Italy

- 2021 -

ITALY & SERBIA VIBRANT AND SINCERE RELATIONSHIP H.E. CARLO GIORGIO IGOR LO CASCIO MARCHEGIANI MIROVIĆ Italian President of the Head of the Ambassador Italian-Serbian Vojvodinian to Serbia Chamber of Government Commerce

ITALY 2021 Focus 3 CONTENT

VERY POSITIVE TENDENCIES IN FOSTERING ECONOMIC COOPERATION WITH ITALY IS EXTREMELY WE WILL CONTINUE WITH THE SUPPORT TO THE REGION Mirjana Kojić The Secretary General CCIS Economic cooperation Alessandro Bragonzi Head of EIB regional representation for the Western Balkans COOPERATION DEVELOPED AND DIVERSIFIED 48 44 33

ITALY REMAINS ONE OF SERBIA'S LEADING WE HOPE FOR BETTER RESULTS IN 2021 THE ITALIAN INVESTMENT HOTSPOT Boško Vučurević President of the Chamber of Commerce of Vojvodina (PKV) President of Confindustria Serbia Marko Čadež President of the Chamber of Commerce and Industry of Serbia (CCIS) Patrizio dei Tos ECONOMIC PARTNERS 24 28 20

THE RELATIONSHIP BETWEEN ITALY AND WE LOOK TO FUTURE COOPERATION WITH GREAT SERBIA - THE LAND OF OPPORTUNITY

OPTIMISM Igor Mirović Head of the Vojvodinian Government Giorgio Marchegiani President of the Italian-Serbian Chamber of Commerce and CEO of DDOR Osiguranje – part of UNIPOL Group H.E. Carlo Lo Cascio Italian Ambassador to Serbia

SERBIA IS VIBRANT AND SINCERE 08

16 12 4 Focus ITALY 2021 01 05 Mont Blanc,which is4,807m. the MonteBianco, betterknownas can befoundintheAlps.Itis The highestmountainofItaly PEAKS HIGHEST red wine! 24 hoursaday,withlocallygrown a freewinefountainthatflows Caldari diOrtonainItalyhas A smalltownnamed WINE! FREE each year? espressos billion they enjoy14 you knowthat coffee. Butdid adore their that Italians It’s wellknown THE DAY STARTS COFFEE 06 ITALY 2021 Focus 5 03 08 Vatican City! inside it! The strong interest in! ITALY’S BABY SPORT LOVERS a whole other countrya whole other sports Italians have very about Italy is that there’sabout Italy is Skiing, Soccer and Motor One of the tiniest fun factsOne of the tiniest Italians love sports. Cycling, Racing are just some of the

of 55! 04

world. A total UNESCO World 02 THE OLDEST DISH Pasta is a crucial part of Italian culture and they have eaten it since the 4th century B.C! Italy has the most Heritage sites in the UNESCO KINGS

CHEESE LOVERS 07 The Italians have over 2,500 types of cheese! Some of the most popular include parmesan, mozzarella, and gorgonzola. 6 Focus ITALY 2021 FOREWORD [email protected] Advertising director NATAŠA NEŠIĆ [email protected] Art director INDIGO ILIJA PETROVIĆ [email protected] Editor-in-Chief TANJA BANKOVIĆ find solutions that ensured that we can find solutionsthatensuredwe can that we couldfunctionin.We hadto all, because we hadtofindamodality ment. Ofcourse,thatwas noteasyat onpreservingthisseg cus hasbeen theglobalfo country's development, situation. its activitiestothenew managedwell andadaptedall society es would asnegligentpossible. be react quicklysothattheconsequenc humanity comesfirst,itwas vitalto in work andallothersegments. life,aswell as adjustments ineveryday to many undergo transformations and circumstanceshave forcedus ic. New tion, createdbytheCovid-19pandem have facinganunusualsitua allbeen As the economy is the pillar of a Overall, we cansaythatmostofthe In asituationwhenthehealthof For thepastyear andahalf,we andcontributors, readers Dear CHILD

Italy

[email protected] Advertising manager DRAGANA RADOVIĆ [email protected] Advertising manager JELENA RANDJELOVIĆ [email protected] Advertising manager JOVANA MARKOVIĆ - - - - - dacted in partnership with our associate dacted inpartnershipwithourassociate between ItalyandSerbia,re operation tion dedicatedtoeconomicbilateralco publica nounce theissuanceofaspecial fadeaway,soon Iamsincerelygladtoan and convictionthatthissituationwill enhance itsquality. Andso, inthehope but alsopromptedustoinnovate itand forced us to drastically rethink our work, ics. These unfortunatecircumstances ficulties asaresultofCovid-19pandem unprecedented complicationsanddif

as well as the Serbian business people as well as the Serbian business people Vojvodina, the Italian business people, ofCommerce Serbia, theChamber ofCommerceandIndustry Chamber of Commerce,ConfindustriaSerbia,the Embassy, theItalian-SerbianChamber oftheItalian prepared withthesupport learned,whichwe have lessons they adjustedtheirbusinessandwhat they how duringthisperiod, panies coped Italy, you willfindouthowItaliancom qualityasaresult. and generatebetter er andreadiertoimprove ourwork strong forced ustocomeoutofiteven lining, asitturnsout,thispandemic work as‘normally’possible. niversary. Our wishforyou thisyear is in whichwe arecelebratingits5than nected toItaly. oraresomehowcon who cooperate This difficultyear forcedustoface andfriends, readers Dear

This is our magazine’s jubileeyear In this year's special edition InFocus inlifehasasilver Since everything

GETTY IMAGES GORAN ZLATKOVIĆ Photos [email protected] Director ROBERT ČOBAN [email protected] Magazine director RUŽA VELJOVIĆ

Bagrdanski putbb Jagodina ZLATNA KNJIGA Print SNEŽANA BJELOTOMIĆ Translation ------

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in Belgrade. andtotheItalianEmbassy operation, maintains andpromoteslong-termco withwhomthe CCISand associates, express ourgratitudetomembers lication. Inparticular,we would like to andcontributedtothispub supported who person would like tothankevery significantly upgradedfromlastyear. Diplomacy & Commerce magazine and

cessful andhappy. healthy,to be firstandforemost,suc Italian-Serbian Chamber ofCommerce Chamber Italian-Serbian Secretary-General MIRJANA KOJIĆ As aculminationofthiswork, we Editor-in-Chief TANJA BANKOVIĆ Enjoy!

Embassy ofItaly GUGLIELMO MIGLIORI ALBERTO FORNERIS MIRJANA KOJIĆ Special thanksto 2021 - - -

8 Focus ITALY 2021 INTERVIEW founding member,andSerbiaacandidatestate presence. OurcooperationalsodevelopswithintheframeworkofEUbeingItalya The bilateralcooperationisbasedonasolidandevergrowingItalianentrepreneurial Italian AmbassadortoSerbia H.E. CARLOLOCASCIO IS VIBRANTANDSINCERE BETWEEN ITALYANDSERBIA THE RELATIONSHIP its between our Governments remains its between our Governments remains a solidfriendship, theexchange ofvis Serbia foralmost20years. ian companies have been investing in ic relationsdatebackto1879 and Ital countries today, given thatdiplomat W “For two countries bound by such “For two countries by bound such tions between ourtwo Lo Cascio, therela about bassador toSerbia,Carlo e spoke with Italian Am - - - - - RELATIONSHIP ISTRULY PARTNERS WHOHELP A MEETINGOFCLOSE THE STORYOFOUR EACH OTHER Serbia, former MinisterofForeignAf Internal Affairs), Ivan Scalfarotto. For Minister for fairs (andcurrentDeputy MinisterforForeignAf former Deputy of Lorenzo Defense, Guerini, as well as eration, LuigiDiMaio, andtheMinister Foreign AffairsandInternational Coop from RometoBelgrade,theMinisterof Last year, infact,two Ministerscame during the pandemic. changed even a consolidatedtraditionthathasnot - - - ITALY 2021 Focus 9 ------Beyondprogress is need that, more In our view, without a serious andIn our view, In this regard, we appreciate Ser we In this regard, ble path: better fiscal planning, fairer better planning, ble path: fiscal and more predictable business envi ronment, competition laws and poli re cies, increase in public investment, structuring of public companies and fight against corruption. fun ed in the wide area of rule of law, damental rights and good governance: approving and implementing the jus credible revitalization of the EU en largement process, to it is unlikely In stabilise the Region. definitively to create do not want this respect, we process in the of the EU en “shortcuts” largement to the Balkans or dilute the Bal reforms. However, in the Western the vicious circle must avoid kans we feeding skepticism and disillusion of each other, where the absence of a on the perspective concrete European part of the EU slows down or stops the progress of reforms in the countries of the Region. What reforms does Serbia need to the businessimplement to improve environment? progress in economic reformsSerbia’s stabili is remarkable. Macroeconomic not has beenty largely achieved.This willreforms structural withstanding, put to agenda the of top the be on economy on a durable and sustaina nia and North Macedonia within the within Macedonia North and nia framework Schengen ini of the “Mini willingness to sup Belgrade’s tiative'”. countriesother to doses vaccine ply impor also another was in the region tant signal. the EU-facilitat bia's commitment to An agree ed Dialogue with Pristina. historic turn represent a ment would areWe ing pointthe entire Region. for negoti of the obstacles that the aware count on the we ations are facing, but to reach Vucic leadership of President this important milestone which will benefits,certainly lead to immense by achieving in parallel with progresses accession process. in the European Minister of Foreign Affairs Luigi DiLike his this of goal the said, recently Maio toric result requires the utmost com mitment on both sides. ------IS REMARKABLE. MACROECONOMIC LARGELY ACHIEVED ECONOMIC REFORMS STABILITY HAS BEEN Moreover, scientific cooperation scientific cooperation Moreover, In our perspective, innovation andIn our perspective, innovation SERBIA’S PROGRESS IN countries in recent years and in it in and years recent in countries self by the intensification of regional cooperation, in particular with Alba countries have both a long-standingcountries have tradition in science and research and could benefit a lot from this approach. Italy supports Serbia on its EU acces importantHow path. sion you do think Serbia's role is in the Western Balkans region? positive role and fundamental The Bal by Serbia in the Western played kans is demonstrated by the improve ment in relations with neighboring between Italy and Serbia has been in creasingly intense in the last few years. personallyI have attached special im of field the in cooperation to portance focused we years, last these In science. diplomacy” and its also on “science link to industrial application and val ue-added manufacturing. Our two be developed successfully sectors in healthcare infrastructure, digital like re industry, and medicine, agriculture, industry and others.newable energy, ceptional circumstances of the pan circumstances of the ceptional confirmed to bedemics. Italy Serbia's billion partner with 3.4 second trade commercial exchange.In euros in the is roomdeed, there for improvement the by that - statistics with only not already feedback show positive way - but of this year for the first quarter also with a wider cooperation to be achieved new with investments. offer the greatesthigh-tech in general potential for collaboration between our countries. New can technologies than acceptable, considering the ex the considering acceptable, than ------Italy has been close to Serbia by has beenItaly close to Serbia by The generous donation was an ex donation was generous The As I said many times, although I was in bilateral trade last year was more was in bilateral trade last year With around 600 Italian companies present in Serbia, the result achieved vember last year, Italy is a very impor Italy is a very last year, vember tant external trade partner of Serbia. countriesIs there room for the two trade? to improve ic in Italy, in spring last year. ic in Italy, No in published study a to According support and assist the Serbian people, as Serbian doctors,as well by sharing the experience made during the first most difficult months of the pandem sending last summer a Civil Protec here withtion medical team that came great enthusiasm and willingness to a meeting of close partners who helpwho partners close of meeting a each other. population again, has confirmed, once that the friendship between Italy and Serbia is long-standing and genuine. story of our relationship is truly The traordinary expression that was deeplytraordinary expression that was appreciated. In my opinion, the great from the Serbiansolidarity movement zens and authorities in the most diffi zens and authorities year. last country our for moments cult well aware of the generosity of Ser of generosity the of aware well by all truly moved bian friends, I was and solidaritythe expressions of love both Italy from citi Serbian towards which I would like once again to thankto once again like I would which Serbian people. with the generous donations of sani with the generous donations devicestary protective ago, one year for friendship of sign concrete a was The relationship between relationship Italy and Ser The support The bia is vibrant and sincere. Government Serbian the from received duced crisis when Serbia sent aid toduced crisis when How important two is it that our Italy. other? countries help each also”, he concluded. also”, coun the two relations between The the COVID-intries intensified during simovic paid a visit to Italy. This year, This a visit to Italy. simovic paid Se Foreign Affairs Nikola Minister of Rome,to recently very went lakovic fairs and current National Assembly National current and fairs Minister Ivica Dacic and the President Jadranka Jok Integration of European 10 Focus ITALY 2021 I AMDELIGHTEDBYSERBIAN NATURE Could you tell us about cooperation Could you cooperation tellusabout still underway. facing withthepandemicemergency tant challengesthatourcountriesare appropriately inthe lightoftheimpor more Institutions has intensified even eration withSerbianGovernment and among theothersofhowourcoop Belgrade’s accessiontotheEU. of between ourdiplomacies,inview foundations foraclosercollaboration our MinisterofForeignAffairstolaythe with met Selaković Minister Rome, In ofview. point fromevery operation I thinkthatwe have co avery good bia andSerbianinstitutions? Government oftheRepublic ofSer withthe thecooperation describe official visittoRome.How would you an on was Selaković Minister while and theSerbianMinisterofDefence, You recently met with President Vučić achieved. soon icant resultscouldbe sues andwe areconfidentthatsignif commitmentonalltheseis renewed Serbian Government is working with mentation ofthemediastrategy. The dom ofexpression,includingimple ronment thatfullyguaranteesfree solid track record, creating an envi crimewitha ruption andorganized tion, steppingupthefightagainstcor sive reformofthepublicadministra tice reform,delivering acomprehen Cultural InstituteofBelgradealso that study Italian in Serbia. The Italian sible todetectaround40.000persons Currentlyit is pos gree and PhDlevel. uptotheuniversity de mentary school is studiedfromthethirdyear ofele the educationfield,Italianlanguage is long-standingandvery intense.In in overallCooperation cultural sector tion, artandculture? between ItalyandSerbiaineduca very Love close. for food andthejoy of gatheringtogether, aspects thatwe strongly have in common andthatmake us country, aswell asinItaly. Thisisindeedoneof themain — Ireally admire of family thesense thatstillpersists in this and whichSerbiancustoms doyou like? particularly What kindof connection to Belgrade andSerbiadoyou feel In fact,thisisjustoneexample ------sic, visualarts,theater,literature,fash ships cover practicallyall sectors: mu ly received apositivefeedback. onlinecoursesthatactual organized due to the pandemic we managed to and,Iamvery proudtosay, CEFR levels fers Italianlanguagecoursesatallthe CULTURAL RELATIONSHIPS DESIGN, PUBLISHINGAND VISUAL ARTS,THEATER, Excellent bilateral cultural relation LITERATURE, FASHION, EXCELLENT BILATERAL ALL SECTORS:MUSIC, COVER PRACTICALLY CINEMA origin andthelegacy of ourhistorical friendship. the various localities in Serbiato enjoy, even more closely, the Serbian nature butIespecially like to reach Roman ruinsin family meetings by friends.Iadmitamdelighted some by has beenanhonorfor meinthe pastto beinvited to those like in“slava” tradition, and it opportunity isheartwarming - - - - tough times. in ously a source of connection even cultural presence has been continu the pandemic, to confirm that our to open the public in Novi Sad, despite exhibition “RomaAeterna”remained asitstopic. has Pinocchio whichthisyear world ofchildhood, Festival ofPancevo, dedicatedtothe thehostcountryofBudi has been lic in April and May. Again in May Italy that we presentedtotheSerbianpub the exhibition “Dante Ipermoderno” that Ireallywould like tomentionare Novi Sad,Nis,Kragujevac. and festivals in Belgrade, but also in takes partinallmajorculturalevents institutions, publicandprivate, and ates with the major Serbian cultural The ItalianCulturalInstitutecooper ion, design,publishingandcinema. Let’s not that forget last year the Two recentexamplesofinitiatives  - - -

