South-East European Industrial Market 2/2023

THE INDUSTRIAL PRODUCTS & SERVICES MAGAZINE FOR THE SOUTH-EAST EUROPEAN COUNTRIES www.tllmedia.bg JULY ISSN 1312-0670 Visit the SEEIM web site: www.SEE-industry.com issue2/2023 Pharmaceutical Industry in Romania

south-east european INDUSTRIAL MARKET 2 South-East European Industrial Market is a bimonthly industrial products & services magazine for the South-East European countries Bulgaria, Croatia, Greece, Northern Macedonia, Romania, Slovenia, Serbia, Montenegro, Turkiye, Albania. It is distributed free of charge among the working specialists in the industrial sectors in the region, and the engineering, manufacturing and trade companies in South-Eastern Europe. Editorial Department Dilyana Yordanova - Lead Editor d.yordanova@tllmedia.bg % (+359 2) 818 3823 Lyuben Georgiev lubo@tllmedia.bg % (+359 2) 818 3808 Pepa Petrunova p.petrunova@tllmedia.bg % (+359 2) 818 3822 Advertising & Communications Marieta Krasteva % (+359 2) 888 956 150 Petya Naydenova % (+359 2) 818 3810 Gergana Nikolova % (+359 2) 888 595 928 Elena Dimitrova % (+359 2) 818 3815 reklama@tllmedia.bg Development Mirena Russeva m.russeva@tllmedia.bg % (+359 2) 818 3812 Secretary Maria Apostolova abonament@tllmedia.bg % (+359 2) 818 3811 ISSN 1312-0670 TLL Media Ltd. © All rights reserved.The artwork, layout design, the articles and all the graphical and text materials used - images, photos, texts, etc., are copyrighted and protected by the law. Unauthorized and unpermitted use is illegal and a copyright infringement. The Publisher shall not be held liable for the contents of the advertisements, advertising layouts and banners, video advertising publications, advertorials and company articles. Copyrights of all mentioned trademarks, registrated trademarkes, etc. belong to their owners.  IN THIS ISSUE: www.tllmedia.bg Publishing House 104, Acad. Ivan Geshov Blvd., entr. A, office 9, 1612 Sofia, Bulgaria % (+359 2) 818 3838, Fax: (+359 2) 818 3800 e-mail: office@tllmedia.bg ® 4 Krassen Milev, Managing Director at IOW Bulgaria: We strive to keep being an innovative and reliable partner. 5 Veronique Curulla, Marketing and Business Development Director, Crown Bevcan EMEA: More and more consumers and brands are aware of the sustainability potential of metal packaging. 6 Electrical mobility in Turkiye – trends and opportunities. 10 Serbian metal and machinery industry. 14 Energy sector in North Macedonia. 18 Pharmaceutical industry in Romania. 21 Palfinger invests in new location in Serbia. 21 Nokian Tyres builds greenfield factory in Romania. 22 Serbia receives EBRD loan to construct science and technology parks. 22 Nidec opens two factories in Novi Sad. 23 Eurasia Packaging to welcome more than 1200 companies in Istanbul. 23 Fifth edition of DeburringEXPO to take place in October.

