACK BOX ADVERTISING Branko Žužić (+381 11) 328 76 78 Cara Uroša 12 Belgrade www.blackbox.rsBREAKTHROUGH William S. Infante (+381 11) 369 34 86 Vase Pelagića 60 Belgrade www.brekthroughpr.mnBRITISH AMERICAN TOBACCO (BAT) Thanos Trimis(+381 11) 310 87 00 (+381 11) 310 87 26 Bulevar Mihajla Pupina 165G, Belgrade www.bat.comCARLSBERG Gabor Bekefi (+381 11) 330 39 33 Bulevar Zorana Đinđića 64A, Belgrade www.carlsberg.rs CBS INTERNATIONAL DOO Dragan Radulović (+381 11) 225 87 77 (+381 11) 228 19 69 Omladinskih Brigada 88B Belgrade www.cbre.rsCENTRO ŠTAMPA HOLDING Dejan Stančević (+381 11) 715 95 05 (+381 11) 715 96 28 Milutina Milankovića 19 Belgrade www.stampa.rsCISCO SR D.O.O. BEOGRAD Goran Obradović (+381 11) 209 20 00 (+381 11) 209 20 01 Omladinskih Brigada 88 Belgrade www.cisco.comCITIBANK N.A. REPRESENTA-TIVE OFFICEPredrag Radlovački (+381 11) 312 27 10 (+381 11) 31 22 640 Bulevar Zorana Đinđića 64 A, Belgrade www.citibank.comCLEAN EARTH CAPITAL Philip Bay (+381 18) 520 789 (+381 18) 520 789

Milojka Lešjanina 8 Niš www.cleanearthcapital.co.ukCOCA COLA COMPANY Nataša Đurđević (+381 11) 308 11 56 Batajnički Drum 14-16 Belgrade www.coca-Cola.comCOCA COLA HELLENIC Ramon Weidinger (+381 11) 307 31 00 (+381 11) 307 31 99 Batajnički Drum 14-16 Zemunwww.coca-Colahellenic.rsCOLLIERS INTERNATIONAL Ana Vuković (+381 11) 313 99 55 (+381 11) 313 99 58 Bulevar Mihajla Pupina 115D Belgrade www.colliers.rsCOMMUNIS Ivan Stanković (+381 11) 363 67 00 (+381 11) 363 67 78 Bulevar Oslobođenja 61 Belgrade www.communis.rsCOMTRADE Veselin Jevrosimović (+381 11) 201 56 00 (+381 11) 201 56 26 Savski Nasip 7, Belgrade www.comtrade.comCONTINENTAL WIND Ana Brnabić(+381 11) 785 00 20 Resavska 23/4B Belgrade www.continentalwind.comCROWNE PLAZA Živorad Vasić(+381 11) 220 40 04 (+381 11) 220 41 04 Vladimira Popovića 10 Beograd www.crowneplaza.comDANAS CONFERENCE CENTERŽeljko Pantić Milentija Popovića 5, Belgrade www.danas.rsDEJAN VUKOVIĆ OF VUKOVIĆ & PARTNERS Dejan Vuković (+381 11) 3691 670 (+381 11) 2653 621 Bulevar Vojvode Putnika 24

Belgrade www.vp.rsDEKEL DOO Dejan Zarić (+381 11) 339 01 63 (+381 11) 339 00 07 Bulevar Despota Stefana 79, Belgrade www.dekel.comDELHAIZE SERBIA D.O.O John Kyritsis (+381 11) 715 34 00 (+381 11) 715 39 09 Jurija Gagarina 14 Belgrade www.maxi.rsDELOITTE Miloš Macura (+381 11) 381 21 00 Terazije 8, Belgrade www.deloitte.comDELTA HOLDING Jasminka Kiselčić (+381 11) 201 11 00 (+381 11) 201 11 11 Milentija Popovića 7V Belgrade www.deltaholding.rsDERTOUR Vili Mitova (+381 11) 222 06 16 (+381 11) 313 20 81 Francuska 17/I Beograd www.dertour.rsDHL INTERNATIONAL Darko Babić (+381 11) 310 55 00 (+381 11) 310 55 99 Jurija Gagarina 36V Belgrade www.dhl.rsDINERS CLUB INTERNATIONAL Obrad Sikimić (+381 11) 344 18 65 (+381 11) 344 18 65 Njegoševa 72 Belgrade www.diners.rsDIRECTGROUP George Zachariades (+381 11) 353 29 00 (+381 11) 353 29 08 Autoput Za Novi Sad 96 Zemunwww.direct-Group.comDOKUKINO FOUNDATION Darko Soković (+381 11) 322 37 98 (+381 11) 323 36 01

