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Milan Marković, General Manager, Smurfit Kappa Belgrade

Returning Treated Water to the Danube

Here Milan Marković, General Manager of Smurfit Kappa Belgrade, shares his insights about the company’s legacy and innovative strides in environmental protection Founded in 1921...

Bogdan Gavrilović, Managing Director, WTO Serbia

Transport and Logistics Without Borders

World Transport Overseas is one of the fastest-growing logistics companies in Eastern Europe, with branches in Bulgaria, China, Croatia, Greece, Kosovo, North Macedonia, Serbia,...

Vesna Jovanović, Director, EurologSystem

Connecting Italy and Serbia by Rail

EurologSystem, which is set to commemorate two decades of successful operations in 2025, transports an average of 500,000 tons of goods annually, primarily agricultural...

Branko Milikić, Business Development Director at Halcom Serbia

Innovations in Digital Banking

Halcom is a leader in the domain of digital banking and banking solutions. This company has spent 30 years enabling the safe and efficient...

Dragana Ašić Ratkovac, Business Manager Consulting & Tax Advisor at Unija Consulting d.o.o. Beograd

Our View of the Tax World and What’s Important

The success of companies in today’s world depends, among other things, on the ability to adapt to constant amendments to tax laws. My experience...

Dejan Vukotić, CEO Of The Serbian Export Credit And Insurance Agency (AOFI)

We’ve Preserved Our Economic Base

Thanks to the Government of Serbia’s Economic Support Programme, the Serbian economy preserved its exports, investments and employment despite the COVID-19 Pandemic and aggravated conditions for doing business, while in 2021 these indicators are expected to experience a growth trend. The Serbian Export Credit and Insurance Agency of the Republic of Serbia participated actively in the implementation of this programme during the pandemic.

The world found itself confronted by the severe economic consequences of the global health crisis caused by the coronavirus pandemic in 2020. The Republic of Serbia responded in a timely fashion to the challenges posed on the economy, and above all on fiscal policy, by the health crisis. The basic objectives set by the Programme of Economic Measures to Support the Serbian Economy have been met. Economic capacities have been preserved and support has been provided for maintaining the economy’s liquidity for the duration of the extraordinary circumstances.

“The Serbian Export Credit and Insurance Agency (AOFI) participated actively in the implementation of this programme during the pandemic,” says AOFI CEO Dejan Vukotić, who agreed to summarise, exclusively for our publication, the consequences of the COVID- 19 Pandemic and the Serbian economy’s prospects in 2021. “In cooperation with the Government and relevant ministries, the Agency focused its activities, both during and after the pandemic, on the credit insurance of the receivables of Serbian exporters and, by taking on the risk of non-payment, helped a large number of export-orientated entrepreneurs to continue their operations.”

As such, during the course of 2020, the AOFI insured 2,820 customers in 75 countries in a total amount of 765,326,609 euros, which represents year-on-year growth of 13%.

The activity of drafting general and special conditions and a new insurance policy that aims to initiate cooperation with the banking sector was completed during 2021

In your opinion, what were the biggest challenges and to what extent did the Serbian economy show its readiness to respond to them?

The Serbian economy preserved its exports, investments and employment despite the COVID-19 Pandemic and aggravated conditions for doing business, while in 2021 these indicators are expected to experience a growth trend. Macroeconomic and financial stability, accompanied by a growth trend in exports, FDI and consumption, along with a timely and comprehensive package of measures, enabled the consequences of COVID-19 and the global slowdown to have less of an impact on the economy of the Republic of Serbia compared to most other European countries.

During 2020, the Republic of Serbia’s exports showed high resilience against the global negative consequences of the pandemic, which halted supply chains, by achieving only a slight fall of 2.0%. The largest decline was recorded in the processing industry, which was caused by a drop in external demand and disruptions to global supply chains.

Foreign trade nonetheless endured great pressure and many works could not be implemented?

The pandemic has impacted on our economy both in terms of placement opportunities and in terms of supplying our producers. The consequences of the market circumstances that emerged were expected, and in credit insurance they are manifested through an increased number of reports of non-payments and company bankruptcies. Thus, the insurance sector paid out 1.6 million euros in 2020, which is the most damages paid since its establishment. On the other hand, in the recourse procedure, 903,000 euros were collected from debtors.