12 Focus ITALY 2021 by Mina Vučić INTERVIEW Italian andSerbianculture,economy,historycreatespecialbilateralrelations President oftheItalian-SerbianChamberCommerceandCEODDOROsiguranje–partUNIPOLGroup GIORGIO MARCHEGIANI OPPORTUNITY SERBIA -THELANDOF and plans. and plans. have discussedcurrent statisticaldata ness communities,andtogether they between theSerbianandItalianbusi hechairsactsasabridge the Chamber withMrMarchegianihas spoken as Osiguranje. Our journalist Mina Vučić ofCommerceandCEODDOR ber President oftheItalian-SerbianCham Marchegiani, with Giorgio interview gone toprintwithoutincludingthe T he sixth edition of InFocus he sixtheditionofInFocus Serbia couldnothave to theItalianeconomyin Italy magazine dedicated - - es here, there are about 1,600 Italian 1,600Italian es here,thereareabout ofbusiness In termsofthenumbers to othercountries? Italy andSerbiahave, incomparison relationship thespecial describe best Could you that give numbers usafew DEVELOPMENT INTHE WE EXPECTGREAT FUTURE - relative as the companies we take into relative asthe companieswe take into bia’s GDP. are the numbers However, These companiesgenerate5.4%ofSer ple). This is quite an astonishing fact. Serbian employees (2.5millionpeo to2%ofall whocorrespond people these companiesemployover 50,000 and is acountrywith7millionpeople asSerbia number extremely relevant 1,600, arevery influential.This isan nesses, outoftheaforementioned sis whichshowsthatalmost600busi merce hasmadeavery detailedanaly ofCom shareholdings. OurChamber companies orwithItalian - - - - - ITALY 2021 Focus 13 ------The Chamber of Commerce is a repre The proud and I am very body, sentative created with of working of our way other business associations and or ganizations, such as the Italian Em is work bassy and Confindustria. This allare we think I and demanding, very an also have We great team players. administration team made up of ex cellent Italian and Serbian managers ing the environment and throwing ing the environment and throwing can be de without recycling waste do hope that Serbia will We structive. be able to use our experiences and not repeat Italy did in the same mistakes has as well, recent decades. Creativity, great potential for development as it of ideas;can allow the interchanging I think Serbia can this is something learn from us and implement locally. Serbian for space market the Finally, thegiven huge, is Italy in companies fact that Serbia has been developing environment business serious very a with medium-sized production com panies, such as those in the packag expect great devel We ing industry. opment in the future. Chamber of Commerce acts as aThe bridge that unites Serbian and Italian businesses. It will soon celebrate its Which of the Cham 20th anniversary. the proudest of? results are you ber’s What will beWhat developments further in relations? bilateral economic believeI middle-sized and small in It and the service sector. companies in fash excellence for strives aly also part of which are a big ion and design my opinion, this isour culture, and, in benefitsomething Serbs can from. In addition, it is arguable that the envi developing,ronmental sector is and important as everythis is very nation to the territoryshould pay attention energy sustainable Serbian owns. it clean and water sources, recycling, can grow quite aing systems sectors that has slowly is something lot. This started to emerge, and for this reason, it also needs acceptance and regula which couldtion from the authorities, also benefit to its vi from this, due alltal importance. have In the EU, we not respect learned how destructive ------OPPORTUNITIES WHICH IS A QUITE THAT OFFERS MANY BUT ALSO A MARKET PRODUCTION COSTS, COUNTRY WITH LOW OUTDATED THOUGHT, SERBIA IS NOT ONLY A ing the pandemic. This is a beautiful ing the pandemic. This it can stim because thing to observe ulate the economy even more. cessful, and their efficiency has re has efficiency their and cessful, mained stable till now in Serbia. The industry automotive and packaging are the best examples of this. Lastly, thebenefitscome with greatest the technological development in Novi Silicon Sad, dubbed the European constant presence of ex This Valley. creates sectors numerous in cellence for future invest many advantages a great from be done that could ments number of Serbian nationals who are coming back home from abroad dur production costs are rising, they are Europe other in than lower much still are alsoan countries. Serbian workers highly skilled and efficient in produc times,Yugoslavia to back Going tion. a lot of industry sectors there were highly developedthat were and suc The third one is the working environ working the is one third The has great producment, in fact, Serbia although thetion prerequisites and, investment destination? investment Serbia, specifically in the post-Covid a lot of invest will have era, has and geo nation’s The advantages. ment positiongraphical as a crossroads of its greatest benthe Balkans is one of free is the efits. Another advantage that Serbia has withtrade agreements and Turkey, the Russian Federation as other Asian countries. Ser as well a springboard,as bia, therefore, acts transfer and to move easy it making EU.the outside and region the around What are Serbia’s advantages as an advantages are Serbia’s What ------green economy. thought, but also a market that offersthought, but also a market opportunities,themany especiallyin technology and fields of innovative companies in different sectors, which Serbia aspect,is a positive as it proves produc low with country a only not is tion costs, which is a quite outdated companies in Serbia. We would like to like would We Serbia. in companies the Serbian know-how to a glob take wide range of is a very al level. There tor as a very important one since we since one important very a as tor believe in the next decade this sector opportunitiestheof for lot a create will establishment and growth of Italian ing agencies are also important mar also like I would in Serbia. players ket to highlight the renewable energy sec the electronics and technology indus try and service sector. Italian produc ers of refrigerator parts and market panies that occupy top market posipanies that occupy market top tions, for example DDOROsiguranje part of UNIPOL Group and Generali can find we Osiguranje Serbia. Lastly, sa, the largest bank, and UniCredit, the second-largest bank- rule the game. I should also mention insurance com nancial sector, where two large nancial sector, where two Ital ian banks operating in Serbia - Inte from socks to car parts, especially the subsectors, istextile and automotive are companies our which in sector the also active are very They most active. in the agricultural industry and the fi Generally speaking, the manufactur everything produces which sector, ing Which economic sectors are the Ital in? ian companies most active companies in Serbia in the post-Covidcompanies in Serbia hope Serbia will becomeera, and we an even destination more attractive for Italians. and this is fundamental for our rela and this is fundamental significant aspecttionships. Another is the re-established of Italian interest between the two nations since we are nations since we between the two and histori of the cultural all aware amongst uscal connections existing smaller companies. Serbia and Italy Serbia and smaller companies. connection established a great have It is bilateral relations. that facilitates also important about to talk the links consideration are very different; from different; are very consideration and insurance companies, Fiat, banks, to largeother many players market 14 Focus ITALY 2021 nity for both nations. nations. nity forboth opportu andrepresentanew doors new thatcanopen italized Chamber anddig amoredeveloped to become holders’ growinginterestcanleadus and facilitates Our operations. share prestige which gives theorganization of. There isalways space forgrowth uine andsomething Iamvery proud which makes ourrelationsvery gen ic partnerbutalsoasacultural one, Italy isn’t justasaneconom viewed and Information.Itisgreatto see how Prime Ministerandof Culture Deputy the Gojković, Maja with ship authorities. We have agreatrelation gy, aswell asthecustoms andfiscal bour, Environment, Culture, and Ener bian government -ForeignAffairs,La with numerousministriesintheSer try of Serbia, but we also cooperate Chamber of Commerce and Indus In Serbia, we with collaborate the Italian-Serbian relations? with? Howcanwe furtherimprove Which institutionsdoyou cooperate ------be improved. improved. be whichcanalways tration procedures, in termsofbureaucracy andadminis specifically that nocountryisperfect, am very realisticandIknowvery well at thesamepace,butasan Italian, I don’t oping, they tend to always grow ferent sectorsofonenationaredevel tomentionthatwhendif is important Moreover, areopen. it and ourdoors IT ISGREATTOSEEHOW MAKES OURRELATIONS CULTURAL ONE,WHICH SOMETHING IAMVERY JUST ASANECONOMIC PARTNER BUTALSOA ITALY ISN’TVIEWED VERY GENUINEAND PROUD OF - - - ture, whereinfluencesfromtheYugo bia isalsoacountryofgreatstruc Ser er, Serbshave itatahigherlevel. in theItalianculturealready. Howev living, whichisvery muchingrained ians canlearnfromSerbsisthejoyof Theny development. mainthingItal oncompa ferent opinionsandviews variety have of a dif large that they thing Serbs can learn from us seeing ment andknow-howthisissome country out of Italy in terms of manage World Warhascreatedavery strong aftertheSecond 70-year-timespan well. TheItalians have developed our manufacturingtradition,which from ourartisticattractions,aswell as canlearn ian lifestyle,therefore,they In myopinion,Serbslove theItal and viceversa? What can Serbs learn from Italians happy tolive here. left anicemark onmymemory. Iam travelled across entire Yugoslavia. It whenI quite young, inthe1970-1980s country whichIfirstsawwhen Iwas here, Ilearnedhowtoappreciate this years ofliving Inthepastseven pects. the otherhand,Ienjoyculturalas of someareasinItaly. InVojvodina, on reminded me them alot because they Tara, Šumadija,andothers.Iliked allof treasures Kopaonik, including Zlatibor, tains. I’ve visitedmanyofthenatural such as skiing andhiking inthemoun andactivities ofsports different types really enjoyitsnature,asIlove doing used to and like to abe part of. I also issomethingIamvery much people surrounded bycompanies,shops,and and innovative city. Asaresult,being and raisedinMilan,adynamic born I love BelgradeandNoviSadsinceIwas and Belgrade? feel connectedwithSerbia,NoviSad, country? Whatisitthatmakes you Serbia, whatdoyou like our about As anItalianlivingandworking in win-win solutions. opinion, itisalways tofind important terests inbilateralrelationsbutmy matter offact,therearedifferentin can learnfromSerbsisprecision.Asa al structures.SomethingelseItalians slav eraarestillfoundinorganization  ------