Kosovska 43/6 Belgrade www.dokukino.orgDUFRY D.O.O. Adrian Bradshaw (+381 11) 209 70 22 (+381 11) 228 64 44 Aerodrom Nikola Tesla Belgrade www.dufry.comĐORĐE MILJKOVIĆ OF TECHNO-FARM D.O.O. Đorđe Miljković (+381 11) 304 89 41 (+381 11) 304 89 45 Bulevar Mihaila Pupina 125 Belgrade www.technofarm.co.rsĐORĐE NIKOLIĆ OF NIKOLIĆ Kokanović Otašević Đorđe Nikolić (+381 11) 715 05 00 (+381 11) 715 05 01 Njegoševa 11, Belgrade www.nko-Law.comEATON ELECTRIC DOO Dragan Tadić (+381 22) 600-000 (+381 22) 600-099 Rumski Drum 13 S. Mitrovica www.eaton.rsEKI TRANSFERS-WESTERN UNION Mirjana Zečević (+381 11) 330 03 00 (+381 11) 322 80 70 Kosovska 1/V, Belgrade www.wu.co.rsEKO POSLOVI Jernej Blatnik(+381 11) 225 26 60 (+381 11) 312 27 58 Milutina Milankovića 7V Beograd www.ekoposlovi.rsEKONOMSKI INSTITUT A.D. Dragan Šagovnović (+381 11) 361 31 18 (+381 11) 361 30 37 Kralja Milana 16 Belgrade www.ecinst.org.rs ELI LILLY Miha Kline (+381 11) 655 00 01 (+381 11) 712 07 98 Vladimira Popovića 38 Belgrade www.lilly.com

COMPANY REGISTER

• Tel: 011 3091000; 069/309-1000• Fax: 011 309-1011• Adresa: Koste Jovanovića 87, 11000 Beograd• Email: [email protected]

www.belmedic.com

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EMBASSY TECHZONES D.O.O. Ramgopal Narayanan (+381 11) 266 07 26 (+381 11) 266 13 96 Dedinjska 10, Belgrade www.embassytechzones.rsEOS MATRIX Jelena Jović (+381 11) 330 07 33 (+381 11) 330 07 77 Đorđa Stanojevića 14 Belgrade www.eos-Matrix.rsERNST & YOUNG Stephen Fish (+381 11) 209 58 00 (+381 11) 209 58 90 Španskih Boraca 3 Belgrade www.ey.com/Rs ERSTE BANK Slavko Carić (+381 11 ) 201 50 00 (+381 21) 489 06 20 Milutina Milankovića 11B Belgrade Www.erstebank.rsEUROBANK Filippos Karamanolis (+381 11 ) 202 33 53 Vuka Karadžića 10 Belgrade www.eurobankefg.rsEUROELITE D.O.O. BEOGRAD Branivoje Lazović (+381 11) 353 62 00 Francuska 12, Belgrade www.euroelite.rsEXECUTIVE GROUP Darko Matijašević (+381 11) 328 44 88 (+381 11) 328 44 80 Knez Mihailova 9, Belgrade www.eg.rsFIRST DATA Olja Dakić (+381 11) 207 11 00 (+381 11) 207 11 15 Kopernikova 8 Belgrade www.firstdata.rsFRESENIUS MEDICAL CARE Rajko Hrvačević (+381 11) 395 10 00 (+381 11) 395 10 09 Jurija Gagarina 11-11A Belgrade www.fresenius.comG4S SECURE SOLUTIONS Uroš Gojković (+381 11) 209 79 00