Exports are expected to return to their previous growth path in 2021, despite the global recession, which is also shown by the data of the National Bank of Serbia for the first quarter of 2021.

Milan Marković, General Manager, Smurfit Kappa Belgrade

Returning Treated Water to the Danube

Here Milan Marković, General Manager of Smurfit Kappa Belgrade, shares his insights about the company’s legacy and innovative strides in environmental protection Founded in 1921...

Bogdan Gavrilović, Managing Director, WTO Serbia

Transport and Logistics Without Borders

World Transport Overseas is one of the fastest-growing logistics companies in Eastern Europe, with branches in Bulgaria, China, Croatia, Greece, Kosovo, North Macedonia, Serbia,...

Vesna Jovanović, Director, EurologSystem

Connecting Italy and Serbia by Rail

EurologSystem, which is set to commemorate two decades of successful operations in 2025, transports an average of 500,000 tons of goods annually, primarily agricultural...

Branko Milikić, Business Development Director at Halcom Serbia

Innovations in Digital Banking

Halcom is a leader in the domain of digital banking and banking solutions. This company has spent 30 years enabling the safe and efficient...

Mickoski Proposes New Government for North Macedonia

Hristijan Mickoski, leader of VMRO-DPMNE and the designated Prime Minister of North Macedonia, has formally submitted his proposed cabinet...

King Frederick X Inaugurates First Section of Undersea Tunnel Connecting Denmark and Germany

King Frederick X of Denmark has inaugurated the first segment of the ambitious 18-kilometre Fehmarn Belt tunnel beneath the...

Belgrade Hotel Union Sold for €6.2 Million

Hotel Union, a historic landmark in Belgrade, has been sold for 727 million dinars (€6.2 million) at a public...

French Firms Suez and Vinci to Oversee Wastewater Treatment in Belgrade

The Serbian government has enlisted French companies Suez International SAS and Vinci Construction Grands Projets for the design, construction,...

Dušan Živković Named New CEO of Elektroprivreda Srbije

Elektroprivreda Srbije (EPS) has announced the appointment of Dušan Živković as its new Chief Executive Officer, following a decision...

Mickoski Proposes New Government for North Macedonia

Hristijan Mickoski, leader of VMRO-DPMNE and the designated Prime Minister of North Macedonia, has formally submitted his proposed cabinet...

King Frederick X Inaugurates First Section of Undersea Tunnel Connecting Denmark and Germany

King Frederick X of Denmark has inaugurated the first segment of the ambitious 18-kilometre Fehmarn Belt tunnel beneath the...

Belgrade Hotel Union Sold for €6.2 Million

Hotel Union, a historic landmark in Belgrade, has been sold for 727 million dinars (€6.2 million) at a public...

Public-Private Partnerships Key to Serbia’s Green Future

Five years ago, dark, polluted water with a foul smell trickled down from the Vinča landfill, sending toxic pollutants...

German Voters Dominate, Malta Least Represented in Upcoming European Parliament Elections

As the 2024 European Parliament elections draw near, set to take place from 6 to 9 June, Eurostat has...

Mickoski Proposes New Government for North Macedonia

Hristijan Mickoski, leader of VMRO-DPMNE and the designated Prime Minister of North Macedonia, has formally submitted his proposed cabinet...

King Frederick X Inaugurates First Section of Undersea Tunnel Connecting Denmark and Germany

King Frederick X of Denmark has inaugurated the first segment of the ambitious 18-kilometre Fehmarn Belt tunnel beneath the...

Belgrade Hotel Union Sold for €6.2 Million

Hotel Union, a historic landmark in Belgrade, has been sold for 727 million dinars (€6.2 million) at a public...

Public-Private Partnerships Key to Serbia’s Green Future

Five years ago, dark, polluted water with a foul smell trickled down from the Vinča landfill, sending toxic pollutants...

German Voters Dominate, Malta Least Represented in Upcoming European Parliament Elections

As the 2024 European Parliament elections draw near, set to take place from 6 to 9 June, Eurostat has...
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