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FIC Guide 2009/10

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FIC Guide 2009/10 Guide to the Foreign Investors Council / 3 SPECIAL EDITION CONTENTS Guide to the STABLE BANKING SECTOR PHARMACEUTICALS RECESSION RESISTANT COMMENT - Radovan Jelašić, Gover- MARKET ANALYSIS FOREIGN by Erste Group 6 nor of the National Bank of Serbia 50 PREPARING FOR THE END OF THE CRISIS INVESTORS INTERVIEW - Aleksandar BUSINESS NEWS 8 Radosavljević, FIC President and 53 COUNCIL CEO of Carlsberg Srbija ADVANTAGES IN CRISIS 2009/2010 INVESTING IN SCIENTIFIC INFRASTRUC- INTERVIEW TURE 54 - Michael Kefalopoulos, General INTERVIEW - Božidar Đelić, Deputy Director of Mellon d.o.o. FASTER REFORMS REQUIRED IMPRESSUM 14 Serbian Prime Minister and Minister of Science & Technology INTERVIEW - Nenad Vuković, EDITOR IN CHIEF LEADERS 56 Member of the FIC Board of Direc- Tatjana Ostojić 20 tors, President of Henkel Serbia [email protected] SEEKING CONSISTENCY BUSINESS NEWS EDITOR INTERVIEW - Kjell-Morten Johnsen, 59 EU-STANDARD LAWS Mark R. Pullen 22 FIC Vice President, CEO of Telenor YEAR OF CRISIS & REFORM BUSINESS - Jelena Pejčinović ART DIRECTOR INTERVIEW - Nebojša Ćirić, 60 (FIC), Executive Secretary of the Tamara Ivljanin ADCPI Committee [email protected] 26 State Secretary in the Serbian Economy and Regional BUSINESS EDITORIAL Development Ministry 61 NEWS CONTRIBUTORS WORLD ECONOMIC FORUM REGULATING A CHANGING INDUSTRY Mark R. Pullen, Ana Stojanović Switzerland INTERVIEW - Vera Nikolić Dimić (Vip Mobile), Head of the FIC Tel- PHOTO 30 on top 62 Slobodan Jotić NEW FIXED-LINE OPERATORS ecommunications Committee and INTERVIEW - Jasna Matić, Serbian Coordinator of the Telecommuni- TRANSLATORS cations Working Group within the Snežana Bjelotomić 32 Minister for Telecommunications and Information Society Regulatory Guillotine Project PROJECT MANAGERS UNPARALLELED GEO-STRATEGIC POSITION PREDICTABILITY IN THE HR SECTOR Vesna Vukajlović, INTERVIEW - Slobodan INTERVIEW - Miloš Mirić (Holcim) [email protected]; - Head of the FIC HR Committee Tanja Milićević, [email protected]; 36 Milosavljević, Serbian Minister of 64 Maja Vidović, [email protected] Trade and Services SEEKING CLARITY GENERAL MANAGER REVITALISING REAL ESTATE INTERVIEW - Ivan Rakić Ivan Novčić (Ernst&Young) – Head of the FIC [email protected] COMMENT - Đorđe Pavković 66 Taxation Committee and FINANCIAL DIRECTOR 41 Bugarski (Hauzmajstor) – Head of Ana Besedić the FIC Real Estate Committee Coordinator of the Tax Working [email protected] HERE TO STAY Group within the Regulatory EDITORIAL MANAGER Interview - Luiz Heeren, Member Guillotine Project Tanja Banković, BUSINESS [email protected] 42 of the FIC Board of Directors, PRINTING General Manager of British 69 PROMOTION Rotografika d.o.o. American Tobacco East Balkans LAWS TO SUIT THE ECONOMY Segedinski put 72, Subotica INTERVIEW - Milica Subotić (JPM) Guide to the Foreign Investors ADOPTED LAWS Council 2009 published by: MUST BE IMPLEMENTED 70 - Head of the FIC Legal Committee alliance international media BUSINESS Knjeginje Zorke 11b, INTERVIEW - Mihailo Crnobrnja, 11000 Belgrade, Serbia 44 Editor of the FIC White Book and CE’s Top 500 Phone: +(381 11) 308 99 77, director of the FEFA Institute 72 308 99 88 Fascimile: +(381 11) 244 81 27 BUSINESS AIMING FOR A E-mail: office@ Serbia’s ranking up BETTER BUSINESS FRAMEWORK allianceinternationalmedia.com INTERVIEW - Ana Firtel Vlajić, www.allianceinternationalmedia.com 47 Executive Director of the Foreign OPEN & CONSTRUCTIVE DIALOGUE 74 ISSN no: 1451-7833 INTERVIEW - Werner Herics, Mem- Investors Council All rights reserved alliance international 48 ber of the FIC Board of Directors, media 2009 Deputy Managing Director of Poli- MEMBER CONTACTS This issue is tika Newspapers and Magazines 78 audited by ABC Serbia 4 / Guide to the Foreign Investors Council Guide to the Foreign Investors Council / 5 Stable banking sector Banks in Serbia have high adequacy of capital at their disposal, which allows them to absorb any COMMENT external and internal pressures y accepting the Vienna Initiative, banks The NBS performed this assessment on the basis of operating in Serbia have confirmed their direct field analysis and not merely on the basis of banks’ confidence in the domestic macroeconomic statements. This increases the credibility of both the data “ policy and stability by opting not to reduce their obtained and the conclusion: that in the case of negative loan commitment. Stress tests conducted as scenarios, however unlikely, the Serbian banking sector is Bpart of the Vienna agreement confirmed that the public and ready for them. businesses, particularly depositors, can have full confidence NBS stress tests have shown enhanced responsibility of in these same banks and the arguments of the National the banks in terms of credit risk, whereby the difference Bank of Serbia (NBS), as the regulator, at the time of the between the volume of banks’ reserves and the level emerging economic crisis, when the world began to seriously envisaged as