Kumodraška 240, Belgrade www.g4s.rs GENERAL ELECTRIC Gaetano Massara (+381 11) 220 07 98 (+381 11) 220 07 99 Bulevar Mihaila Pupina 6/17Belgrade www.ge.comGI GROUP HR SOLUTIONS Olga Svoboda (+381 11) 244 39 80 (+381 11) 244 39 80 Prote Mateje 52 Belgrade www.consulteam.rsGLAXOSMITHKLINE Milutin Delić (+381 11) 310 57 00 (+381 11) 310 57 99 Omladinskih Brigada 88 Belgrade www.gsk.comGORDANA JURAN ZDRAVKOVIĆ OF BIOTEC INTERNATIONAL Gordana Juran Zdravković (+381 11) 3341-350 (+381 11) 325 15 61 Resavska 2 Belgrade www.biotec.co.rsGRAND CASINO D.O.O.Christos Tsemperas (+381 11) 220 28 00 (+381 11) 220 28 10 Bulevar Nikole Tesle 3 Zemunwww.grandcasinobeograd.comGROUNDLINK D.O.O. Jelena Pićurić (+381 11) 334 65 34 (+381 11) 334 65 34 Resavska 23 Belgrade www.groundlink.comHARRISONS Mark Harrison (+381 11) 312 98 25 (+381 11) 312 98 23 Bulevar Mihajla Pupina 6/24, Belgrade www.harrison-Solicitors.comHARVARD CLUB OF SERBIA Branka Anđelković Topličin Venac 3 Belgrade www.harvard-Serbia.org.rsHEMOFARM A.D.

Ronald Seeliger (+381 13) 803 100 (+381 13) 803 100 Beogradski Put Bb Vršac www.hemofarm.comHEWLETT PACKARD Miloš Đurković (+381 11) 205 58 00 (+381 11) 205 59 03 Omladinskih Brigada 90B/I Belgrade www.hp.co.rsHONEYWELL Julian Hedera (+381 11) 357 26 83 (+381 11) 630 29 43 Zrmanjska 27/13 I 14 Belgrade www.honeywell.com HRG SERBIA Predrag Španjević (+381 11) 202 80 88 (+381 11) 202 80 92 Topličin Venac 19-21 Belgrade www.hrgworldwide.com HYPO ALPE-ADRIA-BANK Zoran Vojnović (+381 11) 222 60 00 (+381 11) 222 67 99 Bulevar Mihajla Pupina 6 Belgrade www.hypo-Alpe-Adria.rsI & F MCCANN GRUPA Srđan Saper (+381 11) 202 22 00 (+381 11) 202 22 22 Terazije 7-9, Belgrade www.mccann.rsIBM INTERNATIONAL BUSI-NESS MACHINES D.O.O. Željko Vujinović (+381 11) 201 35 05 (+381 11) 201 35 01 Bulevar Mihajla Pupina 6 Belgrade www.ibm.com/Rs/IGOR IVIĆ OF METHODES DOO - FRANKLINCOVEY SERBIA Igor Ivić (+381 11) 712 13 00 Vladimira Popovića 6 Belgrade www.frenklincovey.rsINFOBIRO Sanja Ignjatović (+381 11) 33 48 209 (+381 11) 32 41 862 Kursulina 13 Belgrade

www.infobiro.tvINTEL TECHNOLOGIES DOO Abdul Guefor Omladinskih Brigada 88A Belgrade www.intel.comINTERNATIONAL SCHOOL OF BELGRADERobert Risch (+381 11) 206 99 99 (+381 11) 206 99 44 Temišvarska 19 Belgrade www.isb.rsJANKOVIĆ, POPOVIĆ & MITIĆ LAW OFFICE Nikola Janković (+381 11) 207 68 50 (+381 11) 207 68 99 Vladimira Popovića 6 Belgrade www.jpm.rsJOHNSON & JOHNSON Tin Ivanković(+381 11) 353 67 00 (+381 11) 145 037 Omladinskih Brigada 88B Belgrade www.jnj.comJT INTERNATIONAL AD SENTA Chris Woods (+381 11) 205 03 00 (+381 11) 205 03 01 Vladimira Popovića 38/67 Belgrade www.jt-Int.comKALEMEGDANSKA TERASA