16 Focus ITALY 2021 INTERVIEW the effortsthatSerbiaisconstantly the improvement and of cooperation the Lombardyregionthreeyears ago, cooperation agreement signed with Italian businessesandVojvodina, the bardy. The issues cov mostimportant but alsoallother areasoflifeinLom ganizing primarilyeconomicactivities, from thetrulyefficientpractice ofor andexamples es, knowledge,models Vojvodina's intentionto useexperienc is astrongsignalandreliable signof veloped ItalianandEuropean regions that Lombardyisoneofthemostde Italian andEuropean regions.The fact Lombardy, one of the most developed Vojvodina signedanagreementwith In 2018,theAutonomousProvinceof today? tion anditsimportance How would you ratethatcoopera agreement.signed a cooperation In 2018,Vojvodina andLombardy ing business. making toimprove conditionsfordo W e talked with Igor Mirović, the cooperation between between the cooperation ian Government, about the headofVojvodin ------new projects onourcommon agenda. new itinthefutureandhave timistic about we down are our verycooperation, op ropean soil in Lombardy, has slowed onEua halfandwhichfirstemerged which has been going on for a year and jvodina inLombardy. individual projects and presented Vo contacts, lishedagreed several upon the Agreementwas signed,we estab ments. Inthatsense,immediatelyafter businesses andattractingdirectinvest spective of chambers commerce and connecting there nomic cooperation, ered bytheagreementrelatetoeco STRONGER PRESENCEOF INTERESTED INANEVEN ITALIAN BUSINESSESIN Although the Covid-induced crisis, Although theCovid-induced crisis, ADD THATWEARE I WOULDLIKETO VOJVODINA Head oftheVojvodinianGovernment IGOR MIROVIĆ OPTIMISM WITH GREAT COOPERATION TO FUTURE WE LOOK the comingperiod good foundationforeconomicgrowthin I thinkthatSerbiahaslaidanextremely ------interest during our frequent contacts. interest during ourfrequentcontacts. to findadditionaltopicsofcommon tion between scientific institutes and agencies, toestablishclosercoopera connect ourrespectivedevelopment - tocontinuenurturingcontacts, to sues. The conclusions are very concrete have discussedawholerangeofis andmyassociates tana's associates in touch.Over thepastweek, Mr.Fon or June,butwe areindeed constantly layed ourplantomeetasearlyMay Theand hisassociates. crisishasde tomeetMr.Fontana a greatoccasion ly fellthrough.That would have been and winemakingwhichunfortunate inviticulture mote ourachievements fairs, inVerona, wherewe would pro Italiantradeof themostimportant We atone hadanagreedappearance lined the of importance cooperation. the Covid-19virus,butalsounder situation relatedtothefightagainst We onthecurrent exchanged views the conversation? Fontana. Whatarethehighlightsof ident oftheLombardyRegion,Attilo In February, you spoke with the Pres During my stay in Milan, Lombardy, I During mystay inMilan,Lombardy, I ------ITALY 2021 Focus 17 ------ So our common goal is to contin With the implementation of new in ka Gora corridor, the Belgrade-Zrenja and the fastnin-Novi Sad motorway road from Sombor to Kikinda, which will all be next three completed in the additional create will we years, five to prerequisites for smaller Italian com in less de panies to come and invest places that are locatedveloped near these roads and possibly employ be 100 and 1000 peopletween per project. ue this process, but with much better potentials,promotion of our country’s in order to boost its economic growth, increase exports, especially of agricul tural products, also in the segment of the joint engagement in the process see a greating of these products. We Italian part opportunity in that. The extremely powerful tech ners have especially for the processing nology, of agricultural products, will so we future,in the solutions looksuch for also via the influence of the regional of Lombardy. authorities were a goodwere a large for signal num in to here come to ber investors of create new and vest that's jobs. But is to Our goal in Vojvodina not enough. unemployment evenbring down more from the or six years, five in the next of around 9% to betweencurrent rate in absolute4.5% and 5%, or, expressed numbers, the current 100,000 to from people,less than 50,000 unemployed which happened time in 1989, al last socio-historical different in beit cir achieve will that, we cumstances. To partners andneed the help of Italian have we are ready, new We investors. new build and industrial overhauled five did not have zones, the ones we Šid, Kula such as the zones in ago, years and and to Bačka expand Topola, the Pančevo industrial zone. frastructure projects, such as the Fruš AGREEMENT ------The most important issues covered by the agreement relate to economic cooperation, connecting the respective chambers of commerce and businesses and attracting direct investments. ADDITIONAL WE WILL CREATE WE WILL CREATE SMALLER ITALIAN SMALLER ITALIAN AND INVEST IN LESS DEVELOPED PLACES PREREQUISITES FOR PREREQUISITES COMPANIES TO COME tic exports? all, the politicalFirst of stability and in the modsignificant efforts invested ernization of infrastructure in Serbia bardy, I saw that more than four millionbardy, adminis were doses of Covid vaccine tered in that region, which means that aLombardy has managed to vaccinate large number of its population out of a total of 10 million in a short time. As a result, the situation is much better, hope that our help has con and we tributed to that. Serbia do and What can Vojvodina their economic environ to improve ment to attract even more investors domes but also increase from Italy, darity and sincere hope that the crisis in Lombardy will be These overcome. days, following the reports from Lom and great challenges. Serbia showed Serbia challenges. great and and effectively act to able was it that its own people,to protect one on the effi very a bein could seen which hand, cient procurement equip protective of devices medical latest the and ment Vojvodin The from across the world. donated 25,000 also ian Government soli friendship, euro as a gesture of not alone in moments of great crisis of in moments not alone ------generous than the aid we sent, demon generous than the aid we strated the strength and ability of Ser bia to help our friends but also express our solidarity and show that they are The aid sent by the Government of the aid sent by the Government The much moreis Republic of Serbia, which is this type of cooperation between countries and what does itthe two demonstrate? The Government of the Republic of Government The Govern Serbia and the Vojvodinian coun the Italy when aid to ment sent try needed it most. How important oldest cultural institutions in Serbia are located in Novi Sad. cated in Milan and other cities in Lom in cities other and Milan in cated while the most important and bardy, ence in Technology Park, after we fin we after Park, Technology in ence of autumn in Park the equipping ish in cul are also interested We this year. importanttural cooperation because cultural institutions are lo European lating to the development of activi ties that will be carried out under the Sci the and university our of auspices cialized areas, such as agriculture, sci cialized areas, such re activities technological and entific re in contacts lated to biotechnology, I would like to add that we are inter are we that add to like would I an even in ested presence stronger as in Vojvodina, of Italian businesses as in technology transfer in spe well operation further? them in line with our common interests. them in line answered already have you think I but how canthe following question their co provinces improve the two na and that through the concretizationna and that of our cooperation will be to able we and define some of its forms improve got an impression that Mr. Fontana and Fontana that Mr. impression got an his associates friends of our are sincere Vojvodi reliable partners of country and 18 Focus ITALY 2021 CORPORATE “G company celebrates its190thanniver similar to Thisyear, people inSerbia. our in life and in that, they are and business Italians are direct communicators, both all 50countries that we in. dobusiness means that theItalianspiritprevails in Executive Board Chairman of Generali Osiguranje Srbija PARTNER TOOURCLIENTS OUR AMBITIONISTOBEALIFELONG ofcoronavirus’the influence, only and ter of last year, themarket was devoid quar first the followingin waythe – in like to compare last year andthisyear 2021,of I quarter first Regardingthe — the insurance business? tor? How much has Covid-19 changed this year in terms of the insurance sec of half first youHowratewouldthe for InFocus Italy. Executive Board, says in his interview the of Chairman the Filipović,Dragan everyone of thestrength of ourbrand,” sary, and we want to show and remind DRAGAN FILIPOVIĆ our dominant market. This based inItaly, whichisalso international company enerali Osiguranje isan - - - nine months later, itwas directly impact industry hasbeenpushed forwardindustry and can quickly adapt. The whole insurance than theyever plannedto andthat they people have worked more from home tion have been greatly expedited, that relatedes to digitalization andautoma are uncomparable. achieved inthesameperiodlast year those and this year of quarter first the complished by theinsurance sector in thing like Theresults ac that happening. andwevirus, cannot wait to seesome year will be unscathed by the corona ability that the last three months of this at themoment.There isastrong prob in theopposite direction, are asthings ed by Thisyear, thevirus. we are moving customer are thetwo pillars I keep saying that asatisfied employee andasatisfied What is that iscertain alltheprocess for thesuccess of any company PILLARS ------products at adistance, meaningdigital be fast, efficient and helpful in selling our it has responded to clients' demands to insurance when they decideto buy tothat comes client’s mind Generali isthefirst thing in insurance, namelythat live. This istheloftiest goal insurance aslong asthey would usethistype of clients to say thatthey Osiguranje, we want our partnership withGenerali Once they forge a pletely dedicated to theirwork, are pro going training andeducation, are com 2,000 employees who have been under results andsuccess thanksto allof our sustainable profitability. that promotes sustainable growth and result, whichisthelineinourstrategy stancy andsustainability of acertain on purpose becauseitshows thecon lining thetimeframe of 10and15years insurance share. witha40% Iamunder in arow, we have beenleadersinhealth ket share of about 30%, andfor 15years are leadersinlife insurance withamar ket for thetenth consecutive year. We insurance company mar ontheSerbian year,Last profitablemost werethe we — We are pleasedwiththeresults. very je achieve? OsiguranGenerali did results What of upuntil last year. something we could have onlydreamed uidated andpaid remotely, whichwas es themselves and have their claims liq have enabledclients to report damag ly. Butmost of theinsurance companies We have recorded theconsistency of ------ITALY 2021 Focus 19 ------ We have a lot of plans on how to cel to how on plans of lot a have We This exceptional partnership has also This exceptional bilee celebration. This will be a brand brand a be will This celebration. bilee the will demonstrate that campaign peo remind and brand our of strength be our company of the strength ple of finan a Generali, with partnering cause 190 for has existed that cial institution thing. small no is stability shows It years, clients. our with trust promotes and erates. We have long been recognized long been recognized have We erates. only not competes that as a company how much itprofit will but make also responsible socially good many how it will launch and implement. projects In its 2021 Generali celebrates 190th mark to plan you do How anniversary. com a for work to feel it does How it? that pany has been in business for 190 years? Working us. for year jubilee a is 2021 — 190 for has existed that in a company a small thing. went is not The world years and our 190 years in those a lot through all overcome to has managed company the world. of the rest with together that strong became survived but only not We This April, I celebrated er and stronger. so Generali, for me working of years ten 190 years. those 10 to contributed I have will launch a big We the jubilee. ebrate a by followed campaign, group global the ju will usher us into local one that chologists throughout our country where throughout chologists experi personal different with families and experiences exchanging are ences personal give We conversations. have ideas too. and exchange contributions the participat of in the eyes shine That help for and their gratitude ing families proper their children raise ing them to situation financial their of regardless ly satisfac great feel We invaluable. are see that. tion when we We level. the Group at been recognized everything we for been awarded have years three done in the previous have have we on doing what will keep and we wants Generali doing.been Worldwide, in which it op help the communities to — We are very proud of and we enjoy enjoy we and of very proud are — We year. fourth its in is which partnership this who cannot families help to The idea is and upbringing development, the fund right in the children their of education conversations. educational through way, with psy forums organize we Together, ------JUBILEE celebration by a local one that will one that a local by usher us into the jubilee the usher us into Our employees, who have daily con who have Our employees, satisfied have first to is ambition Our group campaign, followed followed campaign, group We will launch a big global will launch a big We vak Djoković. Tell us more about that that about more us Tell Djoković. vak cooperation. gy and satisfaction to the client. A lot A lot the client. to gy and satisfaction We that. achieve to done be to needs with years surveys every two conduct employ our among questions 200 over satisfaction of ees about the degree they work the company with they have a roadmap are get we The answers for. years two in the next take to steps for everything our employees improve to us. given have does How man Generali Osiguranje also age to care take of all You this? No with cooperation successful have tact with our clients, are our company's our company's are tact with our clients, the true image are They ambassadors. task and my our company, of and mirror them with the provide to are and role encour which atmosphere and ambience passionate feel to develop, them to age company the love to their work, ly for be focused and to in which they work satisfaction. on customer their ener will transfer who employees tomer are the two pillars for the suc pillars for the two are tomer company. any of cess ja received prestigious awards for its for awards prestigious ja received outstanding relationship with clients mean this does What associates. and the company? for and what you, for since me personally, to — It means a lot but I see company, the I am the head of say to like I so family a as company the that I am the first among equals. All only encour receive we awards those and to on our path persevere us to age a that saying I keep improving. continue cus satisfied a and employee satisfied ranje Srbija is proud to have made it it made have to proud Srbija is ranje way. same in the clients its to available Srbi Osiguranje Generali 2020, late In ------We were also the first insurance com insurance first the also were We We were able to switch to remote remote to switch able to were We tries of the world, and Generali Osigu and Generali the world, tries of bile phone to record the damage which the damage record bile phone to our to the application via then sent was the enter we is done, that Once centre. our system, into the damage of record out. the client These assess pay it and coun in modern exist the things that are ferred those workers to do other, more more other, do to workers those ferred jobs. creative enable our clients to on the market pany themselves. by damages the report to in is involved when a client instance, For to do was all they had to a car accident, our 5-6-step-instructions via mo follow ther improve these processes. For exam For these processes. ther improve 14,000 over processed robots four ple, These robots year. claims last damage took humans - they just replace did not people that jobs repetitive those over trans out.we And day and in day do es before the onset of the pandemic. the pandemic. the onset of es before accelerated the coronavirus However, fur to us forced and application their virus hit, we did not find ourselves in a find ourselves did not virus hit, we 100 of instead practice, In problem. big we quickly employees, 1,000 switched We remotely. worked who employees process other many also automated work work very quickly only because, three our employees allowed we ago years, as we a week, twice home from work to balance a work/life create to keen were a developed we then, Back staff. our for so when the corona infrastructure good ent’s needs on the spot, to issue an in to on the spot, needs ent’s policy surance quickly and to respond That is quickly. request to the client’s on. working are we the essence ground processes can and should be be can and should processes ground enables digitization Process digitized. to the client, to be closer to our agent the cli to tailor the product be able to The global economic crisis has expe How digitalization. for need the dited did adjust businessyou your to the trends? current depend on — Our industry will always the requires Insurance contact. human people two between contact and trust matter and a client. No - a sales agent ultimate that goes, digitalization far how contact physical from gained judgment be important. But the back will always ductive and make a great contribution contribution great a make and ductive company. the of results the overall to 20 Focus ITALY 2021 by Mina Vučić INTERVIEW economy in Serbia and discuss the cur magazine dedicatedtotheItalian for thesixtheditionofItalyInFocus the President of Confindustria Serbia tointerview had thegreatopportunity Vučić Mina journalist Our expansion. thusenhancingfurther tors opening, sec withnumerousnew developing Italian companiesinSerbiahave been period. future, inthepost-pandemic ment dothisyear tohelpbusiness What elsecould theSerbiangovern and mostprofessionalmanner. to solve thedifficultiesinfastest stitutions have always been prepared I must admitHowever, that Serbian in is thebiggestproblematmoment. valuable. Obviously, people’s mobility more makingourrelationseven board, one inourexecutive officeandinour Serbia forvaccinating nearly every andprofessional.Ihave tothank good two countries has always been very Firstly, our between thecooperation duringthepandemic? bia, especially between ItalyandSer cooperation How doyou evaluate theeconomic rent Serbian-Italianrelationsandplans. T he President of Confindus nomic growth in the near nomic growthinthenear forwardis looking toeco tria Serbia, Patrizio Tos, Dei ------the focus today should be on boosting onboosting should the today be focus jobs.Therefore,ate new inmyopinion, ket butmostimportantly, willcre they inthemar surely goingtohave aspot are If companiesstartinvesting, they that couragetocompaniesinvest. sufficientenoughtogive might notbe rent financialaidfromthegovernment opportunities. Unfortunately, the cur investment ment phaseseekingnew have alotofcompaniesinthedevelop onfinancial aidaswe shouldbe focus themain tain theworkforce. Ibelieve tomain we needsupport than ever, us entrepreneursbecause today, more This isavery interestingquestionfor possible? es overcome thiscrisisasquickly STABILITY ANDHOPE FOR GREAT STRIDESWITHITS VACCINATION SCHEMES AND THISPROVIDESUS I AMGLADTOSEETHAT ALL WITHGREATHELP, SERBIA HASMADE A BETTERFUTURE stronger entrepreneurialenvironment pandemic’s consequencesandforma been workingtogethertoovercomethe Italian andSerbiancompanieshave President ofConfindustriaSerbia PATRIZIO DEITOS HOTSPOT INVESTMENT THE ITALIAN - - - - - in their decision- making, therefore it is in theirdecision- making,thereforeitis companies forward them andsupport stitutions we work with.We push the nurture great relations with all the in cycle. forusto Hence, itisimportant phase butalsoduringtheirentire life not only during their market entry Our jobistoaccompanybusinesses, lems thatcompaniesfacedin2020? you telluswhatwere themainprob dustria’s roleinallofthis?Also, could jobs.Whatis Confin ofnew number Serbian market and created a large Many Italiancompaniescametothe preparedforwhat’sbetter tocome. investments andhelpcompaniesbe should emphasizetohelpgenerate is somethingthatSerbianinstitutions in thenearfuture.Lastly, financialaid pandemic, thiswillguaranteesuccess pared totake offonceagainafterthe companies nowtoinvestpre andbe companies. Ifwe helpandsupport coming nextisveryforthe important preparedtofacewhatis ing, sobeing omies will and start grow booming ter theCovid-19-inducedcrisis,econ add thatmyinstincttellsmeaf that comes their way. Ialso want to preparedtofaceeverything better be companies will and grow and develop vestments whichisthemainway our the market andgeneratingthosein ------ITALY 2021 Focus 21 ------ I believeI impor is communication that as to beas well tant for any company, able to publicly show whatever they for are thankful to you are doing. We are now able to We this opportunity. about our activi inform the audience ties that are in our focus and who we impor very is which with, cooperate are our source of communi tant. You for it. cation and thank you What projects will Confindustria im plement in 2021 and what will you focus on? few emerged a which idea An years back and unfortunately got stalled by isthe current situation in the world, to support companies in their efforts training for theto staff and employees to also want We of the future. market help new in companies in investments forget that cannot every We direction. globalized world are living in a very we and it is impossible to grow a company train without properlyand preparing I which run it. ing all of the employees say digitalization is also on ourwould list, and further development of the energy sector, which is something Eu rope is currently focusing on. Why is the new edition of Italy In Focus important for Confindustria? due to the immense bureaucratic ob bureaucratic the immense due to in and administration stacles, rivalry oth for any trains you Italy that really alsoWhat I think Serbs can er market. and creativ us is innovation learn from set lim them within the ity and using its. Likewise, learn fromcan Italians organiza and rigidness about Serbs important in our en tion which is very though, Overall trepreneurial world. both similar char very have countries which cre acteristics and friendliness environmentates a healthy working this will continue in and hopefully, differ future. Although it is a very the small to take like I would ent market, Serbian business and medium-sized them to grow andes to Italy and push develop bet there. I think it is always a lot of smaller businessester to have that operate than in different sectors a big company which only supports a certain industrial segment. ------DEVELOPMENT BOTH COUNTRIES BOTH COUNTRIES NEW GROWTH AND OPPORTUNITIES FOR OPERATE SERIOUSLY OPERATE SERIOUSLY AND PROFESSIONALLY AND PROFESSIONALLY WHICH HELPS DIFFERENT PROCESSES AND CREATES neurs there. If you manage to launch a manage to launch neurs there. If you be apt enough you’ll business in Italy, it anywhere else in the worldto launch What can Italian companies learn What can Italian companies learn What versa? vice and Serbian from this to feel do you connection country? I made a lot of friends in Serbia. I enjoy very was it as much very here time my firstI frankly, Quite in. fit to me for easy made friends and then companies, so of greatthese friendly relations were compet very is market Italian The help. difficult for entrepre and it is very itive bian institutions and are you satis bian institutions and are you fied with the cooperation? experi I’ve I can say that, fortunately, professional and transpar enced very Serbian institu ent relations with the me much fastertions, which allowed processesoverall. decision-making Serbian institutions operate seriously and professionally which helps differ opportuniprocessescreates ent and ties for new growth and development. All in all, it has been satisfying. very How do you cooperate with the Ser How do you as waste recycling, is something that something is recycling, waste as properlyneeds to function in the fu sec is another ture. Digitalization tor of development is trending that is facing and Serbia around Europe sec two demands. These the same vital will have to grow and tors have importance the coun in the future of economy. try’s of more sustainable energy as well energy sustainable of more as well ------tor, which also entails the production ondary raw materials in Serbia could Serbia in materials raw ondary generate much-needed growth and energySerbian sec development.The There is always space for improve space always is There seen and ana ment. From what I’ve lyzed so far, the productionof sec Can the cooperation the between countries further grow and if two in which segments? ‘yes’, and you have excellent managers and excellent have and you a investors skilled labor which gives here.great advantage over, the land here is very fertile, and the land here is very over, the quality-to-cost ratio is quite strong. is good, availability Plus, the workforce much faster. If we have any upcoming any have much faster. If we themimplementing start we projects, More more efficiently and concretely. which leads to easier problem-solv ing. Looking at Serbia through an en succeed have trepreneurial lens, we companies opening and forming in ed completely different dynamic. The re completely different dynamic. The institu with negotiations and lations tions are also faster and more efficient ting red tape and bureaucratic proce ting red tape and bureaucratic coun the as simpler, much are dures and has atry is smaller and younger that we face in Italy. Entrepreneurs Entrepreneurs face in Italy. that we diffi face very unfortunately, in Italy, measures. Here, incult bureaucratic has been Serbia, the government cut tages of investing in Serbia? tages of investing first analyze the problems I always As far as Italian investors are con are investors Italian as far As cerned, what are the greatest advan made great strides with its vaccina its with strides great made provides us alltion schemes and this hope stability and forwith great help, a better future. since tourism is one of Italy’s biggest of Italy’s since tourism is one sec importanteconomic most and has Serbia that see to glad am I tors. der strict lockdown and restrictions and lockdown strict der I hope that Ser throughout the year. bian tourists will be able to come to our country sooner rather than later bility of our employees, specifically employees, bility of our un kept was as the country in Italy, in our best interest to have strong re strong bestin our to have interest and the Italian Embassy lations with main in Serbia. The other institutions mo the in 2020 were faced issues we 22 Focus ITALY 2021 CORPORATE B BANK INSERBIA2021 BANCA INTESA-THEBEST to protect andincrease savings and re helps families andyoung generations trepreneurs indevelopment projects, Intesa encourages companies anden that employs over 3,000 people, Bank branches inalmost inSerbia, 100 cities lion clients. Through anetwork of 155 CEO of Intesa Banca DRAGINJA ĐURIĆ the precious trust of 1.34mil ten years, where ithasgained markettion intheSerbian for anka Intesa hasaleadingposi - - - - ing market hasbeen ourambitionto ing force leading usto head thebank its presence inthelocal market, thedriv — Ever since Intesa Banca established is thisto you? as Serbia’s best bank. How important This March, you won your sixth award ecutive Board. Ex the ofPresident the as 2005 since 2001, first as theGeneral Manager, and who has been the head of since the Bank tion of Bank Intesa with Draginja Đurić, We talked aboutthesuccessful opera tesa haswon numerous world awards. alize theirplans.In In addition,Bank - - - - - pleasure of beingawarded withwe per choice bank. Alltherecognitions we had become our clients’ and partners’ first- respond to thegrowing demandsof adequatelytoorder in digitalization improving model through our business in the global economy, while constantly stances of overall changed conditions this award underthecircum especially of success. We are extremely proud of leading position across allkey indicators sixth timeadditionallyconfirms our havereceivedwe for2021“, thewhich azine award -„The inSerbia Best Bank Central Europe, andthelike. nance, Euromoney, TheBanker, Finance al financial magazines such as Global Fi been recognized by leading internation out thelast 15years, Intesa Banca has wards achievements. further Through a motivation that ispaving ourway to commitment to ourgoals, butalsoas mation for theyears of dedication and ceive as a crown of our success, confir portfolio by close to 9% 17% andourcashloans increasing by more than our housing loansportfolio jumped by almost 12%, with 2020, ourretail business Comparing 2019 against to become thebank of first Banca Intesas’s ambitionis choice for ourclients and The prestigious Global Finance mag AMBITION partners ------ITALY 2021 Focus 23 ------As for Banca Intesa, the main focus the main focus Banca Intesa, As for ades-long successful cooperation with cooperation ades-long successful offered subsidies significant and Serbia often are Italian investors our state, by our vicinity of the geographic by drawn as advantages, and logistics market member is a proud Banca Intesa well. of one Group, Sanpaolo Intesa the of with in Italy, groups banking the largest Serbiain a as presence long-standing a  15 years. the last for bank top-of-mind er, and since 2005, as the chairman of of chairman the as 2005, since and er, that board. Given you the executive the opportunityhave to cooperate would how businesspeople, Italian with relations? Italian–Serbian the rate you Serbia has a very in — Traditionally, with It relationship and strong tensive 140 years celebrated we Recently, aly. Rome between relations diplomatic of since years as ten as well and Belgrade, part the strategic of the establishment According counties. the two nership of the SerbianDevelopment of the data to Ser in investor leading a is Italy Agency, FDI of in terms investor bia, the biggest in biggest and the second investments imple the number of of in terms vestor 600 Italian Almost projects. FDI mented Serbia, in employ operate companies in finance, in mostly people 39,000 ing indus and the manufacturing surance, wood leather, textile, try: automotive, the dec addition to processing, In etc... vious period and further growth of dig and furthervious period of growth Banks will ital services innovation. and that approach personalized a for strive user possible best the towards lead will meet the expec to in order experience, and provide their customers of tations them with financialstability in the on uncertainty. going digi the of implementation the be will an exten which envisages tal platform, a of the introduction towards path sive The journey. customer digital complete provides program transformation digital new onlinenew Omni-channel approach: individuals for and mobile applications for a new application entities, and legal pa a of introduction the and branches site a new Bank web perless concept, and solution CRM improved new, a and channels. with direct integration been the have head of the You bank manag general its as first 2001, since of the banking market started in the pre the in started market banking the of ------support SUPPORT allocated more than more allocated a state guarantee and guarantee a state a loan programme with programme a loan Furthermore, the Serbian Govern Furthermore, 300 million euros for the for 300 million euros Banca Intesa implemented implemented Banca Intesa tant tant trends in the local finance sector the consolidation will certainly remain ca Intesa actively implemented a loan a loan implemented actively ca Intesa and guarantee a state with programme than 300 million euros more allocated the support. for bank the in us await trends new What particu in Intesa Banca and sector ing com the for plans your are What lar? ing period? impor the most that — I am convinced ment has extended the support for en supportthe for extended has ment and small and medium en trepreneurs the very at as a priority step terprises those believe I pandemic. the of onset very importantmain in were measures activity under the newtaining economic small especially for business conditions, been have which SMEs, and businesses the of the blows to the most exposed crisis, but which should be the main in the recovery economic of drivers period. As the country’s post-pandemic Ban leading creditor, and bank largest izens and the economy. The situation The situation the economy. and izens change seriously in affected customer preferences as their as well behaviour, channels interaction to when it comes the im with the bank. This highlighted bank the of digitalization portanceof fact bearing in mind the ing operations, re of measures recommended the that a to led have interaction social duced digital of use the in increase significant that I expect sense, that channels. In to banks will encourage the pandemic further towards efforts additional make business their models of transformation in the new relevant remain to in order ecosystem. banking options for our employees and made and made our employees for options cit to and servicesproducts available ------Banks will most certainly remain the certainly remain Bankswill most ees’ health work remote — we offered bian banking sector entered the pandem entered sector bian banking than it had been much stronger ic era crisis financial global the of start the at capital adequate with ago, years ten over of onset the Since buffers. liquidity and priority was our absolute the pandemic, and employ our customers’ protect to How has Covid-19 affected the bank affected has How Covid-19 ing sector? the Ser all the challenges, of — Despite al resilience through risk management, management, risk through resilience al strengthening,capital base and techno innovations. logical cus on customer needs while increasing needs while increasing cus on customer organization and efficiency operational coming potential challenges. In an envi an In challenges. potential coming the main rates, interest low of ronment fo to be will banks the for challenges main support for companies and private and private companies main support for period, as well individuals in the coming in the government partners to as strong and over preserving stability economic folio increasing by more than 17% and and 17% than more by increasing folio 9%. to close by portfolio loans cash our banking, corporate to it comes When its maintained again once Banca Intesa in the Serbianleading position market, 8.3%, by growing portfolio with our loan include to expanded offering our while products. new loan tivity and — on the other — to further — to tivity and — on the other citizens of the quality life of improving 2019 Comparing crisis. of times these in our retail business jumped to 2020, by port loans housing our with 12%, almost ments, which contributed to — on the on — to contributed which ments, ac in economic one hand — recovery it ratio of 78.5% it and ratio of capital 78.5% adequacy of almost 20% at last end. year's We place in growth achieve to managed What results have you entered 2021 What 2021 entered you results have your are believe you do what and with this year? challenges biggest lead the in firmly stepped Intesa Banca — market banking Serbian the in 2021 into with high liquidity and a capital strong its loan-to-depos by shown best base, plete, taking into account that our Par our that account into taking plete, re also Sanpaolo, Intesa Company, ent the Year „Bank of for the award ceived in Italy" in 2021. all customer segments and maintain a a segments and maintain all customer This year satisfaction. their of level high com more even was our achievement 24 Focus ITALY 2021 INTERVIEW to almost3.4billioneuro Although mutualtradefellby12-13%comparedto2019,lastyear'samounted President oftheChamberCommerceandIndustrySerbia(CCIS) MARKO ČADEŽ ECONOMIC PARTNERS OF SERBIA'SLEADING ITALY REMAINSONE during the pandemic, as well as the during thepandemic, aswell asthe tween our two countries, especially be cooperation the about Čadež, and IndustryofSerbia(CCIS), Marko ident of the of Chamber Commerce an economy. We talked withthePres theSerbi to contributepropelling ship, andItalian companiesareready to Serbia on its road to EU member continuouslyprovidingsupport been knowledge abouteachother. Italy has I taly and Serbia have been taly andSerbiahave been and sound geographical and sound geographical economic cooperation having traditionally good - - - - nomic relations. further improvement of bilateral eco PLANNED INVESTMENTS ARRIVAL EARLIER,ARE NOT GIVINGUPONTHE POTENTIAL ITALIAN ANNOUNCED THEIR INVESTORS, WHO - from ItalytoSerbia andviceversa en ofgoods the problemsthat theexport ket for Serbian all products. Despite mar tal tradeandthesecondexport trade partnerofSerbiainterms ofto aly was thesecondbiggestexternal in tradeandinvestments. In2020,It nomic partnersintheworld -both mained oneofSerbia'sleadingeco Even during the pandemic, Italy re fected bytheCovid-19-inducedcrisis? in thepastyear sincewe were allaf between ItalyandSerbia,especially How would you ratethecooperation ------ITALY 2021 Focus 25 ------Although Italy is one of our most Italy is one of our Although opportunity to export their products duty-free to a total of 1.4 billion con sumers in several markets. Italian more even attract we can How to come to Serbia? investors adapt the conditions and further To potential and doing busi for investing ascompanies, to Italian Serbia in ness as to establish a stronger modelwell of cooperation and provide joint sup with together people business for port Italian institutions, the CCIS has been focusing its activities on cooperation di with individual regions, which have rect communication with companies and are more interested their com achieving entrepreneurs and panies held large gatherings andsuccess. We the two countries have reached ma reached have countries two the largeonly in which not a phase turity, export-orientedbut also smaller, com panies invest. the and partners economic important largest are confi we in Serbia, investors even can make dent that we better use of the potential for cooperation, name quality Italianly for Serbia to receive compa Italian for and investments, business in Ser nies to expand their under the auspic bia and the region which bees of internationalization, thefor of the main pillars came one in the of the Italian economy recovery post-CovidSer period.the entering By opencompanies Italian market, bian Bal Western entire the doorsof the com for the future kans, buy a ticket thanks to and mon regional market, free trade agreements, they the have ------THE PANDEMIC AND STABILITY, THE MOST DIFFICULT PRESERVED EVEN IN CIRCUMSTANCES DURING SERBIA OFFERS SECURITY SERBIA OFFERS Apart from large Italian business sys tems, banks and insurance compa nies, small and medium-sized Italian family businesses dominate the list of close to 1,250 registered and active companies, founded with the majority been SMEs have Italian capital. These large with together Serbia in arriving companies as their suppliers, both in is This individually. and dependently in line with the structure of the Italian is mostly dependent which economy, proof that but is also SME sector, on the bilateral economic relations between having to produce a negative PCRproducehaving to a negative test the Belgrade-Romeat the border. Also, believe I relaunched. rap the was flight vacci recognition of green id mutual facilitate will further nation certificates opera and business communication tions between companies. Large companies operate Italian in SMEs. HowSerbia, as do numerous important is that for boosting the bilateral cooperexternal trade and countries? our two ation between compared to other people, i.e. without people, to other compared i.e. ------Earlier this year, Serbia opened Serbia opened Earlier this year, It is encouraging to see that even Although mutual trade fell by 12- Although mutual trade around the world, allowing them to en around the world, ter the country with fewer formalities last summer. its borders to business people from ments realized too including the tex the including too realized ments which oper tile factory I-Novi Tekstili, open ates under the Norman Group, Bečej in facility production new its ing In 2020, 70 new companies with ma in registered were capital Italian jority severalSerbia, and there were invest potential Italian investors, who an potential Italian investors, earlier, are notnounced their arrival giving up on the planned investments. in Ruma, in addition to having a pro duction facility in Sremska Mitrovica. Turi started building a newstarted building a production Turi hall in Jagodina of the in the middle has decided pandemic, and Tehnostil to increase its capacities by investing For example, Calzedonia has recentlyhas example, Calzedonia For in Serbia, openedin its sixth factory Senta, furniture manufacturer Mobil Italian companies that were already were that companies Italian contin have doing business in Serbia ued to operate, produce and export, some even their business. expanded 13% compared to 2019, last year's trade last year's 13% compared to 2019, 3.4 billion euro.amounted to almost Industry of Serbia, i.e. its Belgrade of its Serbia, i.e. Industry of in office fice, and our representative been the biggestItaly have providing possible support that. in beginningour busi of the pandemic, ness people not stopped have cooper and Commerce Chamberof The ating. countered, evencountered, three Ital the during the and ian lockdowns in the past year state of emergency the in Serbia since 26 Focus ITALY 2021 mies and that together with the CCIS mies andthattogetherwiththeCCIS of internationalizationtheirecono to jointheircapacitiesintheprocess ezia GiuliaandVeneto -have decided Italianregions-Friuli-Vendeveloped that, inthe meantime, two of themost We andcooperation. support areglad ian regionsforacceptingtheinitiative, the respective governments oftheItal Emilia-Romagna. We aregratefulto agriculturally strongItalianregionof withtheindustriallyand cooperation nia andMarche. The planistoboost ulia, Veneto, Lombardia and Campa five Italianregions-Friuli-Venezia Gi thepandemicin presentations before vantages, Serbiacan offerthese com pared fortheirarrival andviceversa. pre better them sothatwe can be These will be tailor-made offers for stitutions thatwillaccompany them. panies individuallyandthefinancial in priate packageforeachofthesecom kets. We intendtoprepareanappro tothirdmar andexport production for ous formsofbusinesscooperation joint venture arrangementsandvari dium-sized companiesandenterinto will connectwithoursmallandme many Italian SMEs as possible, which forustoattractas equally important as well astheirbusinesscommunities. theuseful Serbian forboth companies, work together onthisprojectthatis and our representative office in Italy, Along withall otherinvesting ad In addition to companies, large it is ------exporters such as Geox, Benetton and suchasGeox,exporters Benetton and companiesand ic ties.Veneto-based solidify theSerbian-Italianeconom centive to further forbusinesspeople The signedagreementisanotherin bia inthecomingperiod? nies goingtoinvest themostinSer which segmentsareItaliancompa an companieshave fromthisandin willSerbi Luca Zaia.Whatbenefits ident oftheItalianregionVeneto, agreement was signed with the pres cooperation cultural development A year ago, and aneconomic,social ble economies. thanmostcompara prospects better in themid-andlong-term,aswell as nations intheworld of,both canboast thing investment that very destifew es duringthepandemicwhichissome in the most difficult circumstanc even panies securityandstability, preserved INVESTMENTS ANDJOINT BE EVENMOREITALIAN PROJECTS OFOURAND I BELIEVETHAT,INTHE FUTURE, THEREWILL ITALIAN COMPANIES ------production processes andcoopera processes production solutions forimprovingbusinessand Italian companiesinnovative software ourand economy thatcanofferboth fastest-growing sectoroftheSerbian as theITindustry. The ICTsectoristhe andrecycling industry,energy aswell industry),renewable riculture (food al interestregardinginvesting inag terms of investing, there is a mutu withItaliancompaniesinpopular cessing industries, which have been pro al, textileandfurniturewood industries. novation, digitalizationandcreative technologies,in tries butalsoinnew panies, notonlyintraditionalindus joint projectsofourandItaliancom moreItalianinvestments and even be that, in thefuture,therewill I believe inSerbia. arealreadyoperating Labor cooperation withItalianpartners. cooperation in addition to boosting the quality of businesses fromallsectors, between onestablishingdirect contacts focus este, thatwillcover entireItaly and trade fairforSerbiancompanies inTri market, butalsoestablishapermanent launch website fortheItalian aspecial worldwide. Weble everywhere planto the proven qualityandarerecogniza from domestic products, which have stores, despite strong competition thatarenowsoldinItalian products ofSerbianfood comes totheexport made significantprogresswhenit with Italianretailchains,we have 60 millionconsumers. aly's proximity andthefactthatithas tant forourcompaniesbecause ofIt on theItalianmarket, whichisimpor placementofSerbianproducts better we areworking onthepromotionand from here.Regardlessofthat, export country, hereand have production companies that have invested in our export from Serbia to Italy are Italian companiesthat of thetwenty largest the Serbian economy. As many as 12 toin themselves bringthatbenefit Italian investments Export-oriented toItaly? port Is thereaplantoincreaseSerbianex tion onjointprojects. In additiontotheautomotive, met In previous years, in cooperation years, incooperation In previous  ------