south-east european INDUSTRIAL MARKET 3 PAID ARTICLE - smartFridge Concept Kiss Zoltan, Export Manager- Head of R&D - Endrich Bauelemente Vertriebs GmbH Endrich works hard to offer possibility to its potential customers to call IoT for help to connect their conventional devices into networks and collect different data, which can then be used in various area such as marketing, predictive maintenance or remote surveillance. We would like to make our promise fulfilled: „We make Your device Smart”. In this writing we are going to introduce how we do it with industrial refrigerators The Smart Fridge Manufacturers of modern refrigerators often use the term “smart refrigerator” in their advertising materials and marketing communications, with which they advertise the integration of functions such as automatic defrosting (NO-FROST), inverter compressors, or the use of special insulation materials and adjustable shelf systems. However, when we examine the devices with an engineering and not a marketing eye, we should talk about smart functions primarily in the case of devices connected to the network (primarily to the Internet). Of course, a number of well-known manufacturers now offer the possibility to monitor the parameters of our refrigerator through a mobile application, possibly to intervene, or to get an overview of the food stored in the refrigerator. With the help of IOT, it is also possible to “smarten up” our traditional appliances, by integrating simple functions such as monitoring the temperature and humidity of the refrigerator compartment, the status of the door, and the brightness of the interior light. Preventive maintenance can be aided by monitoring the possible presence of extraneous noises, high vibrations, and anomalies in power consumption, while by registering the frequency and time of door openings, or the length of the open state, data for marketing or commercial purposes can also be easily extracted from devices used in a commercial environment such as gasoline station or other shops. With the help of state-of-the-art electronics, the goals mentioned above can be achieved quickly and efficiently, not only in the case of devices originally designed with such functions, but also by using IOT devices retrofitted into traditional refrigerators. The requirements for such a telemetry unit are usually small size, easy installation, independence from electrical and wired communication networks, and the possibility of easy commissioning. If the IoT module is battery-powered and uses some kind of wireless communication technology to transmit sensor data, as well as the necessary sensors are located in the device itself, then the installation can be easily carried out without the involvement of a specialist afterwards. The measurements are ideally recorded by such a module every second, minute or hour - 24 hours a day - and forwarded to the appropriate cloud service for data analysis using the modern, reliable and cheap Narrow Band / LTE-M technology or as a backup using the 2G GSM network. [1] The E-IOT ecosystem is perfect for fulfilling various customer demands via converting conventional device to SMART. Collection of refrigerator data By providing a traditional refrigerator with Internet access, we can make it suitable for submitting its operating parameters to a suitable cloud-based database for futher processing or display. For this, we need to equipp it with suitable sensors and a communication channel, for which we can call on the harware elements and software services of the E-IoT concept. We can use the data to ensure optimal operating conditions, we can constantly monitor the temperature and humidity of the refrigerator compartment, we can make sure that we did not forget to close the door and we receive an early warning of possible defrosting caused by a power cut. The telemetry unit used also supports preventive maintenance, as it is capable of monitoring anomalies and issuing alarms based on unusually high power consumption, high noise levels, or the appearance of strange vibrations. The question of safety comes up at first by monitoring the basic conditions for operation, and on the other hand, it arises in connection with material safety. For the former, the monitoring of the increasing temperature in the refrigerator and raising an alarm before defrosting due to the door being accidentally left open or having a power failure. For the latter, the built in acceleration sensor or the GPS-based device tracking can be used. Controlling the temperature of the refrigerator compartment and monitoring energy consumption contribute to economical operation. Monitoring the opening of the door can be used not only to support predictive functions, but also for data collection for marketing purposes in case of commercial environment such as shops. Logging door openings gives an idea of the frequency and length of opening, which helps the owner to map shopping habits and calculate the quantities sold. There are several hardware solutions in the Endrich smart refrigerator concept. All of them are based on easy-to-install sensor modules, which are also able to transmit their data wirelessly to a dedicated cloud. It is done either directly through the mobile phone network or through a local WLAN and its GSM gateway. Sensor modules measuring temperature and humidity, as well as the intensity of interior fridge light, together with mechanical sensors (acceleration sensor and MEMS microphone) were placed inside the compartment. To detect the opening and position of the door, either a magnetic sensor can be used, which is activated by the door magnet, or the six-axis acceleration sensor, which can even detect the degree of the door opening. All the sensor units are equipped with a battery that can be charged wirelessly, which, depending on the frequency of data transmission, allows this low-power device to operate for a very long time (>Year). For general operation, we use a low-power wireless data communication operating on the sub-GHz (868 MHz ISM) band. This solution allows the individual sensors to be installed separately, so a temperature sensor, humidity sensor or other device can even be placed in different places inside the refrigerator. All devices operate in a local mesh network, where a WLANLPWA gateway is also integrated in. This gateway is built in to the power consumption monitoring device, and simultaneously sends the data transmitted by all sensors to the cloud using a special NB-IoT/LTE-M/2G GSM modem. Since this unit works on mains voltage, there will be no problem with the GSM modem’s power consumption of frequent transmission, and in the event of a power failure, the integrated supercapacitor offers a reserve of energy to send one or two last status messages (power failure alarm). An additional advantage of this arrangement is that the telemetry data of several refrigerators located in the commercial real estate can be sent to the cloud at the same time. The LPWA communication technology (NB-IoT) and the low-power ARM-M0+ microcontroller have been designed in to operate with low energy resulting in long lifetime without battery recharge. All this is possible with very low telecommunication costs, since the prepaid SIM card costs EUR 10 for 10 years with a data volume of 500 MB. About using the data some standard software services ( Smartphone App, Data Access API and a web based administration and data visualization site) , as well as a customer specific software solution exist to take care. www.endrich.com

