Balkan Business Brief

Unveiling regional differences in online meetings and remote work across Europe. Where are the Balkans countries?

Although the coronavirus pandemic has changed the world and the way businesses operate, Eurostat's data on online meetings and remote work for 2022 reveal significant variations across Europe. Statistical data indicate that online meetings are most common in Northern Europe, specifically Finland (78.5%), Denmark (78%), and Sweden (79.4%). Interestingly, Balkan countries are ahead of several other European countries in this regard, with Serbia (40.7%), Montenegro (40%), and Croatia (40%) showing higher rates of online meetings. Countries such as Greece, Slovakia, Poland, Lithuania, Latvia, Austria, Estonia, Portugal, Italy, France, Czech Republic, Slovenia, Bulgaria, Hungary, and Romania have slightly lower representation and practice of online meetings. While online meetings and remote work bring substantial flexibility, cost reduction, time-saving benefits, and enable participation regardless of location, data indicate that many individuals still prefer in-person meetings with coffee or business lunches. Eurostat also highlights that statistical data on remote access demonstrates the technological readiness of companies to provide their employees with remote access to three types of company resources: email systems, documents, and business applications. What is your company's stance on remote work and what is the frequency of online meetings?

Montenegro's cryptocurrency dilemma and the need for regulatory framework

In Montenegro, there is currently no legal regulation for cryptocurrency trading. However, the Ministry of Finance is considering the possibility of drafting relevant legislation in this area. As a result of the absence of legal regulations, trading and transactions involving cryptocurrencies can be considered illegal. Despite this, it is worth noting that some companies in Montenegro offer the option of payment in cryptocurrencies for their services.?The majority of?companies that offer this type of payment do not offer an answer to questions about how payment in cryptocurrency is possible. Other companies express frustration due to the lack of proper legal regulation. Even if they advertise the acceptance of cryptocurrency payments, they are unable to execute transactions because they cannot report income from cryptocurrencies. However, certain companies in the real estate and hotel sectors, such as Dukley Residences, have reported successful sales of services using cryptocurrencies. Another interesting development is the presence of a cryptocurrency machine within a gambling facility in the coastal city of Tivat. This machine allows users to easily buy and sell cryptocurrencies in exchange for money or other digital currencies. The key question remains how long it will take for the Ministry of Finance to establish cryptocurrency-related legislation and whether the state is experiencing any losses due to the inability to collect taxes or fees based on cryptocurrency transactions.

What makes the startup ecosystem in Serbia a promising place for startup development?

According to the global report on the startup ecosystem for 2023 prepared by Startup Genome and the Global Network of Entrepreneurship, Belgrade and Novi Sad in Serbia have shown a significant increase in the value of their startup ecosystem. These reports are highly regarded and involve extensive research that covered 3.5 million startup companies across over 290 startup ecosystems. Based on the available data in the report, innovators and startup companies from Belgrade and Novi Sad have created an ecosystem value of $1.11 billion by December 31, 2022, which represents a growth of 75.41% compared to the previous period starting from July 1, 2020. Additionally, the report highlights that the Serbian startup ecosystem is among the top 20 European ecosystems in terms of available talent. Serbia and its startup ecosystem are known for several key benefits, including the availability of talented engineers and a supportive approach from the government, industry, universities, and other actors in the digital ecosystem towards innovation. Entrepreneurship education is being carried out at various levels, with the?ultimate goal?of creating approximately 1,200 active startups that would attract investors from around?the world. It is noteworthy that in June of last year, the European Union and the World Bank allocated 84.5 million euros to finance startup research in Serbia. Furthermore, Serbia is actively working on attracting?a large number of?venture capital funds and launching new accelerators. Considering the aforementioned factors, do you believe that the Serbian startup ecosystem offers?a sufficient number of?benefits and can be considered one of the more promising areas for the development of startups?

New acquisitions and expansion of Telekom Serbia

Telekom?Serbia?Group, through its subsidiary MTEL, has concluded negotiations for the acquisition of the Macedonian operator Neotel. Over the past few months, the two operators have been awaiting regulatory approval to finalize the transfer of infrastructure, users, rights, and obligations from Neotel. The latest information suggests that the necessary consents and approvals will be completed by September of this year. This acquisition will enable Telekom to offer fixed Internet access services, advanced interactive television over the IP network, and fixed telephony, while simultaneously strengthening its leadership position in the market. In addition to the Neotel acquisition and telecommunications leadership, Telekom is also focused on expanding its presence and growth in other areas. Notably, Telekom possesses an impressive portfolio of TV channels and media, and the next step in expanding this portfolio involves the acquisition of the renowned media company, Pink Media Group, based in Serbia.