Balkan Business Brief

Croatian project that pushes the boundaries of reality

It is likely that you've heard about the Museums of Illusion and have been fascinated by the wide range of topics they cover, as well as their ability to push the boundaries of human creativity. What you might not know is that this captivating fusion of entertainment and education originates from Croatia. Metamorfoza, based in Zagreb and the franchise owner that manages the global Museum of Illusions network, recently launched the largest Museum of Illusions in Las Vegas. Spanning over 1,400 square meters, this museum offers visitors a unique opportunity to explore more than 80 exhibits and illusions. The Croatian creators emphasize that the new museum will introduce visitors to the original Croatian concept of the world of illusions through captivating exhibits, providing an unforgettable experience. The company's core premise is learning through fun, and with the opening of this new museum, they once again confirm that this concept is globally accepted. The Museum of Illusion is the largest chain of private museums, with locations in 25 countries and approximately 40 sites. However, the Croatian company has ambitious plans and aims to have 100 museums worldwide by the end of 2026.

How Montenegro positioned itself as one of the most open countries for cryptocurrencies and blockchain technology?

Montenegro was included in the first edition of the Crypto Wealth Report as one of the most open countries when it comes to cryptocurrencies and blockchain technology. Among the top five countries in this report are Singapore, Switzerland, the United Arab Emirates, Hong Kong, and the United States of America. According to Henley & Partners' commentary, this status is attributed to several factors. The foremost factor they mention is the Montenegrin citizens' interest in cryptocurrencies and their motivation to explore alternative financial opportunities. In addition to this, Montenegro has actively worked on developing legislation related to cryptocurrencies and blockchain technology, hosted two major events in this field, and even granted citizenship to the founder of Ethereum, Vitalik Buterin. These factors collectively position Montenegro on the list of nations with a strong commitment to cryptocurrencies and blockchain technology.

Rising prices and consumer dissatisfaction across the Balkan

Persistent criticism and appeals to state institutions by consumers continue unabated throughout the Balkans in response to significant and unjustified price increases in retail stores. The reactions of competent institutions vary from state to state. However, conducted research supports the public's claims that retail establishments have unjustifiably raised prices to alarming levels. Research conducted on price growth in retail sales in Serbia revealed that the profits of the covered retail chains increased by 70 to 150 percent in just one year. In Serbia, the competent authorities responded to consumer dissatisfaction by singling out 20 essential items that will have significantly lower price. Many experts argue that this kind of response is inadequate and does not provide a long-term solution. They also note that it comes late, given that the problem has persisted for over a year and a half. Furthermore, experts raise questions about the effectiveness of such measures and whether retail chains will compensate for this by increasing the margins on other products. In Croatia, the competent institutions have responded to the dissatisfaction of citizens who point to the solutions of neighboring countries by promising to engage in discussions with retail chains with the goal of returning the prices of certain items to the December 2022 price levels by the end of the year.

Dissatisfaction with prices in retail chains is also prevalent in Montenegro. In past months, Montenegro has been running the 'Stop Inflation' campaign, allowing citizens to purchase essential goods at more favorable prices. The initiative that was launched in Serbia and the dissatisfaction of Montenegrin citizens could cause this country to start again this campaign. The Agency for the Protection of Competition was also involved in the consideration of whether there is a violation of the law. Experts emphasize that the situation in Montenegro stems from a retail oligopoly, with four retail chains dominating 85% of the market. In North Macedonia, where citizens have expressed their discontent over rising prices, competent authorities have decided to collaborate with the Commission for the Protection of Competition to combat any illegal activities aimed at unreasonably high pricing.

What Serbia could learn from Israel?

The experiences of other countries, such as Israel, in developing the startup ecosystem for Serbia are highly significant. In collaboration with the Embassy of Israel, the Serbian Chamber of Commerce organized a conference titled "Creating the Conditions for the Serbian Innovation Ecosystem: What Can We Learn from the Startup Nation?" Representatives of the Serbian Chamber of Commerce emphasized their commitment to learning from Israel's experience and practices, as Israel stands as a prime example of how effective organization and strong support from the state, non-governmental sector, and scientific research institutions can maximize the benefits of scientific advancements and apply them to the economy. Israeli representatives, in turn, expressed their dedication to further enhancing cooperation until it reaches the desired level for both sides, and at the same time that they will continue to provide support to Serbia in the development of the startup ecosystem. In order to improve the startup ecosystem, Serbia continuously improves the legal regulations and tries to connect the relevant ministry and all key players such as scientific and research organizations, scientific and technological parks and regional innovation centers.

After investing in energy and the hospitality sector, the Turkish company is ready to invest in the banking sector of Montenegro

The Turkish company Zeren Group recognized Montenegro as a fertile area for investment and development of more investments. Zeren Group started investing in Montenegro with investments in the field of energy and metal industry, in the following period, in a completely different sector, the hospitality sector, it intends to open the first cafeteria of the famous Starbucks franchise. However, the company is going one step further and plans to invest its own capital in opening a bank in Montenegro. The company has already had successful discussions with representatives of competent institutions in Montenegro, and their initiative to further expand the banking offer in Montenegro has been evaluated positively. The Central Bank of Montenegro will have the final say on the possibility of opening another bank.