Balkan Business Brief

Wine Vision by Open Balkan

At the second consecutive "Wine Vision by Open Balkan" wine, food, and tourism fair held in Belgrade from November 16 to 19, Serbia and the region were marked as the future of the world's winemakers. The fair hosted over 600 exhibitors and more than 450 professional buyers, engaging in over 4,000 bilateral meetings and there was even wines and gins showcased from the UK and other European countries. Some of the prominent professional buyers included major companies like Norwegian Vinmonopolet, British Novel Wines, Canada's United Stars Corporation Group, and Brazil's Merit Importadora. Also, the fair in Belgrade became an essential event for renowned names in the world of sommeliers and wine judging, further emphasizing the global recognition of the region's wine industry.

According to statistical data from the credit rating company CompanyWall, a total of 545 companies are involved in grape wine production in Serbia. Vinex Grozd, renowned for over 10 centuries for its production of quality grapes and wine, secured the first place in business results. Following closely are the Aleksandrovi? winery and the Kova?i? winery.

Serbia empowers circular and sustainable future through $190,000 GEF grants

In a groundbreaking initiative, the Global Environment Facility (GEF), in collaboration with the Ministry of Environmental Protection of Serbia and the United Nations Development Program (UNDP), recently granted $190,000 in cash prizes to 19 outstanding circular economy innovations. Recognizing contributions from private, public, and social enterprises, as well as scientific institutions and citizens' associations, the awarded solutions promise a swifter transition to a circular economy. These innovations, ranging from recycling styrofoam to transforming fruit and vegetable waste into raw materials, aim to enhance resource efficiency, optimize waste management, and curtail greenhouse gas emissions. The awards highlight the crucial role of collaboration across sectors for sustainable development, fostering a collective commitment to a greener future. These groundbreaking solutions aim to be implemented in 2024, contributing to Serbia's sustainable development.

Montenegrin real estate shines amidst declining FDI

Montenegro is experiencing a significant dip in foreign direct investments, with the total inflow reaching 631.36 million euros by the end of September—a 26.14% decrease compared to the same period last year. The decline is attributed to reduced investments in intercompany debt, companies, and banks, as well as withdrawals of investments from abroad. Despite this overall downturn, real estate investments tell a different story, demonstrating growth with a 4.03% increase. In the period from January to September, 335.19 million euros were invested in the real estate sector. Notably, equity investments accounted for a significant portion of the total inflow, with 403.87 million euros, representing 63.97% of the realized inflow. However, proprietary investments in companies and banks experienced a decline of 52.35%.

North Macedonia's non-life insurers pay out over EUR 5 million in August 2023

In August 2023, North Macedonia's non-life insurers disbursed over EUR 5 million, covering over 9,800 claims. According to Insurance Supervision Agency (ISA), in comparation to August 2022, damages covered by insurance rose by 22%. Motor Hull and private health insurance recorded the most significant increases, with motor vehicle owners receiving 1.03 million EUR., which is 58% higher y-o-y. Private health insurance payouts for medical expenses reached over 733,000 EUR, marking a 56% increase. When it comes to property insurance, insureds received 345,000 EUR for damages in August. In travel insurance the companies paid over EUR 100,000) to the insureds, what is 17% higher y-o-y. Uniqa, Triglav, Viner VIG, and Sava Insurance led with substantial shares in claims paid.

Mercator won the race to acquire Tu?

Mercator, or more precisely, the parent company Fortenova group from Croatia, is set to officially acquire a portion of the Tu? retail and wholesale chain. Specifically, Mercator will take over 80% of the ownership previously held by Alfa Fund, with the remaining 20% owned by Mirko Tu?. This acquisition provides Mercator with control over Engrotu? and wholesale Cah & Carry, while the Tu? family retains ownership of the drugstores. The transaction's estimated value is around 30 million euros, but potential complications can arise as Fortenova must additionally secure approval from the Agency for the Protection of Competition. In addition to Mercator, the German giant Rewe, as well as the Montenegrin company Voli, in previous period have expressed interest in buying the trading company Engrotu? and taking over ownership.