necessary by the NBS is minimal. Additionally, if banks maintain a conservative approach and monitor potentially bad loans in the future, the NBS will have less need to conduct field analyses and will be able to rely on the reports of commercial banks. NBS stress tests have shown Thanks to the banking sector itself, Serbia is a rare enhanced responsibility of the country, if not the only, where the state and taxpayer did not have to spend a single penny of bailout funds to maintain banks in terms of credit risk the stability of its banking sector. This confirms that the NBS was right to lead prudent monetary and supervisory policies, implementing significant restrictions during good times in order to be able to relax gradually during bad ones, lose confidence in financial institutions. Banks in Serbia which arrived with the global economic crisis. have high adequacy of capital at their disposal, well above The stress tests conducted by the NBS showed that the prescribed 12 per cent, which allows them to absorb foreign investors in Serbia can do business without fearing any external or internal pressures occurring in the case for the stability of the banking sector, and - bearing in mind “ of continuation of the crisis and specific macro or micro that 75 per cent of the sector is ‘in the hands of ’ banks disturbances. from the EU – they can count on a quality of service that is The first challenge, in October last year, which came the same in Serbia as in other European countries. in the form of a sudden temporary withdrawal of foreign savings, was successfully overcome by the banking sector. Now stress tests conducted in 12 large banks have shown that none of them need additional emergency capitalisation, Radovan Jelašić, which means they can successfully face all additional risks. Governor of the National Bank of Serbia 6 / Guide to the Foreign Investors Council Guide to the Foreign Investors Council / 7 INTERVIEW ALEKSANDAR RADOSAVLJEVIĆ, FIC PRESIDENT AND CEO OF CARLSBERG SRBIJA PREPARING FOR THE END OF THE CRISIS “These are times when our moves need to be bolder and I think the crisis will really help us to implement much needed reforms” 8 / Guide to the Foreign Investors Council By Tatjana OSTOJIĆ Photo Slobodan JOTIĆ even years after its establishment, the Foreign Investors’ Council (FIC) is half way there – says Aleksandar Radosavljević, FIC President and CEO of Carlsberg Srbija. Today, the SFIC has over 120 members, most of them for- eign investors, and the Council’s mission is to advance the business environment in Serbia. As 2009 is a year marked by a great deal of activity among FIC members, we spoke to the FIC President about the current economic situation and the FIC’s plans. At the beginning of this year you said that foreign investments in Serbia had been put on hold. Has the situation improved in the meantime? There were quite a few investments that below average. We can now say that this year Nevertheless, economic stabilisation certainly were supposed to be made at the beginning of has been very demanding and our expectations awaits us and recovery will probably take place 2009; additional investments by existing inves- that we would experience aggravated business at the end of 2010, according to current esti- tors in Serbia who planned to expand their pro- conditions came true. mates. This will lead to many companies reacti- duction capacities here. However, it was very Everybody’s talking about the recovery now, vating their investment plans. clear at the beginning of the year that many so 2010 has been dubbed the year of stabilisa- A good thing is that FIC members have been plans would have to be changed from the core. tion; not the year of an enormous increase of active in Serbia for some time now and have Most investors decided to wait, in order to get investments in Serbia. long-term plans for this country. They will be a good perspective of the economic climate in I have to say that the crisis was experienced quick on their feet when it comes to deciding the following period. As it turns out, we were differently by different industries. Some were to invest again. Relevant analyses and estimates unfortunately right. hit harder, some less severely. Certain products have already been carried out and I am confi- Bearing in mind the way in which the crisis has were very much in demand. In the first quarter dent that they will react swiftly. If things go as been developing since the beginning of 2009 of this year, stocks with certain buyers were they are supposed to, the first investor activities and considering realistic recovery expectations, significantly depleted, hence the increased de- will be noticeable in 2010. I don’t think that substantial investments will mand. I expect this demand to decrease, since This market is being very carefully monitored be made this year. This pertains to existing nobody will have as much stock as they used and analysed. It is viewed in a broader aspect, investors in Serbia, of course, as well as new to.
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