28 Focus ITALY 2021 INTERVIEW Italian companiesoperatinginSerbia companies fromItalyareverywelcomeandourbusinesscooperatingwellwith New investmentsandinvestorsareveryimportantforSerbia,so President oftheChamberCommerceVojvodina(PKV) BOŠKO VUČUREVIĆ RESULTS IN2021 WE HOPEFORBETTER (AP Vojvodina) have doingbusi been Autonomous Province of Vojvodina plans forthisyear. jvodina, as well asabout what the PKV’s ing todobusinessinSerbia andVo companies thatareconstantly com and Italy, ofItalian theimportance the cooperation between Vojvodina W “A totalof2,250companiesinthe e talked with the President e talked withthePresident Boško Vučurević, about Vučurević, Boško merce ofVojvodina (PKV), ofCom of theChamber - - - - LOOKING BACKSEVERAL YEARS, THENUMBEROF HAS BEENCONSTANTLY COMPANIES INTHEAP BUSINESS WITHITALY VOJVODINA THATDO GROWING Mr Vučurević. the Republicof Italyin2020too," said uct thattheAPVojvodina to exported Maize was prod themostimportant were active sector. intheprocessing ployed and most 8,217people, ofthem active intheAPVojvodina. They em filiates from the Republic of Italy were ly growing.Inlate2019,62foreignaf constant business withItalyhasbeen companies in the AP Vojvodina that do years, the of number ing back several ness withtheRepublicofItaly. Look - - - - - ITALY 2021 Focus 29 ------ STATISTICS There were also new projects, also new were projects, There In anticipation of a better epidemi export-oriented, encountered. wholeheartedly supportwhich we ed. As meetings in person are still not had severalpossible, we online busi an opportu created ness forums. We nity for business people to talk online with their peers from similar industries so that they business could exchange timeshard these in ideas and contacts also organized have a busi We as well. we and Alexandria with forum ness with forums business hold to expect other chambers in the future, primar ily regional ones. new and situation opportuni ological ties for organizing trade fairs and busi are continuing we ness meetings live, to hold online meetings with various chambers of commerce under the aus pices of interregional cooperation. We us a chance tohope that 2021 will give achieve better results and over work come the Covid-19-induced crisis. Serbia. This certainly affects both certainly the This Serbia. development envi economic of the the developmentronment and of ex the between relations bilateral cellent countries. two plans for 2021, not PKV’s What are only in terms of cooperating with other countries? Italy but also with all pandemic, Covid-19 the of light In to focus activities will continue PKV’s with our col on online communication chambers,leagues from other both in In the pastthe region and worldwide. con 50 online over had have we year, chambersferences with other of com ex exchanged we merce, with whom functioning the concerning periences of the economy in the Covid era. We many obstacles that overcome have companies, mainly those that were If we look at export statistics by sectors in the total export of the AP Vojvodina to the Republic of Italy in the period January- February 2021, the processing industry dominates with 84.3%. ------ENCOUNTERED THOSE THAT WERE EXPORT-ORIENTED, COMPANIES, MAINLY WE HAVE OVERCOME WE HAVE OVERCOME If we look at export statistics by sec by statistics export at look we If MANY OBSTACLES THAT MANY OBSTACLES vestments and investors are very im are very and investors vestments portant for Serbia, so Italian invest wel ments and companies are very come and our businesses are cooper inItalian companies with ating well of the agricultural sector occupiesthe agricultural sector of sec ond place, with a 10.5% growth. Maize the most important product was that exported to the Re the AP Vojvodina public of Italy in 2020 too. What can Italian companies learn from us and vice versa? the that is thing important most The number of businesses and investments from Italy in Serbia has been constantly Italian companies in Serbiaon the up. New 50,000 workers. over employ in which is a 3.6% increase compared tocompared increase 3.6% a is which export The the same period last year. stantly growing. In late 2019, 62 for In late 2019, stantly growing. of from the Republic eign affiliates Vojvodi AP in the active were Italy 8,217 people, and employed na. They pro in the active were most of them cessing sector. Vo AP the exportof total the in tors Republic of Italy in the to the jvodina period the pro January-February 2021, with 84.3%,cessing industry dominates do business with Italy has been Italy has with do business con ------Italy is also one of the most imporItaly is also one of the nies from the AP Vojvodina did busi nies from the AP Vojvodina Look ness with the Republic of Italy. of number the several back ing years, that companies in the AP Vojvodina According to the 2019 data we have at have According to the 2019 data we our disposal, a total of 2,250 compa Many Italian companies do business Italian companies Many How important in the AP Vojvodina. are they for the Province? ternal trade between the Republic ofternal trade between Serbia and the Republic of Italy during months of 2021. the first two most. The trade between the AP Vo most. The the Republic of Italy Ita and jvodina ly accounted for 33.5% of the total ex ports to the most, and the second place second most, and the ports to the share) among the coun (with an 8.7% tries from which Serbia imports the right after Germany. In the periodJan right after Germany. uary-February 2021, with its 8.5% share, third placethe Republic of Italy takes on the list of countries that Serbia ex two months of this year, with an 8.6% months of this year, two trade,external total in Serbia’s share the Republic of Italy the second place, tant external trade partners of the APtant external trade In the total external tradeVojvodina. during the first of the AP Vojvodina cessing industry and agriculture dom cessing industry and the export of carsinate the trade, i.e. and maize. in Serbia’s total external trade, the Re total external in Serbia’s public of Italy occupies third place. As far as exports the pro are concerned, of Serbia (besidesof Serbia Germany and Chi trade of thena). In the total external the first twoRepublic of Serbia during share 8.3% an with year, this of months Italy is one of the most importantItaly is one ex partners of the Republicternal trade How would you rate the economic co the economic rate you would How operation Serbia, Italy and between and Italy? Vojvodina sense that in and 30 Focus ITALY 2021 COMMENT employment andbusinessconti ing, we stimulate expansion plans, difficulties inaccessingfinance**. up companiesaswell, thatusuallyface formicroandstart- tees includesupport ing capital.Ourcreditlinesandguaran fixedto financeboth assetsandwork partner commercialbanks*, canhelp and EIFguarantees,providedthrough Thetermediated products. EIBloans Head ofEIBregionalrepresentationfortheWesternBalkans ALESSANDRO BRAGONZI THE SUPPORTTOREGION WE WILLCONTINUEWITH ** (EIF(EuropeanInvestment Fund)forSMEs|in EuropesupportedbytheEU(eif4smes.com) *To findEIBpartner commercialbanks,pleasegoto: Financial intermediaries(eib.org) cines andmedications. ofvac ture, aswell as development hospitals and healthcare infrastruc Other thanthat,we have supported sustainedoverhelped 500,000jobs. private sector which development, €5billiontodateforEIB allocated ic fallout. business continuityamidtheeconom help them maintain liquidity, jobs and for the small companies in Serbia to 2020, we have unlocked €175 million nuity, in especially times of crisis. In In Serbia,we €2.3bil have allocated TRANSPORTATION FASTER ANDSAFER In theWestern Balkanregion,the By providinganaffordablefinanc T he EIBGroup, has alongtra tor withawiderangeofin opment ofthe private sec devel dition insupporting ------Paris Agreement goals to reduce CO2 Paris Agreementgoalstoreduce CO2 tothe ted toalignallouroperations launched in2020,we have commit ing theirdigitalcapacities. line toSerbiancompaniesforupgrad guarantee tooffermoreflexiblecredit ment undertheCOSMEdigitalisation vation. The EIFsignedthefirstagree nesses and a driving force for inno factors insustainability ofbusi key asoneofthe ic, digitalisationemerged improved businessconditions. frastructure thatarealsoessentialfor anddigitalin energy for wastewater, Also, we projects are supporting new ing roadsrailway andwaterway routes. tion of transportation networks, includ lion totheconstructionandrehabilita the EuropeanCommissionandmanyotherinstitution invest inEurope’sfuturebyworkinghandwith Our shareholdersarethe27EUMemberStatesandwe for morethan14.000projectsinover160countries. Since 1958,theEIBprovidedloansandexpertadvice EIB HELPEDDRASTICALLY WORKS ONTHECLINICAL CENTRES INSERBIA,THE INCREASE THELEVELOF Since theonsetofcovid-19pandem In ourClimateBankRoadmap ECONOMY TRANSITION TO GREENER OF 20HOSPITALSAND WITH RENOVATION MEDICAL CARE ------emissions across all sectors. emissions acrossallsectors. towards sustainable,efficientanddi also needtomake thismassive leap digital market. ic transformation towards green and celerate themuchneededeconom advance with EUintegrationandac crisis, region overcome theCOVID-19 tohelpthe provide ourfullsupport we willnotstophere,butcontinueto year in the recent history. However, ume inoneofthemostchallenging almost doubleditsinvestment vol variety ofsectors. nance circulareconomyprojectsina €2.7the EIBallocated billiontoco-fi and environment.From2016to2020, es andreducingimpactontheclimate ute topreservingthenaturalresourc vate sectorisalsorequiredtocontrib competitive onaglobalscale,thepri resources.Inordertostay verse energy virtual reality, andbiomedicine. areas ofIT, artificialintelligence, multidisciplinary solutionsinthe hubs, start-upsareworking onnew, Belgrade andNiš.Intheseinnovation of CentresExcellence inNoviSad, andbuilding scientific laboratories These renovating fundshelped invested €200millioninR&Dsector. infrastructure inSerbia,theEIB To creationofinnovation support Serbia andthewholeregionwill SUPPORT TO INNOVATIONSUPPORT I am delighted that the EIB in 2020 I amdelightedthat the EIB in 2020