(+381 11) 328 30 11 Mali Kalemegdan Bb Belgrade www.kalemegdanskaterasa.comKARANOVIĆ & NIKOLIĆ LAW OFFICE Dragan Karanović (+381 11) 309 42 00 (+381 11) 309 42 23 Resavska 23 Belgrade www.karanovic-Nikolic.comKINSTELLAR DOO Branislav Marić (+381 11) 321 02 00 (+381 11) 321 02 22 Takovska 23-25 Belgrade www.kinstellar.com KNJAZ MILOŠ Daniel Boehi (+381 34) 700 700

(+381 34) 727 211 Južna Industrijska Zona BB Aranđelovac www.knjaz.co.rsKOMERCIJALNA BANKA Ivica Smolić (+381 11) 308 01 00 (+381 11) 344 13 35 Svetog Save 14, Belgrade www.kombank.com KONSING GROUP Zdenko Lekan (+381 11) 7195 871 (+381 11) 719 58 74 Surčinski Put 1A, Belgrade www.konsing.com KOVING D.O.O. Bojan Radulović (+381 11) 319 34 08 (+381 11) 319 34 08 Jurija Gagarina 34, Belgrade www.koving.comKPMG James Thornley (+381 11) 205 05 00 (+381 11) 205 05 50 Kraljice Natalije 11 Belgrade www.kpmg.rsLALIN LAW OFFICE Radovan Lalin (+381 21) 443 948 Sestara Ninković 11/2 Novi Sad www.lalinlaw.comLEO BURNETT D.O.O. Miša Lukić (+381 11) 209 02 00 (+381 11) 209 02 95 Danila Lekića 31, Belgrade www.leoburnett.rs L’OREAL BALKAN Brigitte Streller (+381 11) 220 59 00 (+381 11) 220 59 01 Bulevar Zorana Đinđića 64A, Belgrade www.loreal.comLUKA BEOGRAD Ivana Veselinović (+381 11) 275 29 71 (+381 11) 276 47 64 Žorža Klemansoa 37 Belgrade www.lukabeograd.com LUNA/TBWA Bojan Joksimović (+381 11) 398 03 43 (+381 11) 397 18 83 Milovana Marinkovića 3

Belgrade www.lunatbwa.co.rsMASINOPROJEKT KOPRING

Slobodan Lalić (+381 11) 363 57 00 (+381 11) 239 574 Dobrinjska 8A, Belgrade www.masinoprojekt.comMEDTRONIC Hrvoje Badovinac (+381 11) 209 59 01 (+381 11) 209 59 85 Bulevar Zorana Đindića 64A, Belgrade www.medtronic.comMERCK SHARP & DOHME DOO Predrag Gušić (+381 11) 441 02 00 Omladinskih Brigada 90A/1400 Belgrade www.merck.comMETRO CASH & CARRY Roberto Mancuso (+381 11) 2927 774 (+381 11) 37 77 607 Autoput Za Novi Sad 120 Belgrade www.metro.rsMETROPOL PALACE D.O.O. Dragana Mudrić (+381 11) 333 31 00 (+381 11) 324 62 51 Bulevar Kralja Aleksandra 69

Belgrade www.metropolpalace.comMICROSOFT SOFTWARE D.O.O. Andreas Hartl

(+381 11) 330 66 00 (+381 11) 330 66 01 Španskih Boraca 3/Iii, Belgrade www.microsoft.comMIKIJELJ JANKOVIĆ & Bogdanović Vladimir Đerić

(+381 11) 323 19 70 (+381 11) 324 50 65 Vlajkovićeva 28, Belgrade www.mjb.rsMISHA SIAMASHVILI OF JUGOSCAN D.O.O. Misha Siamashvili (+381 11) 262 27 62 (+381 11) 262 27 62 Studentski Trg 21, Belgrade www.yugoscan.co.rsMK GROUP Miodrag Kostić (+381 11) 353 95 39