 ------

32 Focus ITALY 2021 CORPORATE T "The Free zone"The represents themost at production activities: a unique industrial park intended for Svilajnacwas founded it’s2011and in zoneFree that us toldmagazine, our forJovanović,interview Tijana an in The Director of the Free Zone Svilajnac, nancial, customs and business benefits. fi fiscal, Zonewith Free the tablished the District of Pomoravlje, whiches andistheonlymunicipalityridor X, in Director of theFree Zone Svilajnac LEADER INSERBIA SVILAJNAC -INVESTMENT quate workforce.“ environment, administration andade ate anattractive andreliable business ments of themoderneconomy, to cre requirethe torespond to conditions, years. We hadto create infrastructural though that wasn’t easy andlasted for great world's brands in one place, al I am proud that we have gathered the employ apeopleof variety profession. andprovidesness to theopportunity bia, whichismeant for allareas of busi tractive space inthecentral of part Ser TIJANA JOVANOVIĆ Serbia, neartheEuropeanSerbia, Cor of heart the in position, traffic an excellent geographical and he municipality of Svilajnac has ------Free Zone Svilajnac as a place for in forplace a SvilajnacZoneas Free havebrandsthe worldManychosen Ariston ThermoGroup of the S.H.E. SuperiorHeating Elementsdoo,part nized usasreal Thefact partners. that brand, butalsobecausetheyrecog only becausetheyare aworld famous of the most significant investments, not appliance manufacturers one iscertainly heaterses for the worlds largest home ThisItaliancompanySerbia. that produc the municipality of Svilajnac but also for — growth of onemunicipality? economicthe investmentsfor are foreignsuch important howAriston, Italianalso is them of One duction. vesting and starting or expanding pro and currently covers area of about60h infrastructural andcommunallyequippedindustrial zones Free zone Svilajnac twofully includes functional, They are very important notThey are important onlyfor very The Free zone Svilajnac attractive space inthe central partof Serbia represents themost CENTRAL PARTCENTRAL - - - - over m2speaksinfavor 4000 of that. plan andnow hasaproduction hallof the company hasexpanded itsoriginal (Vossloh-Schwabe withabout500em has beenoperating intheFree zone industry. Thanks to a company's that with experience in the field of the food and the Slovenian company - Hočevar, HDT and 2000 A - electronics of field Swiss Regent, companies German inthe mous company inthefield of lighting - ness inSvilajnac.ness  and foreign investors to theirbusi start lajnac. Onthisoccasion, we invite local also after to bringinghisbusiness Svi will provide before, support during but that thefuture investor knows that we foreign investors. important Itisvery and requisitesforattractingdomestic pre all workforcefulfilled skilled and staff. In this way, we have created enough technician, whichinvestors neededas troduced since last year: mechatronics in been profile has educational new a smith-welder and industrial mechanic) been inthedualsystem for years (lock to theeducational profiles that have interests of future students. In addition the economyand requirementsthe of files in our high schools focusing on the — what are theresults? schools. How did you achieve this and secondary its in education dual of conceptthe implemented cessfully The municipality of Svilajnac has suc and asurplusinforeign trade. Svilajnac isconstantly recording growth domestic companies, the economy of 300 employees), aswell assuccessful ployees andAlphatechnics withabout We have changed educational pro New foreign investors are a world-fa ------ITALY 2021 Focus 33 ECONOMY -  the collaboration of Unioncamere and inten Assocamerestero has the very strengthstion of showing the country’s it is contributingin this area and how research tells to this direction. The the Italian primatesthrough 10 “selfies” in the green in the circular economy, and design. economy, Italy is the country with the largest number of companies operating in the design sector, with 15.5% of the total European companies in this sector. Milan reconfirms itself as the capital of design. Italy is the European leader in bicycle exports, covering 16.6% of total European exports, and with a growth of 15.2% compared to the previous year. - - - Italy has the largest operator in the renewable energy sector. ENEL, withItaly has the largest operator in the renewable energy in the sector withits subsidiary Green Power, is the largest operator 2020. 47GW of managed capacity in the third half of The Italian furniture wood industry is the first in Europe in the circular economy: 93% of chipboard panels produced in Italy are made of recycled wood. and can give a great hand in doing this. doing a great hand in give and can research “Italy in 10 selfies year’s This to face the fu - a man-sized economy Symbolature” carried out by Founda the patron with tion for Italian Quality, of Foreign Affairsage of the Ministry and International Cooperation and the with Transition, Ministry of Ecological Second place for the export of green products, thanks to the number of environmental patents filed, low CO2 emissions, and strict environmental policies. Also, it is estimated to be the country with the most development potential in this area. Second place, after Germany, for pharmaceutical production, thanks to exports which grew by 168% in the period 2009-2019. In the last ten years, the sector has reduced both energy consumption and greenhouse gas emissions by 50%. - - - - A man-sized economy to face the future to face the economy - A man-sized 2021 ITALY IN 10 SELFIES IN 10 ITALY 2021 ing the pandemic, it hasing the pandemic, nevfought, reacted, and er stopped looking its to taly has not given up dur given taly has not I Italian agricultural sector is also among the most sustainable in Europe, with a number of emissions equal to 30 million tons of CO2. This sector reduced the use of pesticides by 20% (2011-2018), increased the use and production of renewable energy, and reduced water consumption. First country for trade balance in the field of pleasure boating and second for exports in this field. It is an increasingly green country, so much so that in the period 2015-2019 almost one in three companies invested in green products and technologies, and the number of companies that have invested in order to become more sustainable almost tripled compared to 2015. Italy is the European country with the highest recycling waste rate. InItaly is the European country with the highest recycling which is almostfact, 79.3% of waste is sent for recycling, a quantity double the European average. to eliminate CO2 production by 2050 future and the future of the world, of the world, future and the future cli the facing time same the at while sided with Europemate crisis. Italy has 34 Focus ITALY 2021 CORPORATE A owned by AUNDE Italia Group, a mem much have you expanded your capac 5.000spannedthat factory Howm2. workersa200 and with you started When you first came toSerbia in 2015, as well asthecompany’s plans. challengesSerbia, during the pandemic, results after 6years of in doingbusiness er of AUNDE SRB,aboutthecompany's Annino De Venezia, the General Manag ber of theAUNDE Group. We spoke with General Manager of AUNDE SRB Poirino, Italy covers inSerbiafrom Italianfabric developed andmade in The Italianway isawin-win strategy -we produce seat CONTINUE INVESTING WE WOULDLIKETO and madeinPoirino (TO), Italy. with Italianfabricin Serbia developed win strategy -we produce seat covers plant The Italian way in Serbia. is a win- who obtains projects important for our the strong from support ourItalianHQ quality of life. This is possible thanks to improvesto Astable singleout. salary is arelevant socialaspectIwould like and their mums are our employees. This than 100children were borninJagodina also women. In aboutseven years, more of thetop andmiddlemanagers are 74% of our staff are women, while 50% about 750. noting Itisalsoworth that hired newworkers. 550 Today, we have bled the manufacturing area in 2017 and — Iamproud to say that we have dou created sofar? ities and how many new jobs have you ANNINO DE VENEZIA AUNDE Group andis100% cars whichoperates underthe of textiles andcovers for FIAT UNDE isthelargest supplier - - - - What motivatedWhat you Ser tocometo daughter was bornandthe pandem because of -my things two important — during thepandemic entail? smart working concept you launched fect your operations and what did the demic. How much did the pandemic af one because of the coronavirus pan everyforyearchallengingwas Last has improved, the2-lane-limit. apart overall condition of themainhighways it doesn’t exist. In thelast few years, the where possible andintroduced where Ithastopublic transport. beimproved Another topic important concerns the problems faced by alot of companies. abuse of sick leave is one of the main negative aspects still exist -in the Serbia required support. Unfortunately, some The government Serbian gave us all the environmentbusiness here ispositive. er thanStellantis’ In ones. general, the produce additionalproducts too, oth seat covers production. Currently, we rived becauseof inSerbia the500L — provements canbemade? try’s business environment? What im bia and what do you think of our coun and hired 550new workers manufacturing area in2017 AUNDE isStellantis’ partner. We ar The year 2020 will stick in my mind my in stick 2020yearwill The I amproud to say that we have doubledthe IN NUMBERS ------procedures where possible at theon AUNDE working SRBlaunchedsmart other companies that neededthem. workers, hospitals, the Red Cross and and distributed masksand gloves to our plexiglass barriers onallourmachines, Governmentthe Serbian andinstalled followed thestrict recommendations of that companies first the of one been companies We that it. deserved have acted well and provided to support all Governmentout that theSerbian re in other months. I would like to point month andworked with50% capacity ic. We stopped our production for one ing segment worldwide.  manufactur entire affectedbadly the demic subsidesconsidering that ithas wish to continue investing once thepan 24euromillion of turnover 2019.in We ate manufacturing reality with inSerbia — next period? What are your goals and plans for the as theydoalmost year. every day, theycould joinusinourcompany, of the skills of the students so that one towishes contribute to thedevelopment SRB feels thesocialresponsibility and dual education system. Moreover, AUNDE — business?further direct they do much howyou and to recognitionsare Howimportant bia. tem category’ from ConfindustriaSer SysEducation Dual ofplementation the category ‘Contribution to the Im year,Last youreceivedawardin an set of thepandemic. We have placed alot of trust inthe AUNDE SRB is a stable and concre ------

FOCUS by Mina Vučić

LA BELLA FIGURA Italian fashion’s influence and creative output has been – and continues to be – prolific

ashion has always been aesthetics; enjoying a history of excel- al, Brunello Cucinelli, Diesel, Erman- an important part of the lence in art and design; having access no Scervino, Etro, Fendi, Hogan, Ice- country's cultural life and to master craftsmanship all over the berg, Richmond, La Perla, Marni, An- F society, and Italians are country; and indulging in the vibran- tonio Marras, Salvatore Ferragamo, well known for their attention of dress- cy that reflects the notion of la dolce MSGM, N°21, Tod's etc…Examples of ing-up well; "la bella figura", or good vita, it is a celebratory sum of many major fashion brands which are spe- impression, remains traditional. parts which are all integral to its ap- cialized mainly at womenswear are Italian fashion became prominent peal and success. The human touch is Agnona, Luisa Beccaria, Laura Biagiot- during the 11th to 16th centuries, when one of the most important elements ti, Blumarine, Capucci, Alberta Ferret- artistic development in Italy was at its in understanding what fuels the Ital- ti, Elisabetta Franchi, Giamba, Krizia, peak. Italian fashion is linked to the ian fashion industry. Max Mara, Miu Miu, Philosophy, Emil- most generalized concept of "Made in Major Italian fashion houses, de- io Pucci, etc, whilst the most impor- ITALY 2021 Italy", a merchandise brand express- signers and luxury brands and acces- tant luxury houses which focus only ing excellence of creativity and crafts- sories are: Dolce&Gabbana, Giorgio on menswear are Brioni, Canali, Caru- manship. Culture is the best place to Armani, Versace, Gucci, Loro Piana, so, Corneliani, Lardini, MP Massimo Pi-

Focus start when unravelling what makes Moncler, Moschino, Prada, Missoni, ombo, Stefano Ricci, Ermenegildo Ze- Italian fashion unique. Taking pride in Valentino, Trussardi, Costume Nation- gna and Pal Zileri. 

36 ITALY 2021 Focus 37 CORPORATE ------On the other hand, supporting theirOn the other Executive MBA programs are known known are programs MBA Executive tive MBA, is one of the best investments investments best the of one is MBA, tive the Through make. can every company devel will employees the Program, EMBA new insights and gain skills op advanced their com upgrade will immediately that will be rewarded Employers petencies. devel that talents motivated with highly thinking, leadership capabil op strategic innova into insights ities,valuable and  trends. and global approaches tive fully designed to develop future lead future develop to fully designed management cutting-edge ers through professors world-renowned from tools Working executives. and international in develop students on case studies, perspectives the strategic into sights "big the and businessfunctions all of It objectives. all companies' of picture" is well known that MBA most students other In upgrade. career a faster have not MBA Executive of graduates words, salaries their earning and only increase like more they also are but potential, manage of positions higher enter ly to One companies. or start their own ment the Ex assets of valuable the most of ecutive MBA is program the network par its of insight and ing,knowledge, bring tremendous All students ticipants. each other. to value such as Execu education, employee's ness skills. It is a very complex educa It is a veryness complex skills. the people who for created tion system and enough knowledge have already improve to but want experience work company about more learn and skills care are Modules EMBA management. bringing our students aligned with a real with a real aligned bringing our students needs. business environment can How companies and individuals education in investment from benefit Business of Master Executive as such Education? — leadership and busi developing for ------COMPLEX management It is a very complex is a very complex It have enough knowledge enough knowledge have This project brought together a group together brought This project education system created created system education for the people who already who already the people for and experience but want to to but want and experience improve skills and company and company skills improve working opportunities. The Corporate opportunities.working The Corporate pillar in is an essential Advisory Board ing and advancement but in an innova ing and advancement to was idea the So, way. quality and tive school that a business-tailored create will quality create business communi in Serbia and the SEE region. ty growth and educated connect to RBS will strive business individuals through successful broad a and program school official the and net events informal spectrum of ditional adults' education. Unlike pre Unlike education. ditional adults' students which most by vious practice after finished personal development promote to want we graduation, college learn continuous to approach an active grade was born? born? was grade — businessprofessionals enthusiastic of and im in the power who truly believe im constant education, portance of deep are and learning. We provement, economic our future that ly convinced should in general, and social growth, in an educa foundation a strong have on ad will be focused that tion strategy Belgrade has become richer for a prestigious business school a prestigious for has become richer Belgrade ness fields.Mrs. Ivana Višnjić is one of Senior the same time, Di them and, at Advisory. Egzakta at rector establish to idea the how Višnjić, Mrs. a prestigious business school in Bel most eminent experts in different busi different in experts eminent most ------

ome Business School recently Businessome School recently Belgrade, in door its opened has of generation first the for waiting an is It students. MBA Executive

IVANA VIŠNJIĆ IVANA The other huge advantage of RBS is of advantage huge other The international business school based in business school based international Business Rome of affiliate an Belgrade, In Italy and Universidad School from rate Advisory Board composed of the the of composed Advisory Board rate tween formal academic knowledge and academic knowledge formal tween a real a student give To business reality. the of flavor and experience corporate strategic actual business environment, and approach, guidelines, innovative quality content RBS Corpo founded an orientation to real business needs business needs real to an orientation be the gap bridge with a mission to al corporate experience, the program is program the experience, corporate al to prepared leaders create to designed and opportunitieshandle the challenges future. a digital of dents with 60dents ECTS and a double diplo lecturers 16 modules led by ma. Through internation with proven and consultants ternational de Valencia. Program with with Program de Valencia. ternational the stu awards Bologna accreditation Member of Corporate Advisory Board Corporate of Member and Business School Belgrade Rome at Advisory Egzakta at Senior Director company consulting

VALUABLE CURRENCY VALUABLE EDUCATION IS THE MOSTIS THE EDUCATION R 38 Focus ITALY 2021 CORPORATE E changes Thanksto inthebusiness. be requiredprices transport rising and movement of goods, socialdistancing, ally andregionally. Restrictions onthe na, which affected both business glob to thecessation of production inChi — gistics sector thisyear? whole world last year, affected the lo How has the crisis, that paralyzed the goals.well asfurther pandemic affected as theirbusiness, press abouthow the corona SEE, virus Ex directorFilipović,of Slobodan to press Global", based in Italy. We talked ternational freight forwarding groups "Ex Director of Express SEE the best transport andlogistics solutions Our priority ishaving satisfiedcustomers for whom we find EXCEEDED EXPECTATIONS THE RESULTSWEACHIEVED ment restrictions were the most relaxed. was onroad where transport, move transit procedures. Ourbiggest focus and export toms mediation inimport, ofmodes transportandproviding cus new circumstances, operating withall ic andexacting needsof themarket in has managed to respond to thespecif of transport was Express uncertain. SEE time when the organization of all modes cluding ours,to organize transport at a ers. Clients trusted such companies, in multinational companies than less oth the Covid-19-induced crisis affected large effects of the pandemic. The impact of uation, we have mitigated thenegative ing able to quickly adapt to the new sit 2014 in Belgrade, operating within the in The outbreak of thepandemic led SLOBODAN FILIPOVIĆ kets. Express SEEwas founded in both foreign anddomestic mar of providing in logistics services field the operatesin SEE xpress ------How did your company adjust its busi criteria to pertaining accuracy andreli cial quality. In addition to the standard our company’s responsiveness is aspe the cost time, anddelivery we thinkthat cost/delivery timeratio. In additionto ways offer the service that best suits the i.e. al client, to the tailored to cifically — your company provides? What are the most important services other dailyactivities. goods, ourcustomers canpursuetheir even greater. While we take care of their desire for growth andadvancement is our and long customers is satisfied of transport and logistics solutions.Ourlist best the find we customersforwhom this year. Our priority is having satisfied have set ourselves even bigger goals for we achieved exceeded expectations. We and employee commitment, theresults ing on long-term quality, customer trust sector included. Despite that, by rely the economy to recover, thelogistics the forefront. It will take a long time for ployees, i.e. their health and safety, at tered before. Thecompany hasputem to allof usthat we have never encoun — Thepandemic hasposed challenges sults didyou achieve last year? ness to the new situation, and what re throughout the transport Weto offer try that spe is service a are safe withusandthat We want customers to know that theirgoods we take care of them and logistics process CUSTOMERS ------ment withgreat enthusiasm.  al projects whichwe are going to imple growing numberof seriousinternation planning to expand our team due to the professionalstaff.and ergetic areWe press SEEisknown for en itsyoung, crease thevolume of Ex ourbusiness. also relate toexpansion further andin In the coming period, the group's plans ian companies inthedomestic market. tate and procedures business for Ital bia. We to are facili trying especially position andpresence inItalyandSer — lenges in2021? chal biggest the be youwill do think projects are you working on and what What are your plans for this year, what during thetransportprocess. to prevent andovercome any problems process. Also, ourexperience helps us throughout andlogistics thetransport with usandthat we take care of them ers to know that theirgoods are safe the quality of service. We want custom has thesameparameters for assessing cause we are aware that not everyone to eachclientthe service separately be and logistics operations. We to adapt try do not feel any stress duringtransport that ourcustomers important it isvery a high level, Express SEE believes that ability of delivery, whichwe maintain at Express SEE utilizes its good market ------ITALY 2021 Focus 39 CORPORATE ------The pandemic has had a limited ef has had a limited The pandemic We have lots of plans for the near fu plans for of lots have We petitive factor in the next years. At the At years. in the next factor petitive from postpone had to we same time, to our Portal” 2022 2020 “Investment for a very importantproject, innovation 5 planning for are our business we that spe be more if I cannot Even now. years cific,what I can say is thatI think that towill many bring this benefitsproject in Serbia. and professionals industries tuned!  Stay fect on fect because FDI’s, of their specific activities these investment Surely nature. cases some in and down slowed were be stopped but never by, put on stand planning pro their multi-year cause of the from suffered we 2020, During cess. investment agreed the already of delay they would supposed but we projects, mo the from 2021, in start fresh a have that think I found. were vaccines ment mar FDI previous the to comeback a 2019) to similar least (at conditions ket ma the when 2022, Q2 in happen could will be vaccinated. the world jority of hope I am right! Let’s targets further Group’s Aliquo are What circumstances? new these in plans and — goals. term middle some also but ture to in this moment pushing hard are We and au digitalization the complete wards processes, Group’s Aliquo of tomation managing and creation, document from Knowledge Dynamic and CRM to storage Base. I think this will be a crucial com ment in Subotica which was our fastest our fastest which was in Subotica ment ever. development affect has pandemic virus corona The ed almost all areas of business, how in has foreign investment it affected Serbia and what will of the recovery like? business look that segment — ------1000 JOBS this period We have worked very hard in the in the very hard worked have We honored to have helped have to honored 1000 job positions during1000 job positions the Serbian economy and the Serbian economy people by opening almost opening almost people by I am especially grateful and I am especially grateful — opening 1000 job posi decade, past tions, which is something I am especially done with have to honored and grateful social im Seeing the positive team. my satisfac is the greatest our work of pact being the Zezelj projects tion. The best and Sad, the foundation in Novi bridge Smederevo, Zone the Free of design invest Group’s Plastic Think the lastly, ed to establish a company for invest for company a establish to ed ment and project management ser and successes, projects, Which vices. you would period, that during results especially highlight? portunities cohabitate, exactly the op the exactly portunitiescohabitate, and try look for portunities always we niches in the look for I always catch. to and into, looking are few that market the avoid trendy “Hypes” that every with (crypto-currencies body is in love them imho). The of example a good are in brownfield and greenfield numerous transac M&A some as well as vestments, in the last managed successfully tions we right. mostly was I that suggest years 12 It has been 10 since years decid you Our best projects are the Žeželj bridge in Novi Sad, the bridge in Novi the Žeželj are projects Our best and Smederevo Zone the Free and design of foundation in Subotica investment Group’s Plastic the Think in the Serbian economy both bulences and in our path here as Aliquo Group, market in an unstable that but I believe op uncertainties and great both often ------liquo Group is an international international an is Group liquo and pro companies of group advi provides that fessionals sory support to and complete

SIMONE L. SIMONE APOLLONI I have started my career 20 years ago ago years 20 career my started have I ment manager. Yes, there have been tur have there Yes, manager. ment ny, instead of being a freelance invest being a freelance of instead ny, vac for the construction of the Quality the of construction the for vac cli building. then, several Since Center manage me to and hired contacted ents in Serbia, so I decided to their projects compa own my and incorporate stay zil, Russia, Germany, Italy etc. I have got got I have Italy etc. zil, Russia, Germany, Fiat when Serbia in assignment first my in Kraguje factory the Zastava bought What prompted you, in a country with country a in you, prompted What to start turbulent economic history, and investments managing foreign services? consulting — and manager, as a business development shortly as an investment/project after Bra like countries various in manager es the future plans of the company and company the of plans esfuture the its creation. of the roots to back goes cal Advisory, Fiscal services, HR selec cal Advisory, L. Simone CEO The tion. discus Apolloni, jects in Adriatic region (SEE South East (SEE South East region jects in Adriatic the oppor providing + Italy), by Europe as such services deals, M&A for tunities Management, Project Finance, Corporate Field supervision,Construction Techni CEO of Aliquo Group CEO of

BUSINESS IN SERBIA BUSINESS 10 YEARS OF SUCCESSFUL OF YEARS 10

foreign investors developing their pro developing investors foreign A 40 Focus ITALY 2021 CORPORATE T law. The firm is mainly engaged in de in engaged mainly is law.firm The investors interms of entering newmar veloping strategies for potential foreign Attorney at theSekulović Law Firm INSPIRING TOWORKWITHITALIANS IT ISDEMANDING,BUTALSO panies operate, andtheyare pleasantly from theoneinwhich theirparent com environment that is significantly different peopleoftenness expect to seealegal cooperate withtheItalians. Italianbusi demandingbutalsoinspiringtois very a solution very quickly. In that sense, it unforeseenan with problem,find they solving unforseen problems. When faced trepreneurs are inventive andexcell in the positive dominate. ones Italianen We have had different experiences, yet panies from Italyfor more than30years. — Italian companies? What is your experience working with community.with theItalianbusiness Sekulović about the firm’s cooperation kets. We talked withthelawyer Vlatko We have beencooperating withcom VLATKO SEKULOVIĆ in the segment ofin thesegment commercial come one of the leading law firms andovered in1991 timehasbe he Sekulović Law Firm was found ------surprised to seethat thebasic postu instruments dependsonaforeign cred plementation of protection legal certain need to applythose measures. Theim protect theirclaims,and above all,we terms of measures available to themto from abroad in withdomestic ones the point of view of equating creditors improve environment thebusiness from terms of law enforcement, we have to banking system. Ontheother hand,in our of efficiency the as well as tration, procedure relating to company regis advantage thespeedand iscertainly — for doingbusiness? vantages of the Serbian environment disad advantagesand the are What law.in Serbian lates of corporate law are alsoapplied the past 20 years interms Apart fromApart asimplertaxsystem, the of creating anattractive A lot hasbeendone in business environment RESULTS - - - - - respond to situation thelegal inprac rights even thoughthat not does cor pression that theycannot protect their complicated.essarily Theyget theim to systems that theyperceive asunnec seek theprotection of theirrights due discouraging and ficult creditorsfor to and banking system, whichmakes itdif itor beingregistered inthe domestic tax solving unforseen problems inventive andexcell in Italian entrepreneurs are to solve  cases. panies the timeneeded andshortening in protectingdiciary the rights of com would improve the efficiency of the ju system could work independently that inthecommercialdepartments court judges, andinthat sense, ifspecialized es of law that require highly specialized sibility of taxpayers. There are branch areas suchasdetermining therespon ment specializingincertain andcourts ist period, or in the field of law enforce social the from suffer from recidivism foreign exchange operations, whichstill er, muchremains to bedoneregarding tem withEuropean standards. Howev nization of normative theSerbian sys procedural law, have ledto theharmo ing enforcement andsecuritycivil relating to commercial law, regulat laws that numerous reforms, legal especially environment. We cannot ignore thefact terms of creating anattractive business inyears 20 past the in done been has — country, Italianones? especially al of more foreign investments in our to be improved to facilitate the arriv What legal regulations and laws have tors inItalyhave to overcome. the mainobstacles that foreign inves corporate governance are These rules. complicated taxsystem andcomplex foreign, investors and thus Serbian, is a tice. In Italythemainobstacles to attract Serbia isnotSerbia atransition novice. Alot ------ITALY 2021 Focus 41 CORPORATE ------The core of our business is to estab our business is to of The core Sustainability is part of our Group’s Group’s our part is of Sustainability tives as well as continued strong credit credit strong as continued as well tives continue crucial to is it us For activity. the solution and contrib being partof the econo of the development to ute the before firmly stood we which on my  pandemic. bon and more inclusive economy). ESG economy). inclusive bon and more a long-term have and we stay to is here in both sustainability to commitment in line with our and externally, ternally and and Respect Ethics of values core thing! Do the right guiding principle of and long-term strong lish and maintain with all our cli business relationships built over are Quality relationships ents. these rela of but the strength the years, theas crisis during seen best is tionships friends life, In Covid-19. by caused one themselves and business partners prove have we situation The times. difficult in us to in, has brought ourselves found further and imposed new perspectives, digitaliza activities regarding accelerated us more business will make that tion of adaptable and flexible and further en These experience. our customer hance the success distinguish that the skills are the opportunity ful ones and provide This whole year growth. long-term for which we lesson, from has been one big and became stronger, learned a lot have the very From wiser. and resilient more beginning, an Bank is having UniCredit in supporting role the Serbian active initia Government through economy it Bank is standing by its clients step by by step clients its by it Bank is standing this journey. during step busi our across DNA, fully integrated to continue we as nessoperations, and support part communities, our clients, in becom ners and the industry large at (doing our sustainable ing increasingly low-car a to transition the finance to part ------LESSON resilient and wiser resilient became stronger, more more stronger, became This whole year has been has whole year This we have learned a lot and learned a lot have we one big lesson, from which lesson, from one big ing flashpayments or complex more UniCred solutions, financial structured plex transactions, offer sophisticated plex sophisticated transactions, offer solutions unique to the local market ser of standard highest provide and acts as a team Our International vices. as all clients, Entry of for Single Point support tai in selection of suring 360° and servic products banking lor-made about simple talking are we es. Whether opening, account border provid cross nies, domestic export-oriented com nies, export-oriented domestic panies and entities with significant in and ties. Being a presence ternational group, banking European pan part of serve our cus to us the privilege gives tailor-made of with wide range tomers com and execute manage to products, rect access to highly tailored, long-term long-term tailored, highly to access rect & solutions Ex Structured for Trade our strong addition to port In Finance. also GTB markets, in core presence 4,000 of a network to access provides relationships, banking correspondent transaction Our countries. 175 covering for a gateway servicesbanking create and markets European for our clients we is why That the world. of the rest as market local the in recognized are number significant for Choice Bank of compa international subsidiaries of of The core of our business is to establish and maintain strong maintain strong and establish our business of is to core The with all our clients business relationships and long-term with di our clients also provide es. We Services Securities and Global Servic ------niCredit is a simple success niCredit Commercial ful pan-European Bank, a fully plugged with in Bank Investment & Corporate

ALEKSANDRA RAŠIĆ ALEKSANDRA Through Global Transaction Banking Transaction Global Through Our corporate solutions help corpo Our corporate (GTB), we offer Cash Management and and Management Cash offer we (GTB), Sales Trade and eBanking,Transactional agement and non-standard financing. and non-standard agement rates manage their finances effectively their effectively finances manage rates inter-disciplinary analysis providing by and advisory services, highly creating in specialized are solutions. We tailored and hedging balance-sheet optimisation, solutions as well derivative-based other man risk and financial liability, asset as tional expertise, providing unparalleled unparalleled providing expertise, tional and leading products market to access our through markets services core in 13 network. banking European ing (CIB), delivering a unique Italy, Ger Italy, unique a delivering (CIB), ing European Eastern and Central many, and growing its extensive to network on banking focusing By franchise. client interna and local offer we matters, that Member of Managing Board responsible responsible Board Managing of Member Banking and Investment Corporate for Bank Serbia in UniCredit

ARE BUILT OVER THE YEARS OVER ARE BUILT QUALITY RELATIONSHIPSQUALITY U 42 Focus ITALY 2021 CORPORATE H that hadbeenconsidered onlytheoret catastrophic events canpoint to risks coronavirus infection have beenestab behaviour, work andprotection against In allareas of dailylife, newnormsof fear for one’s own life, existence andjob. new situation hasled to anincreased ical andthat are taken for granted. The CRUCIAL DURINGTHEPANDEMIC PROTECTION AGAINSTRISKSPROVED ditional premium. with life insurance withanad policies, a declared epidemic orpandemic along provides adequate coverage in case of pandemic - EPIDEMIK PROTEKT, which insurance, of begining at the thevery osiguranje introduced anewtypeof thisisthereasontivities, why DDOR industry. Relying onUnipol Group’s ac ployees, canbenoticed intheinsurance employers whowishto insure theirem healthinsuranceuntary for citizens and such as lifeservices, insurance and vol interest insomeexisting products and them from risks. these Thus, an increased panies for insurance that would protect increased demandby citizens andcom quickly.lished very All of changes these have causedan humankind haslearnedthat caused by thepandemic, the circumstancesspecific under aving experienced life and work ------care, dependingonthearranged premi food andeven ormedicinedelivery pet toport thehospital andback home, organisation of transical counselling, year, thepackages includepsycholog intensive care. Additionally, for the first perhospitaltion, orupto day in 100€ day in case of necessary hospitalisaday incaseof necessary the payment of perhospital upto 50€ necessary hospitalisation,necessary or up to perhospital day 100€ payment of upto per 50€ EPIDEMIK PROTEKT packages include hospital day incase of packages includethe EPIDEMIK PROTEKT in intensive care PACKAGES - - - - employees financial security of their to additionallyensure the PROTEKT group packages arrange various EPIDEMIK for theiremployees can form of additionalcare types of insurance are a that know thatdifferent Responsible employers during hospitalisation.  from doctors andorganising one’s life informationverified obtaining in port the assistance provides fulllogistic sup days spent inhospital treatment, while antee afullamount of indemnityfor to theneedsof organisation. every other products and their combinations and this offer within the adjust further demic. DDORosiguranje isprepared to claring any localorglobal epidemic/pan coverageic, butincludes incaseof de limited onlyto theCOVID-19 pandem note that this type of insurance is not days dueto accident. to Itisimportant ance with coverage policies for hospital ance orsimplyasgroup policies, insur insurance alongwithgroup life insur accident and/orsupplementary illness employees. Policies canbearranged as ally ensure the financial security of their PROTEKT group packages to addition ployeesarrangecan various EPIDEMIK form of additionalcare for theirem a insurance are differentof that types tor consultations. ficult moments and includes 24/7 doc that provides inthemost dif support um level andspecialtypeof assistance EPIDEMIK PROTEKTEPIDEMIK packages guar Responsible employers that know ------ITALY 2021 Focus 43 CORPORATE ------I would like to remind you that the in that you remind to like I would On the other hand, Serbia, besides On the other I must dearly mention the presence the presence dearly mention I must ty in Serbia? — in Serbia. It is a the Italian community of part a be of to privilege and honor great and successfully, exists it. This network net, with sever it also acts as a safety but only educational not al initiatives, the of in the form value added great of class action which can also be defined  solidarity. as entrepreneurial ny can evaluate and measure itself in itself in and measure can evaluate ny compet global with other comparison im for no space leaves This fact itors. but provisation the requires company, on insist to team, with a professional planning, in the investment both careful self-damaging avoiding phase, start-up (business and tax undercapitalization the business as in consol plan), as well phase. idation or only Ser only Italian is not vestment during investment a joint bian, it is in fact multination become SMEs Italian which holis constant a require such as and al functional components, of tic approach assets, as well tangible and intangible among the vari as risk analysis shared better manage to in order ous entities Policy. Pricing is so-calledwhat Transfer conclude, what does To it mean for to you be a part of Italian communi tives to attract investments, has many has many investments, attract to tives con the least One of advantages. other are it is an international is that sidered chosen have that multinationals na of corporate their for Serbiaoption an as and more are there year Every future. so an Italian compa companies, more — incen and legal system a good having ------FUTURE of business of The essential (crucial) essential The balance but facing the but facing balance recommendation is not is not recommendation thinking in terms of final of in terms thinking Poorly structured from the point of of the point from structured Poorly Therefore, the essential (crucial) rec Therefore, future by strategic planning strategic by future al market? Business Plans and Budgets too. Do not Do not too. Business Plans and Budgets Italian or of on incentives entirely rely of in terms but thinking Serbian origin self-sufficiency with reliable business entre general and management risk the also covers ethics that preneurial in so its investments of sustainability terms. cial and environmental glob this on offer Serbia can what And ommendation is not thinking in terms in terms thinking is not ommendation by future the facing but balance final of business and using planning of strategic ny itself is not ready to deal with inter with deal to ready not is itself ny abroad. competitors national resources, human and financial of view today the typical SMEs in our Country, from thesuffer fact that they run their wea business (or it should be said trudge ter very dynamic market, in a not rily...) in terms and so limited limited ritorially its of careless and competitors lively of intel and (know-how assets intangible lectual properties). recommendations? some have you Do — The process of making a company global (international) global (international) company a making of process The analysis, having introspective a conscious from starts must about its revival and thinking know-how in mind company a global perspective from ------

or the publication In Focus Italy Italy Focus In or the publication we with spoke Michele Rossini, and statu Accountant chartered Co-founder in Italy, tory auditor

MICHELE ROSSINI MICHELE Going globally with imprudent invest Going globally of CRS International DOO in Belgrade DOO in Belgrade CRSof International mem Board Sad, currently and Novi age has never been my way of thinking. of way been my has never age the ask me whether if you Therefore, the purpose for country - both target the sake and for market the entering of factors production supply of a pure of to mature be considered or not - may answer my an Italian company, accept times the compa many be that would ments abroad as a result of an entrepre of as a result abroad ments cour than rather presumption neur's Is Is Serbia ready to welcome the Ital pandemic the that entrepreneurs ian globalize? definitely to convinced has — ferences and author of articles in the articles of the in author and ferences journals. specialized ber of the Italian– Serbian Chamber of SerbianItalian– the of Chamber of ber con numerous at speaker Commerce, Co-founder of CRS International DOO, DOO, CRS International of Co-founder the Italian– Serbian member of Board Commerce Chamber of