EURO PAYMENTS IN BANKS

TeleGroup d.o.o. BeogradSvetozara Miletica 9a, 11000 Belgrade, Serbia

T: +38111 3081 981 • F: +38111 3081 [email protected] • www.telegroup.rs

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(+381 11 ) 353 95 99 Bulevar Mihajla Pupina 115E Belgrade www.mkgroup.co.rsMONDELEZ Philip Dickinson (+381 11) 353 08 73 (+381 11) 313 37 88 Omladinskih Brigada 88B Belgrade www.kraft.com MORAVČEVIĆ, VOJNOVIĆ & ZDRAVKOVIĆ OAD Matija Vojnović (+381 11) 320 26 00 (+381 11) 320 26 10 Francuska 27, Belgrade www.schoenherr.rsMTV SERBIA D.O.O. Ninoslav Jovanović(+381 11) 303 74 84 (+381 11) 303 74 85 Obilićev Venac 15/Vii Belgrade www.mtv.rsMULTIKOM GROUP Jadranka Drinić (+381 11) 222 23 00 Antifašističke Borbe 13B Belgrade www.multikomgroup.comNATAŠA HEROR OF HEROR MEDIA PONT Nataša Heror (+381 60) 7337 555 Dunjina 33 Sremska Kamenica www.heror-Media-Pont.ls.rsNAUMOVIĆ & PARTNERI LAW OFFICE Zoran Naumović (+381 11) 241 75 66 (+381 11) 241 90 02 Krunska 77, Belgrade www.nsi.co.rsNELT CO. D.O.O. Ranko Sočanac (+381 11) 377 91 11 (+381 11) 377 91 26 Maršala Tita 206 Dobanovci www.nelt.comNESTLE ADRIATIC FOODS Ansgar Bornemann (+381 11) 201 93 01 (+381 11) 313 20 22 Milutina Milankovića 11A Belgrade www.nestle.rsNEW MOMENT NEW IDEASŽarko Šakan (+381 11) 322 99 92 (+381 11) 334 65 60 Hilandarska 14, Belgrade www.newmoment.comNIS A.D. NOVI SAD Kirill Kravchenko (+381 21) 481 11 11 (+381 21) 481 51 33 Narodnog Fronta 12, Novi Sad www.nis.euNOVASTON ASSET MANAGE-MENT Nikola Nedeljković (+381 11) 785 7076 Vuka Karadžića 4, Belgrade www.novaston.comNOVO NORDISK PHARMA

DOO BEOGRADPredrag Radošević (+381 11) 2222 700 (+381 11) 2222 701 Milutina Milankovića 9B Belgrade www.novonordisk.comOMNICOM SOLUTIONS D.O.O. Rade Mačković (+381 11) 344 38 80 (+381 11) 344 38 89 Ljubostinjska 2, Belgrade www.omnicom.rsORACLE SERBIABillz Joseph Mulcahy (+381 11) 201 68 00 (+381 11) 313 01 08 Bulevar Zorana Đinđića 64ABelgrade www.oracle.comORION TELEKOM David Schoch (+381 11) 410 04 44 (+381 11) 410 00 01 Gandijeva 76A Belgrade www.oriontelekom.rsOSA-RAČUNARSKI INŽENJERINGŽeljko Tomić (+381 11) 329 03 62 (+381 11) 329 13 53 Takovska 45/Vi Belgrade www.osa.rsPEDERSEN & PARTNERSJelena Kralj (+381 11) 303 74 32 (+381 11) 334 61 70 Đušina 2, Belgrade www.pedersenandpartners.comPFIZER H.C.P. CORPORATION Jasmina Pavlović (+381 11) 363 00 00 (+381 11) 363 00 33 Trešnjinog Cveta 1, Belgrade www.pfizer.comPHILIP MORRIS SERVICES Stacey Renee Robbins Ken-nedy (+381 11) 201 08 24 (+381 11) 201 08 42 Bulevar Zorana Đinđića 64A/Vi Belgrade www.philipmorrisinternational.comPRICEWATERHOUSECOOPERS D.O.O. Emmanuel Koenig (+381 11) 330 21 00 (+381 11) 330 21 01 Omladinskih Brigada 88A Belgrade www.pwc.rs PROCREDIT BANK A.D. Svetlana Tolmacheva Dingarac (+381 11) 207 79 00 (+381 11) 207 79 05 Milutina Milankovića 17 Belgrade www.procreditbank.rsPROJECT MANAGEMENT ASSOCIATION - PMI SERBIA CHAPTERDragana Ilijašević (+381 11) 313 07 03 (+381 11) 313 07 04