OF THE ITALIAN COMMUNITY THE ITALIAN OF IT`S A PRIVILEGE TO BE A PART TO BE A PRIVILEGE IT`S F 44 Focus ITALY 2021 INTERVIEW panija-u-srbiji je-nastavlja-se-rast-italijanskih-kom skih-privrednika-i-ambasade-itali trazivanje-komore-italijansko-srp IN FOSTERINGCOOPERATION VERY POSITIVETENDENCIES The SecretaryGeneral CCIS Kojić, Mirjana said businesses, these 5.4% ofSerbia’s GDPwas generatedby thatasmuch as search hasemerged over 50,000 workers. From the last re registered inSerbiaandemploying with Italianshareholdingscurrently 1600 Italiancompaniesor in Serbia.Infact,therearemorethan share in investments and employment Serbian economyandasignificant cies, with Italy in the first ranks of the ed dataindicatevery tenden positive Italian economies.Overall, thecollect to of the the development Serbian and ognize and record their contribution fromtheneedtorec panies emerged of the Italian com of making a “review” ian Embassy, was presented. The idea ofCommerce and the an Ital Chamber selfless engagement of Italian-Serbi I n November,astudyenti Serbia. Asuccessstory” tled “Italian companies in https://www.ccis.rs/sr/is , issued thanks to the , issuedthankstothe ------growing market, rich in resources in growing market, rich in resources in anew companies, Serbia isbecoming companies. of employees are employed in large age ofemploymentmorethan 70% merous, butasregardsthepercent district, andICTinNoviSad. jvodina, ofpackagingintheŠumadija of thetextileindustryinNišandVo tive inKragujevac, industryislocated fortheautomotion ofcomponents concentrationlargest of the produc ing by business sector shows that the Theographical location. maingroup size and structure, activities, and ge ly presentinSerbia,butdifferent place, Italiancompaniesareequal ing theSerbianeconomy. Inthefirst promising factors concern on several The resultsoftheresearchshedlight my inSerbia? when itcomestotheItalianecono What didthestudygenerallyshow tenth anniversarywasmarkedlastyear Italian-Serbian strategicpartnershipagreement,whose economic tiesarefurtherstrengthenedbythecurrent relations betweenItalyandSerbia.Todaytrade Economic cooperationhasalwaysbeenapillarofthe The SecretaryGeneralCCIS MIRJANA KOJIĆ ITALIANS AREEXTREMELY PROUD OFTHEIRORIGIN, THAT MUCHMORETHAN THEY EVENEMPHASIZE In terms ofsize,SMEsaremore nu From the point of view ofItalian ofview From thepoint OTHER NATIONS ------with the greatest added value. If the the field oftechnologyand services investments and production will also investments willalso and production ently, ofnew we thatthelevel hope towards Consist Serbiawilloccur. alization and commercial expansion companies inthefieldofinternation ble increaseintheinterestof Italian ing, wethata noticea sincerelyhope security forinvestments. etc.,woulddocuments, providelegal resolved relations,planning property transparency,in publicprocurement, thelawand equal treatmentbefore dictability oftaxes andotherlevies, courts andpublicadministration,pre rule oflaw. Featuressuchasefficient proved is the legal certainty and the furtherim Whatshouldbe Chamber. andactivitiesofour the cooperation There forimproving isdefinitelyroom companies? omy can we more expect Italian and inwhichbranchesoftheecon improved, be How cancooperation istered onSerbianterritory. reg Italiancompanieshave been new 250 a matteroffact,since2014about Italian companiesinthelast7years. As of garding thegrowthinnumber we would like topresentthedatare presence inthecountry, inconclusion, Italy and Serbia and the vast Italian cient toprove thestronglinkbetween data presentedsofararenotyet suffi As the pandemic is currently reced ------ITALY 2021 Focus 45 ------ For the Italians who are already For the Italians who are already They are sociable and hospitable,They Planned activities include informa include activities Planned will bededicated to also year This and have managed to bring their ide and have of doingas, their style, and their way business everywhere and in the world, they are famous for that. can say that they in Serbia, we working doing of way our to well adapted have theybusiness, respect our cul and love sim of life, which is very ture and way ilar to theirs. cial events and activities. any advice when it have Do you of doing comes to the Italian way business in Serbia? As doing business with foreigners, the coopsuccessful for prerequisite main of the customs,eration is being aware culture of the country your and history, business associates from. Many come successful businesspeople signifi pay cant attention to this, and Italians are certainly one step ahead of everyone. carefully foster their culture andThey tradition, both in the social and busi ness world. so it is a common situation for them to hug each other before meetings. It in companies successful the of Most with Relationships family-run. are aly family like look often a company in there is trust.relationships because Fur is also different in Italy. Managing creators great are Italians thermore, tive ones (Catalogue of CCIS members), CCIS of (Catalogue ones tive train and (courses ones educational vari programs), and ing; internship in activities (Roadshows ous business meetings Serbia; in Roadshows Italy; institu and Serbian with ministries institutional mis tions; individual and B2B meetings, and Italy, Serbia in sions and Speed Business Meetings; Leonar ceremony; evening Gala award di and with ourwebinars seminars, thematic members, Cham and presentations; ber evenings; in Italy”, events “Made etc). Future Rimini 2021”, Make “We the celebrating for preparations the the of Italian-Ser of 20th anniversary bian Chamber of Commerce in Ser hope and we bia, occurring next year, will mark this important that we jubi so and business numerous with lee ------AND SELECTION OF STRATEGIC POINTS STRATEGIC POINTS IN ACCESSING NEW PARTNERS, FINDING MARKETS, RESEARCH, POTENTIAL INVESTORS In 2021, the Chamber is intending COMMERCIAL SUPPORT, COMMERCIAL SUPPORT, WHAT WE CONSTANTLY WHAT WE CONSTANTLY STRIVE TO IS IMPROVING STRIVE TO IS IMPROVING OPTIMAL LOCATIONS FOR operation with other Chambers, the ministries, entities of “Sistema Italia”, and other relevant institutions. tween Serbian and Italian companiestween interested in cooperation. servic its reorganize and improve to es and increase its numbers in order to respond to the requests of compa nies from many economic sectors. All planned activities aim at presenting the possibility of doing business in Ser pro at and bestthe possiblein bia way, in Italy” and businessmoting “Made cooperation between coun the two bothindependentlyco tries, in and The Chamber actively participates Chamber actively The in connecting Italian companies in Serbia, with institutions, companies, and organizations. projects are What end of the year? planning by the you epidemiolog In line with the current ical situation, the Chamber to strives provide constant online support to interested Italian companies wishing CCIS of to access the Serbian market. on organizing of possibility the fers line video calls and B2B meetings be these advantages. They will have fullwill have They these advantages. supporttheir ide the realization of in plans. A positiveas and business cir is for Italian companies cumstance large already the to presence due that they al in our country, of companies good a ready have basis and solid prior expectknowledge of what to Serbia. in the Italian ones will also benefit will also ones the Italian from ------As for all potential future investors, future potential all for As Notably, our Chamberexcellentour has Notably, duty-free export to CEFTA, EFTA, Rus EFTA, duty-free export to CEFTA, as as well sian, and the EU markets, one, is possible. Turkish good connectivity, and developed in good connectivity, evenand frastructure, Onesubsidies. of Serbia is of the great advantages that, thanks to free trade agreements, economic stability. Moreover, optimal Moreover, economic stability. quali highly position, geographical fied staff, competitive operating costs, The features making us the most suita The partner are an opti ble and attractive mal business climate and political and What advantages of Serbia are im What advantages portant to highlight when a com pany from Italy plans to enter here? and opportunities for new business cooperation with Italian firms. ian businessmen from the Friuli Vene zia Giulia region presented in front of a the potential large of Serbia audience and Croatia in attracting investments show Italia”, held in cooperation with show Italia”, Italian-Croatianthe Com of Chamber several occasion, Ital that On merce. cooperation with Chambers in the re are already implementinggion and we such as the last “Road joint initiatives ficient business in the entire region,ficient business in and even expand the room for poten tial consumers. portant for all business entities oper or remove ating in Serbia, as it would barriers to ef simplify administrative mies of the surrounding countries. countries. mies of the surrounding of creating a “mini-Schen idea The im and tempting be may area gen” Political and economic stability in the and economic Political the progress andregion is crucial for developmentfurther econo of the How important good is cooperation which in region, the of stability the for role?Serbia plays a leading ture industry, while also investmentsalso while industry, ture and servicesin sophisticated sectors profitable. may prove ing sectors for Italian companies are for Italian companies ing sectors those of food processing, mechanical chemical, furni industry, and electro increase, as well as the search for sup search for as the as well increase, productionAccord pliers and partners. promis research, the most ing to our 46 Focus ITALY 2021 companies, employing over30.000peoplejustinthesub-sector ofenginecomponents The Italian automotive industry has been one of the driving forces (pun intended) of The Italianautomotive industryhasbeenoneofthedrivingforces (punintended)of the national economy for the past three decades and it currently counts nearly 250 the nationaleconomy forthepastthreedecadesanditcurrently countsnearly250 THE ITALIAN AUTOMOTIVE THE ITALIANAUTOMOTIVE INDUSTRY GOES ELECTRIC ITALY 2021

Focus 47 - - - -  Italy's EV Market Tripled In 2020, De 2020, In Tripled Market EV Italy's Italian automotive companies have companies automotive Italian hybrid engines and fuel cell power cell fuel and engines hybrid fast, super-fast will move trains. Things in fact, with charging infrastructure. are poised for a Italian motorways infrastructure upgrade withmassive chargambitious plans for high-power ers to be installed across the network’s petrol stations. In 2021? spite COVID-19. Can It Triple units to 1.42 million units. not been sitting on their hands in this respect, they in been involved have focus programs training and projects energies,ing on alternative electric or - - - - PHEVs also grew PHEVs on par with pure tric and plug-in hybrid cars (EVs) in tric and plug-in hybrid cars (EVs) creased by 147% in 2020 when com 575,000 from rising – 2019 to pared full electric cars sold, the Italian BEV tripled in 2020, surgingmarket to 2.3% reduced to lessshare in a car market by YoY) (-27.7% vehicles million 1.4 than the effects of the pandemic. totaling more thanelectric vehicles, units – a four-fold increase YoY 27,000 for a 2% share. At around 60,000 reg istrations combined, plug-in vehicles up from 0.9%rose to 4.3% of the market, before. According to the data fora year of pure elec the volume 23 markets, - - - - -

vation of the Ca’Foscari of the Ca’Foscari vation from the Center for Auto Inno Mobility and motive hese figures – as reported T Italy, home to so many historic mo Italy, port electrification. With over 32,000port electrification. With over once almost inexistent EV market is market EV inexistent almost once noteworthya into blossoming now trans pushes towards Europe as player technology evolves and the whole idea of mobility shifts. tor brands, is a state today where a ly to traditional oil or diesel engines. may be this industry state of aboutThe however, as to change dramatically, University of Venice – refer exclusive of Venice University 48 Focus ITALY 2021 COOPERATION Italy isthe9thlargestforeigninvestorinSerbialasttenyears DEVELOPED AND DIVERSIFIED WITH ITALYISEXTREMELY ECONOMIC COOPERATION registered in Serbia, and employ over registered inSerbia, andemployover ly or majority owned by Italians, are Italian companies, which are partial est foreign investors here. About 1,850 partner ofSerbiaandone the larg externaltrade second mostimportant anddiversified. Italyisthe developed withItalyisextremely ic cooperation sion ofthetwo governments. Econom 2009 in Rome, during the first joint ses aly was establishedonNovember 13, gic partnershipbetweenSerbiaandIt Theconsolidated cooperation. strate serve asanexampleofsuccessfuland B ilateral relations between ilateral relations between and the two countries can and thetwo countriescan andintensedeveloped Serbia and Italy are very ------two countries happened in 2013, when, two in2013,when, countrieshappened ers. The inthetrade turningpoint S.p.A., Ferrero, Cogeme Group and oth tesa Sanpaolo, FIAT Sai Crysler,Unipol Italian investors inSerbiaincludeIn 26,000 workers. Someofthebiggest PARTNERSHIP BETWEEN NOVEMBER 13,2009 IN WAS ESTABLISHEDON SERBIA ANDITALY THE STRATEGIC ROME - - last year. In the same period, imports last year. imports Inthesame period, 2.1% morerelative tothesameperiod toItaly,euro worth ofgoods which is 422.5 million2021, Serbiaexported of 7.1 comparedtotheyear before. 1.9 billioneuro, whichisalsoadecrease fromItalyamountedto imports riod, cline comparedto2019.Inthesamepe toItaly,of goods whichisa19.3%de 1.4billioneuroworth Serbia exported the State Statistical Bureau, in 2020, 90 percent. bymorethan 50, andSerbianexports two countriesincreasedbymorethan the the totalexternaltradebetween thanks to the export of Fiat cars, when Also, inthefirstthreemonthsof According tothedatacollatedby - -

Photo: Natasa Dav from Pexels ITALY 2021 Focus 49 ------ The largest of Italian investments The on lack of legislation Due to the largest in Ser Italian investors The Benetton Group, Assicurazioni Gener Benetton Group, GruppoGruppoPro Fantoni, S.p.A., ali FCA Plas Automotive, ma & Magnetto and Sigit. tics, Fulgar, Pompea, Geox companies in Serbia companies reportingcompanies amount on the are no of there of their investments, invest on foreign direct ficial data The individual companies. ments by of Development the of Agency records on the countrySerbia (RAS) are based that invest of origin of the company conducteded, following the research Development the by Serbia of Agency by com on foreign direct investments panies and the reports of the compa the amount of in on nies themselves the In this regard, and for vestment. in not do records RAS stated, reasons of all companies,clude investments by individ as all investments as well ual companies. Fiat Chrysler,bia are Intesa Sanpaolo, - Novi Sad, Valy UnipolSai S.p.A./DDOR Calzedonia, S.p.A., Vibac Lady, Golden - - - IN THE FIRST THREE IN THE FIRST THREE In early 2014, in accordance with in accordance In early 2014, MORE RELATIVE TO THE EURO WORTH OF GOODS SAME PERIOD LAST YEAR TO ITALY, WHICH IS 2.1% MONTHS OF 2021, SERBIA EXPORTED 422.5 MILLION the IMF guidelines, the National Bank the National the IMF guidelines, changed the methodologyof Serbia invest direct foreign calculating for the calculation methodments. Since the periodologies for end of up to the 2010 differ, data2009 and from early for the period fromare only available is work NBS the beginning The of 2010. of data for theing on the calculation in line period until 2010 retroactively, with the new methodology. the investment. ------It is important to note that the Na The NBS data are the only officialonly data are the NBS The Italian investments in Serbia in Italian investments by to the data collated According through which it makes payments, i.e. payments, through which it makes money are obtained by country of pay ment and not by country of investment and largely depend on the country in which a company has a bank account on foreign direct investments from from on foreign direct investments commercial banks, which means that indata on foreign direct investments not by individual companies. tional Bank of Serbia obtains the data data on FDIs in Serbia. The Nation The data on FDIs in Serbia. aggregateal Bank of Serbia releases per investments data on foreign direct and and industry, country of payment gest foreing investor in Serbia in thegest foreing investor last ten years. od 2010 to 2020, Italian residents from 1-billion-eu over made a total of just Repub the in investments of worth ro Italy the 9th big lic of Serbia, making the National Bank of Serbia for the peri of Serbia for the Bank the National from Italy amounted to 504.0 million to Italy amounted from of 3.1% com which is an increase euro, same periodpared to the 2020. in 50 FocusFocus ITALYITALY 2021 2021 by Mina Vučić ECONOMY The world’s5thmostvisitedcountrysuffersastouristgemsbecomedeadcities ITALY’S ACTIONPLAN ITALY 2021 Focus 51 ------This year, Italy has suffered devas Italy has year, This It is unfortunate to say that the Cov ilies and businesses. Hopefully, this Hopefully, businesses. ilies and will lead to a kick start of a new phase of economic growth in order to avoid a devastating economic depression. 2021,tating consequences, as of May four million cas Italy recorded over onerepresenting coronavirus, of es of the most affected countries world the regions with the wide. Currently, id-19 pandemic has created chaos for closing boreconomies worldwide, ders, placing restrictions, and taking and lead Governments of many. lives today are fac ers around the world theing enormous pressure and have lim objectives- overriding two same it the number of Covid-19 deaths and of fam ensure the financial survival - - - ESTIMATES THAT THE RECOVERY PLAN WILL BY ABOUT 3.6% BY 2026 BOOST ECONOMIC OUTPUT THE ITALIAN GOVERNMENT on lay-offs, employment heavily con of last year, tracted in April and May outpacing the monthly rate at which reduced in the worstemployment was debt crisis. month of the Eurozone stores were allowed to reopen, allowed the fig stores were the Ital for weak still very ures were supportians. Despite via government and a banshort-time work-schemes - - - - in the world most affect in the world ed by the COVID-19 pan demic, in terms of human taly is one of the countries the of one is taly I non-essential production sites and 68%. And while scarcely available data68%. And while scarcely available been and June have suggests that May sense as less bad –which makes 99% compared to last year, car sales 99% compared to last year, contracted by 98% y-o-y, retail sales by 29%, industrial production with 47%, and lastly construction production by passed since the pandemic hit, in April, oth and hotels at tourist of arrivals the down by er accommodations were decreased by 5.3% compared to the the to compared 5.3% decreased by previous perfor quarter, the worst mance ever. After a few months have lives and economic losses. In the firstlives the country's GDPquarter of the year, 52 Focus ITALY 2021 year, according to new figures from figuresfrom year, accordingtonew 26.85 billioneuroslessthantheprior ofonly17.45to revenue billioneuros, of more than 60%.That corresponded la, versus 65millionin2019–adrop ing atleastonenightinthepeninsu only 25.5millionforeignvisitorsspend lastyear, with Italy was jaw-dropping oftouriststo collapse inthenumber of Lake Como arealso deserted. The rian coast,andVarenna ontheshores playground forthejet-setonLigu time indecades.Portofino, acolorful swim aroundtheirshoresforthefirst witnessing clear waters and dolphins mained aghosttownforover ayear, the beauties of the nation.Venice re Italy, stoppingtouristsfromvisiting taken a heavy toll on the that area in tunately, the coronavirus waves have zone’s economy. third-largest Unfor % oftheGDPforItaly, andtheEuro is tourism, accounting fornearly14 tors whichfedtheItalianeconomy ed destination,oneofthemainsec in thesouth. the country, followed byCampania, and Veneto, inthenorthof located ofcasesareLombardy, highest number Being theWorld’s fifth-mostvisit ------the BankofItaly. World WarII. year intotheworst recessionsince plunge thecountrylast on end,helped tels andrestaurants closedformonths economicdriver, withho of thiskey tial lossof440,000jobs.The collapse institute Demoskopika,withapoten bankruptcy, accordingtotheresearch in Italy’s tourism sector are at risk of country,” Nearly100,000companies asectorsovitalforour done torevive mustbe ly dramaticandeverything galli hasstated““The situationisreal ofCommerce,CarloSan of Chambers AS QUICKLYPOSSIBLE SOCIETY ANDECONOMY AND DEVELOPLASTING Italy’s main goal is to reopen their Italy’s their maingoalistoreopen The PresidentoftheItalianUnion ECONOMIC GROWTH IS TOREOPENTHEIR ITALY’S MAINGOAL - - - - 2026. The plancomesontopofover 3.6%byeconomic outputbyabout that the recovery plan will boost uties by Italian premierMario Draghi. ofDep the SenateandChamber package was presentedlastmonthto ery planbyahugemajorityafterthe billion European Union-funded recov has approved thegovernment's €222 nation. Furthermore, Italy's parliament bringing smallsignsoflifebacktothe ing upforforeignersaswell aslocals, and restaurants andhotelsareopen are easing,vaccination isaccelerating, growth. Slowlybutsteadilyrestrictions ofthosethatcandrive development fected bythecrisisandaccelerate sectorsmostef ing actiontosupport growth. The Italianauthorities aretak lastingeconomic sible anddevelop andeconomyasquicklypos society once again. forthem itsborders for Italytoopen sure- visitorsworldwide cannotwait isuncertain,onething is everything year. AlthoughintheCovid-19times since the start ofthe pandemic last ulus passedbyItaliangovernments 170 billioneurosineconomicstim The Italian government estimates The Italiangovernment estimates  ------ITALYITALY 2021 2021 FocusFocus 5353 FOCUS by Mina Vučić -  least- 3 coins you will soon meet andleast- 3 coins you dreams. marry the person of your Rome so much they likes Everyone roughly because return, to want €3,000 of change is thrown in the amount This Fountain every day. Trevi a stag multiplied by 365 days makes In casegering million euros a year! money - the wondering were you is collected and donated to charity. - - - turn to the Eternal City. If you throw If you turn to the Eternal City. with will fall in love coins-you two not but last And Italian. attractive an the fountain formed the end of the first foun Aqua Virgo aqueduct. The Renais the during built was tain sance, under the direction of Pope According to myth and Nicholas V. legend, tossing a coin into Rome's re Fountain guarantees you'll Trevi - -

architectural structures architectural in located is Italy in Rome under the popu ne of the most beautifulmost the of ne

O to the year 19 B.C., in which period 19 B.C., in which to the year meters in height, Trevi Fountain is Fountain in height, Trevi meters also the largest fountain in the city. origins of the fountain go backThe lar name of the Trevi Fountain. Meas Fountain. Trevi the of name lar uring some 20 meters in width by 26