Bulevar Zorana Đinđića 101 Belgrade www.pmi-Serbia.rsRAIFFEISEN BANK A.D. Zoran Petrović (+381 11) 320 21 00 (+381 11) 220 70 80 Đorđa Stanojevića 16 Belgrade www.raiffeisenbank.rsRAJKO MANDIĆ OF LEAN SIX SIGMA INSTITUT Rajko Mandić(+381 11) 31 31 454 (+381 11) 31 31 454 Antifašističke Borbe 21A Belgrade www.leansixsigmainstitute.orgRAKITA EXPLORATION DOO Dejan Koželj (+381 30) 249 54 73 (+381 30) 249 54 73 Cara Lazara 1/6 Bor www.fcx.comREPRESENT SYSTEM Borislav Miljanović (+381 11) 202 22 03 (+381 11) 262 67 95 Kosovska 10, Belgrade www.represent.rsRES TRADE (JOHN DEERE SERBIA) Edward Tonchew (+381 21) 480 33 33 (+381 21) 480 33 70 Bulevar Vojvode Stepe 24 Novi Sad www.res-Trade.rsRIO SAVA EXPLORATION LLC Richard Storrie (+381 11) 276 14 77 (+381 11) 675 23 76 Takovska 45, Belgrade www.riotinto.comRUDNAP GROUP AD Aleksandar Škulić (+381 11) 222 41 04 (+381 11) 222 41 43 Bulevar Mihajla Pupina 6/21, Belgrade www.rudnap.comS&T SERBIA DOO Predrag Vraneš (+381 11) 711 62 21 (+381 11) 711 76 65 Đorđa Stanojevića 14 Belgrade www.snt.rsSAGA D.O.O. Igor Pavlica (+381 11) 310 85 00 (+381 11) 310 85 67 Milentija Popovića 9, Belgrade www.saga.rsSALFORD CONTINENTAL, INC (DANUBE FOODS) Slobodan Petrović (+381 11) 222 25 00 (+381 11) 222 25 33 Batajnički Drum 10, Deo 1B Belgrade SCHNEIDER ELECTRIC SRBIJA D.O.O. Dragoljub Damljanović (+381 11) 377 31 00 (+381 11) 312 12 22

Vladimira Popovića 38-40 Belgrade www.schneider-Electric.rs SEAF Nikola Stefanović (+381 11) 212 95 24 (+381 11) 212 95 25 Bulevar Zorana Đinđića 67 Belgrade www.seaf.co.rsSERBIA BROADBAND - SRP-SKE KABLOVSKE MREŽE Dragica Pilipović Chaffey (+381 11) 333 27 46 (+381 11) 30 33 288 Bulevar Zorana Đinđića 8A Belgrade www.sbb.rsSERBIAN BUSINESS SYSTEMS Mirko Drašković (+381 11) 330 25 00 (+381 11) 323 26 55 Beogradska 39 Belgrade www.sbs.rsSGS BEOGRAD LTD. Marinko Ukropina (+381 11) 715 52 75 (+381 11) 715 52 79 Jurija Gagrina 7B Belgrade www.sgs.comSIEMENS Tihomir Rajlić (+381 11) 209 63 05 (+381 11) 209 60 61 Omladinskih Brigada 21 Belgrade www.siemens.rsSOCIETE GENERALE BANK Frederic Coin (+381 11) 130 14 00 (+381 11) 313 28 85 Bulevar Zorana Đinđića 50A/B Belgrade www.societegenerale.rsSTAR IMPORT Rolf Juergen Seyerle (+381 11) 3019 001 (+381 11) 3019 048 Omladinskih Brigada 33 Beograd STRACON SECURITY D.O.O.

Milorad Petrović (+381 11) 382 24 01 (+381 11) 382 24 02 Đurićeva 6, Belgrade www.stracons.com SVA D.O.O. Mirko Mandić(+381 11) 322 29 10 (+381 11) 322 65 61 Palmotićeva 12, Belgrade www.sva.rs TEKNOXGROUP SRBIJA Bogdan Pavlović (+381 11) 360 52 50 (+381 11) 360 52 90 Autput Za Niš 17 Vrčin www.teknoxgroup.comTELEGROUP Milomir Gligorijević(+381 11) 308 19 81 (+381 11) 308 19 91 Svetozara Miletića 9A Belgrade