Tourists throw €1,000,000 into the Trevi Fountain each year! Tourists throw €1,000,000 into the Trevi Fountain each MAKE A WISH! 54 Focus ITALY 2021 ACTIVITIES growth andintegrationwiththeItalianindustrialsystem presence intheSerbianmarketandenhanceBalkancountry’spotentialfor One ofourChamber’smainmissionsistopromotetheItalianentrepreneurial CCIS ACTIVITIES our social networksour social Twit (Facebook, al on on energy spreading our news Moreover, we addition optedtospend blog andwebsite ofourorganization. onthe andreports lication ofupdates dia channelsthroughalmostdaily pub Chamber decided to strengthen its me tween Italyand Serbia. To do that,our trepreneurial andbusinessworld be regardingtheen situation andnews regulations relating to the pandemic partners constantlyinformedabout made aconsiderableefforttokeep its and thefirsthalfof2021,ourChamber of differentnature. contributed withamultitudeofevents on the Serbian market, our Chamber inflow foreign direct investments (FDIs) Between the second half of 2020 Between thesecondhalfof2020 MEDIA &INFORMATION AREA C Italian business world to Italian businessworld to of tradeandhelpingthe of encouragingthegrowth onsistently with our aim onsistently withouraim ------port” initiative, held in collaboration initiative,port” heldincollaboration Italy”.the magazine“InFocus: editionof we alsopublishedthenew year, 2021.Asevery logue ofMembers ditionally, we alsopublishedtheCata mailing listofover 2000contacts.Ad whichissentweekly toa newsletter, pandemics, we have implementedthe ter, andLinkedIn). Inthefaceofglobal As partofUnioncamere's“StayEx MARKET PROMOTION OFTHESERBIAN - - - tive were those of furniture & design tors whichparticipatedinthisinitia ups in the ICT sector”. sec Other key and partnerships for SMEs and start- concerning “Investment opportunities awebinar bian market. we organized companiestowardsexporting theSer ganization ofwebinars guidingItalian tors, we indeedcontributedtotheor jor players invarious economicsec with Serbianinstitutionsandthema tria Udine and CCIAA Pordenone Udine. withConfindus merce incollaboration Chamber of Com the Italian-Croatian for Italian companies”, organized with “Roadshow Online:SerbiaandCroatia success, asdemonstratedbytheevent acertain by thisformathasachieved attractive networking offered potential caused bythe healthemergency. The al Roadshows,despitetheobstacles tion activitybyholdingonlineitsusu also managed to continue its media in thecountry. Finally, theChamber bian market andtheItalianpresence with an accurate picture of the Ser IC&Partners providedparticipants with Serbia”we organized Focus market inSerbia”). food anddemandoftheagri- perspectives (“Functional characteristics, agri-food thanks tofreetradeagreements”)and jects andtrendsinfavour ofexports inSerbia-Pro (“Furniture &Design In addition, the event “Export Talks, “Export In addition,theevent ------ITALY 2021 Focus 55 ------ NEW YEAR’S TOAST 2020 NEW YEAR’S TOAST Although the pandemic emergen GENERAL ASSEMBLY OF MEMBERS GENERAL ASSEMBLY the members of the Cham Last July, 2020. During the meeting, events, fu ture programs, and the annual budget the as discussed. Eventually, were sembly elected the 5 members of the Assem General The Directors. of Board 2021. On held again in March bly was that occasion, 7 new members were elected to the Board of Directors, while the staff of the Board of Auditors was reconfirmed. cy jeopardised the possibility to hold in per our traditional Gala Evening up and in son, the CCIS did not give vited the numerous members of the Chamber to a pleasant online toast to celebrate the end of 2020. In this wel coming and convivial atmosphere, the the Italian Republic toAmbassador of and the Pres Belgrade, Carlo Lo Cascio, ident of our Chamber, Giorgio Marche giani, held their speeches. The CCIS also promoted another “Dia promoted another CCIS also The Revenuethe the with of logue Agency to a de dedicated Serbia”, Republic of tax leg of Serbian tailed presentation on compa income taxes islation and our Furthermore, nies and individuals. furtherChamberpromoted a has also Ministry of Labour“Dialogue with the and foreignof the Republic of Serbia” in the country. entrepreneurs active was promoted we meeting Another Adminis the Tax the “Dialogue with of Finance of thetration of the Ministry foreign compa Republic of Serbia” and nies operating country. in the mem 43 of representatives the berand ber to participate companies gathered in the General Assembly of Members customs procedurescustoms regulations. and ------RELATING TO THE ABOUT REGULATIONS PANDEMIC SITUATION The themes of digitization, internali themes The DIALOGUES made it possi joint initiative The Our commitment was also joined to was Our commitment IN COLLABORATION WITH IN COLLABORATION ITALIA” “SISTEMA OUR CHAMBER MADE A TO KEEP ITS PARTNERS CONSIDERABLE EFFORT CONSTANTLY INFORMED ble to carry out the “Dialogue with the of Ser the Republic of Agency Customs which provided crucial informa bia”, tion to Italian operators interested in zation, partnership with our Chamber, CDP of instruments financial “The and and SIMEST in support of Italian compa also at the centrenies in Serbia” were organof the homonymous webinar, in partnership with the Em ized as well bassy of the Italian Republic in Serbia, SIMEST and Cassa Depositi e Prestiti. that of “Sistema Italia” when, togeth Italia” when, that of “Sistema other Italian Chamberser with four of Croatia, abroad (Bulgaria, Commerce organized we and Hungary), Romania, Forum Digital “Regional webinar the Italian Chambersof & Digitalks – The with SIMESTCommerce in the Balkans a dialogic in support of SMEs”, and SACE to moreseminar aimed at presenting the possibilitiesthan 150 companies of Ser and Italian for internationalization Balkan region.bian companies in the ------Another webinar, entitled "Com Another webinar, Together with our member Elite member with our Elite Together IN COLLABORATION WITH OUR WITH IN COLLABORATION MEMBERS PARTNERS/ASSOCIATE WEBINARS the relations between preserve To about “Digital assets and cryptocur trends and rencies - types, security, tax treatment”. in May 2021. Together with Serbia ECD with Together 2021. in May and our partner BDO Business Advi webinar a held then we d.o.o. sory ternational staff mobility" was organternational staff mobility" was ized together with our partner Capri oli Rossini Segala International (CRS) and the employees’ psychophysicaland the employees’ well-being. pliance in case of tax controls and in of human resources in the post-Cov management to the id environment”, of teams, interpersonal relationships the webinar on “Digital Property the webinar Law dedi we Finally, REALITY”,. NEW A – management cated a seminar “The management and response” causedresponse” and management with corporate IT sys by problems tools. SOAR of use the through tems discussed during also IT issue was The the German and Swiss ChambersSwiss ofthe German and Commerce. With these partners, we co-organized a meeting on “Incident EU funds. We organised webinar the EU funds. We protec for EDR of “Implementation with malware”, modern against tion we have promoted a webinar (“Intro a webinar promoted have we aimed Planning”) European to duction companies aboutat informing Italian the possibility of benefiting from the Academy Balkans and in collaboraAcademy Balkans and SME System World tion with TAI and virtual seminars.and virtual market in this difficult period, our difficult period, in this market our Chamber undertook to organize and coordinate series of webinars a long Italian companies and the Serbian Serbian and the Italian companies 56 FocusFocus ITALYITALY 2021 2021 FOCUS mone Peluso, premieredon3March positive, whichleadstochangethings". our angertransformedintosomething tle as"referringtoacathartic anger, song.Måneskina rock spokeoftheti 2021 andtheEurovisionSongContest withthesong"Zittiebuoni. Måneskin isanItalianrockbandfromRome, thatwontheSanremoMusicFestival MÅNESKIN “ZITTI EBUONI" The musicvideo was directed bySi T he song's initial ballad ver the years it changed into the years itchangedinto but working on itthrough sion was writtenin2016, - - - 6 March 2021. Some lyrics of the song 6 March 2021.Somelyrics ofthesong the Sanremo Music Festival 2021 on winner of the "Big Artists" section of test channel. onEurovision SongCon million views withanadditional 7.6million views ered onband'sofficialchannel32.4 nel. By30May 2021,thevideogath 2021 viaMåneskin's YouTube chan The band withthe song was the - - - tor in2017. son oftheItalian talentshowXFac sea finishing secondintheeleventh ginning, thebandrosetofame after sion songcontest2021. 22 May 2021thesongwon theEurovi fanity. As the favourites forvictory, on Festival and Eurovision because ofpro were changedbetweentheSanremo Performing on the streets in the be  - - - - - ITALY 2021 Focus 57 TRADITION by Mina Vučić - - RED CARPET WEEK, SINGERS AND Yet another wonderful aspect another wonderful of the Yet DURING THE FESTIVAL’S STARS WALK SANREMO’S to young performers to get exposed. get to performers young to os broadcasted the show for the first time. Italians embraced the Festival for its mu and the love straight away, sic and allure never During quivered. singers and stars week, the Festival’s red carpet. Beautiful Sanremo’s walk from the region of Liguria sur flowers round the protagonists. All under the eyes of millions of Italians. music event opportunity is the it gives ------

important to Italians. Sing his their in part a plays ing tory and tradition, and in t’s no secret that music ist’s

I In the last century, precisely in 1951,precisely in the last century, In Entrepreneur Pier Busseti organized Radi di Sanremo. the first Festival passion. Traditional Italian music has passion. Traditional had, since the 1950s, a most prestig ious event by the entire coun followed Ital The di Sanremo. Festival try- The in San Remo is the ian song festival most popular of its kind in the coun city beautiful held annually in the try, spectacularof the Liguria region. The event place at the famous thea takes tre Ariston in Sanremo where for a Italian singers and performersweek, propose original songs, written just for the occasion. deed they know how to celebrate their

the country

MUSIC

IS LIFE ITSELF A true Italian tradition on the most famous stage in 58 Focus ITALY 2021 in thecourseofitshistory. taken partintheFestival ofSanremo some of the famous singers who have music,areonly tory ofItalianmelodic hugenamesinthehis Renzo Arbore, Iva Zanicchi, Ornella Vanoni, Milva, la Pizzi,AdrianoCelentano, LittleTony, watching.thousands ofspectators Nil ofthestage and thepower experience getto artists,thenew-bees emerging and proposals and theotherfornew gories, oneisheldforfamoussingers existsoftwoAs thecompetition cate prestige. Among the many artists that prestige. Among the many artists that ways had some guestsof International stage inthecountry. The Festival hasal us, have madeittothemostfamous Carlo Conti,Paolo Bonolis,andAmade cent years, bignamesofItalianTVlike Inre the successorfailureofevent. a veryroleindetermining important longs to its presenters, who often play The Festival ofSanremoalsobe ------Spears in 2002, and Gwen Stefani in in 2002, Spears and Gwen Stefani in ties includeEminemin2001,Britney and Cher.Moreinternationalcelebri steen in1996,aswell asDavidBowie, per in 1995, Bon Jovi, and Bruce Spring includes Tina Turner in1990,CindyLau and Liza Minelli. More name-dropping lage People in1985, Elton John in 1989, also visitedbytheQueenin1984,Vil cut throughtheAristonstage,itwas FASHION INTHISBREATH- YEAR TOEXPERIENCETHE COME TOGETHEREVERY MILLIONS OFVIEWERS MUSIC, CULTURE,AND TAKING MUSICEVENT - - - - ents thatcomewithit. showsandthetal around itsmelodic revolving everything ing musicevent, culture, andfashioninthisbreath-tak year to experienceevery the music, this cityhastooffer. out forthemagnificentfloraldisplays watching theshow, make suretolook tle lateratthestartofMarch. Sowhile musical extravaganza, usually a lit tival ataroundthesametimeas flowerand itholdsaspectacular fes is known as locally the 'city of flowers', Another fantasticfactisthatSanremo represent ItalyatEurovision that year. ning actsatSanremousuallygoonto waystionship works both –thewin first SanremoFestival, andtherela Contest kicked offfive years afterthe in2010. er Lopez 2005, andfinallythestunningJennif Millions of viewers come together cometogether Millions ofviewers itornot,theEurovision Song Believe to getexposed. to youngperformers opportunity itgives the musiceventis wonderful aspectof Yet another OPPORTUNITY ------ITALYITALY 2021 2021 FocusFocus 5959 FOCUS by Mina Vučić - - -  that it has been suggested that he to Italy some time betravelled the mid-1580s and the earlytween 1590s – the so-called ‘lost years’ no reliable informa have when we tion about his whereabouts. There evidenceno is supportclaim,to this his pri but it is clear that Italy was mary land of the imagination. - - Sicilian city of Messina. So frequent en and thorough is Shakespeare’s gagement with Italy in his plays, itors every line in front of Juli year balcony in the old city center. et’s place inWhile Julius Caesar takes ofMerchant the and Othello Rome. and Much set in Venice, are Venice Ado About Nothing is based in the - - -

of the most beautiful of the most beautiful ated by the famous famous the by ated writer took place in one umerous tragedies cre

N in the city of Verona. Millions of vis in the city of Verona. in Italy are chosen for different playsdifferent for chosen are Italy in distinct qualities and as and given sociations. Romeo and Juliet, is set countries in Europe. Different citiescountries in Europe. 13 of Shakespeare's 38 plays are set in Italy LAND OF IMAGINATION 60 Focus ITALY 2021 by Mina Vučić CULTURE The StoryBehindJuliet'sBalconyinVerona OH, ROMEO! invented worlds thatwere onthebor live thefantasy. all over theworld whocomehereto ways findbigcrowds from ofpeople to the story. one will al Nevertheless, the housedoesn’t have anyrelation et wasn’t and basedonarealperson, cultural baggage.Shakespeare’s Juli ered withtouristicfairydustand a true named asJuliet’s, iscompletelycov W Shakespeare set many of his plays in Shakespeare setmany ofhisplaysin hen it comes to romance, hen it comes to romance, in Verona thathasbeen tasy toreality. The house some seemtopreferfan - - - - - Shakespeare’s RomeoandJuliet was the borders of the Italian city-states. stayed withiners truelove forever thewrit and Aquitaine.However, spirits, European courtslike Navarre ria, anunnamedislandhaunted with ancient Rome,adistantlandcalledIlly der oftruthandfiction.Hewroteabout LONG LIVEROMANTIC FANTASY! - - country and its literature. country andits literature. holding astrong culturalnoteforthe published in the early 14th century, Purgatorio, rative poem, whichwas ond part of Dante Alighieri’s epic nar These families alsofeaturedinthesec the Montecchi and Capelletti families. uletta” and the deadly feud between which toldthestoryof“RomeoandGi Luigi dePorto andMatteo Bandello, er works byItalianwriters,including onold in 1562.Brooke himselfdrew Juliet, which was originally published The Tragical HistoryofRomeusand byArthurBrooke, inspired byapoem - - - - ITALY 2021 Focus 61 - - - - -  GUIDANCE The walls beneath the balcony are completely covered by graffiti scribbles and notes from visitors asking for guidance in love. Although almost everything about draw people and that is to it are real, beneath the walls what matters. The by covered completely are balcony graffiti scribbles and notes from visi manytors asking for guidance in love, of which are attached with chewing the of stories the tell notes The gum. visitors’ pasts, their problems and their dreamy cus hopes for the future. This tom of leaving letters for Juliet actual ly inspired the equally dreamy Holly which Juliet, to Letters movie wood tells the story of an American tourist let love who finds a long unanswered the bricks. Long live among ter shoved romantic fantasy! of the kitschy romantic vibe. this place is fiction, the emotions that - - - - - FROM ALL OVER THE TO LIVE THE FANTASY ONE WILL ALWAYS FIND BIG CROWDS OF PEOPLE WORLD WHO COME HERE mensely crowded museum with Re mensely crowded naissance-era costumes one can also find the actual bed used in Franco Zef 1968 film adaptation of the sto firelli’s gift shop is the crowning glory The ry. of his play while the furniture and fur from antiques genuine all are nishings the 16th and 17th centuries. In this im - - - The house was once inhabited by house was The um with information about the build The ing and Shakespeare's tragedy. frescoes, paintings, and ceramics are chosen to reflect the setting and story right breast for luck in love, thoughright breast for luck in love, little. Inside theshe herself had very house, visitors can find a small muse Juliet, the balcony becomes the icon in and visitors can partake for love, popularrubbing Juliet’s the of ritual in everyone's imagination and in the in and everyone's imagination in boostVerona'sa great to processgave Only in the 20th cen tourist industry. boasts a statue oftury its courtyard century, this was so similar to the name so similar to the this was century, the Capulets that of Juliet's family, the house became home her family the Cappello family back in the 13th the in back family Cappello the 62 FocusFocus ITALYITALY 2021 2021 by Mina Vučić TOURISM Discover theItalianrecipetonaturalbeauty AT THELAKE LIFE ISBETTER ternative to the seaside when potential ternative totheseaside whenpotential offer. of ing waterbodies the nation has to ent you theguidetomostbreath-tak miracle list, and in this piece, we will pres tacular featurethiscountry hasonits doubt thatlakes areyet another spec Italian lakes proved to be a good al Italian lakes proved agood tobe I at every turn. Thereat every is no itcan offer merizing views weather, art,andthemes taly isfamousforitsfood, - - - - - SPECTACULAR FEATURE THIS COUNTRYHASON DOUBT THATLAKES ARE YETANOTHER ITS MIRACLELIST THERE ISNO the sunandinclose contactwithnature. sometime in al destinations for spending throughout theworld, ide have become Maggiore, andComo, nowwell-known terized bydistinctfeatures.Lakes Garda, comparable beauty andeachischarac a thousandlakes, renowned fortheirin Theresomething for everyone. are over these natural paradises are sure to have by greenmountainsandwonderful hills, their holiday on ‘the Boot’. Surrounded wheretospendvisitors arechoosing - - - ITALYITALY 2021 2021 FocusFocus 6363 64 Focus ITALY 2021 windsurfing tomountainsforclimb ists, fromsteadywindsforsailingand tour ty ofattractionsforsports-loving Its terraingives thelake awidevarie along especially the western shore. tains andsheercliffsfringethelake, by lowhills,whileinthenorth,moun andbacked shore islinedbybeaches ed lakes inthecountry. The southern most familyandwater orient sports ofwater isthe the miraculousbody ful lakes. north Located of Verona, ly’s biggestandbyfarmostbeauti Let’s withLake Garda.Ita begin ------SINCE ROMANTIMES,THE POPULAR HOLIDAYSPOT THE LASTICEAGE,ANDA ITALIAN LAKESHAVEAN FORMED ATTHEENDOF ENDURING, BEGUILING BEAUTY seums liningthelake’s shores.Histo monasteries, monumentsandmu but appreciatethenumerouscastles, tory andartaficionadoscannothelp Architecture,his all withlake views. andmountainbiking, ing, rappelling, and SirmioneTowers riseuptodom iger fortresses,fromwhichtheBenaco castles and Scal ing are the Medieval zano andToscolano. Equally-charm the remainsofRomanvillasinDesen the Valtenesi andonMonteBaldo, or of prehistoric settlements in evidence atthe ry loversleftspeechless canbe ------ITALY 2021 Focus 65 - - -  Last but surely one of the most Last but surely one of the most ses for local wildlife. the footof the located at beautiful, is the sec Maggiore Italian Alps, Lake ond-largest in Italy and is shared by Switzerland and the Italian regions like Just of Piedmont and Lombardy. on this list, it boasts the other lakes is spe really is what but villas, and lands of the presence is aboutcial Maggiore a few castles, adding an awe-inspiring dash of architectural grandeur. With many museums and natural reserves isto boot, Maggiore a holiday in Lake to. really something to look forward - ITALIAN REGIONS SECOND-LARGEST IN LAKE MAGGIORE IS THE SWITZERLAND AND THE ITALY AND IS SHARED BY across the lake are also beautiful oa are also beautiful across the lake lake is one of the highest-rated thingslake to do and can be completed by boat small islands scattered The or bike. ------Moving to the West, situated in thein situated West, the to Moving ey cultural events mansion, and ac plenty of things to do tivities, there’s along its shores. A guided tour of the vorite holiday destination of the Mil vorite anese. With a plethora of wonderful hot spots, the Georgeincluding Cloon ry Scaliger Castle…you won’t regret it. won’t ry Scaliger Castle…you Lake industrial region of Lombardy, Como is generally regarded as the fa comprising a very characteristic his characteristic comprising a very the Grotte di Catullo ar toric center, chaeological site, and the 13th-Centu inate the scene. Yet another must do inate the scene. 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