www.telegroup-Ltd.com TELENOR D.O.O. Ove Fredheim(+381 63) 869 15 21 (+381 11) 440 33 99 Omladinskih Brigada 90 Belgrade www.telenor.rs TELESIGN MOBILE DOO Nenad Vučinić (+381 63) 632 905 Trešnjinog Cveta 1 Belgrade www.telesignmobile.comTITAN CEMENTARA KOSJERIĆ Miroslav Gligorijević (+381 31) 590 300 (+381 31) 590 398 Živojina Mišića Bb Kosjerić www.titan.rsTMF SERVICES D.O.O. Jelena Ćuk (+381 11) 220 93 00 (+381 11) 220 93 10 Bulevar Zorana Đinđića 64ABelgrade www.tmf-Group.com TRIZMA D.O.O. Marko Kovačević (+381 11) 353 75 00 Cara Dušana 205A, Zemunwww.trizma.comTRS EUROPE Snežana Vuković (+381 21) 439 900 (+381 21) 439 901 Rade Končara 1 Petrovaradinwww.trs.rsTURNER SOUTHEAST EUROPE Maja Češljević (+381 11) 715 69 62 (+381 11) 715 69 00 Vladimira Popovića 38-40 Belgrade www.turnerconstruction.comUNILEVER BEOGRAD D.O.O. Ljubo Milošević (+381 11) 209 18 00 (+381 11) 216 91 78 Omladinskih Brigada 88 Belgrade www.unilever.comUNIQA OSIGURANJE Franz Weiler (+381 11) 202 41 00 (+381 11) 202 41 38 Milutina Milankovića 134G Belgrade www.uniqa.rsURBIS DESIGN Alex Bajc (+381 11) 369 11 92 (+381 11) 369 11 92 Bulevar Vojvode Mišića 17 Belgrade www.urbis-Group.comUROŠ POPOVIĆ OF BOJOVIĆ & PARTNERS Uroš Popović (+381 11) 7850 336 (+381 11) 7850 337 Čika Ljubina 16/Ii Belgrade www.bojovicpartners.comVICTORIA GROUP AD

Zoran Mitrović (+381 11) 353 27 00 (+381 11) 353 27 28 Bulevar Mihajla Pupina 115B Belgrade www.victoriagroup.rsVIP MOBILE Andreas Graf(+381 11) 225 33 33 (+381 11) 225 33 34 Omladinskih Brigada 21 Belgrade www.vipmobile.rsVLATKO SEKULOVIĆ OF SEKULOVIĆ LAW OFFICE Vlatko Sekulović (+381 11) 311 69 85 (+381 11) 311 69 85 Vladimira Popovića 6 Belgrade www.sekulovic-Law.rsVODA VRNJCI Zvonko Gobeljić (+381 36) 612 500 (+381 36) 612 501 Kneza Miloša 162 Vrnjačka Banja www.vodavrnjci.rsVREME Stevan Ristić (+381 11) 323 47 74 (+381 11) 323 86 62 Trg Republike 5/Iii Belgrade www.vreme.comWEST PHARMACEUTICAL SERVICES BEOGRAD Dejan Milutinović (+381 13) 741 654 (+381 13) 744 025 Rimski Jarak Bb, Kovin www.westpharma.comWIENER STADTISCHE Branko Krstonošić (+381 11) 220 99 02 (+381 11) 220 99 45 Trešnjinog Cveta 1, Belgrade www.wiener.rsWOLF THEISS Miroslav Stojanović (+381 11) 330 29 00 (+381 11) 330 29 25 Bulevar Mihaila Pupina 6/XVIIIBelgrade www.wolftheiss.com WRIGLEY D.O.O. Stefan Tarandjiiski (+381 11) 212 00 15 (+381 11) 313 23 77 Omladinskih Brigada 90V Belgrade www.wrigley.com ZVEZDAN HORVAT OF ASEE (ADIZES SOUTH EAST EU-ROPE) Zvezdan Horvat (+381 21) 662 46 88 (+381 21) 662 46 88 Ljubice Ravasi 16, Novi Sad www.asee.bizŽIVKOVIĆ & SAMARDŽIĆ LAW OFFICE Branislav Živković (+381 11) 263 66 36 (+381 11) 263 55 55 Makedonska 30 Belgrade www.zslaw.rs

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