south-east european INDUSTRIAL MARKET 4 This year, IOW Bulgaria celebrates the 20th anniversary of its registration as a legally independent entity responsible for the development of the Eastern European market. What is your assessment of these two decades? Everything we have achieved so far took a lot of hard work and perseverance. We made the registration to show that we have long-term intentions and to increase the confidence of customers, standing by them in the then “emerging” engineering and industrial projects. We have not kept statistics, but we have designed thousands of ideas and realized hundreds of prototypes. Dozens of them reached serial production and are developing thanks to the diligence and initiative of their ideologues and executors. 20 years ago we were faced with remnants of socialist era equipment. Now every construction, mining or agricultural machine in operation has at least one component from our portfolio. The access to information and the professional attitude of the personnel in the branch have extremely raised the expectations towards the suppliers. In the beginning, we developed the solution to the given task under the supervision of the customers’ construction departments, and they trusted us because we proved ourselves with each project. Today, we work as partners with professionals familiar in detail with modern solutions in mechanical engineering. And how has your portfolio changed over this period? What are the latest additions to your affiliate network? Thanks to joining Axel Johnson International IOW Bulgaria stepped up on the next stage of its development. As part of the Driveline solutions division, we have consolidated our positions as a DANA Spicer Off-highway product and service center. We have revealed new and extremely important We strive to keep being an innovative and reliable partner Krassen Milev, Managing Director at IOW Bulgaria, for South-East European Industrial Market opportunities as an authorized service center of ZF, Twin disk, Kessler, Carraro, Rexnord for industrial applications. We are also developing the partnership with I-Mak very well. Financial results have doubled and we have achieved sustainable development of the company’s profitability over the past five years. We have added specialists to join our DANA partners in developing and building endto-end electrification solutions for mobile industrial, mining and marine applications. What is next for the company from now on? Are you planning to expand your business? We are following an established plan of strategic initiatives to drive longterm sales growth of 10 – 15% per year. We strive to continuously improve the quality of service and the satisfaction of our business partners. One of the main goals we have set for ourselves is the development of digital communications, including ECOM (e-commerce), B2B integrations, as well as maintaining an efficient supply and service chain. We are following a plan for sustainable development of initiatives related to personnel and climate, quality management and the development of circular product and service offerings. The Eastern European market definitely has an extremely large potential and constantly reveals new perspectives. We will strive to keep being an innovative and reliable partner. The experience we have, as an added responsibility, directs the focus on continuously increasing the professional expertise of the company. In parallel, we will pay extra attention to the needs, vision and goals of our clients in Bulgaria, Romania and the countries of the Western Balkans. High standards of quality and professional attitude remain priorities for the company.

south-east european INDUSTRIAL MARKET 5 Kristal Kola recently announced the launch of Turkiye’s first spring water in cans with Crown Bevcan EMEA as its packaging partner. Please tell us more about the project. Kristal Kola (Kristal) is set to launch the Turkish market’s first spring water in sustainable packaging, with powerful messaging to match. The company selected Crown’s beverage team in Europe as its packaging partner. In addition to being able to produce the cans locally at its Osmaniye plant in southeast Turkiye, greatly reducing the brand’s carbon footprint, Crown provided input on sustainability statistics printed on the can itself. Displayed in both Turkish and English, the messaging is an integral part of the package design. The goal is to educate consumers about aluminum cans and their unparalleled sustainability credentials, as well as raise awareness about recycling, which is of the utmost importance. The collaboration represents an important milestone for Kristal on its sustainability journey, making the impact and accuracy of the can’s messaging points and graphics critical. Water in cans is an important innovation for the traditional water industry; to be the first in the country to launch canned water will demonstrate Kristal’s support for improving the sustainability and accessibility of an increasingly strained global resource. How will the circular economy benefit from the project? As a global manufacturer, what measures is Crown implementing at its own facilities in order to reduce its environmental impact? The project with Kristal helps to increase the usage of the world’s most sustainable beverage packaging: the aluminum can. Beverage cans are part of the circular economy because metal is infinitely recyclable. After consumption, it can take as little as 60 days for a can to be sorted, recycled, and back on the shelves as a new can. Beverage cans have the ability to be recycled over and over again with no loss in performance or quality and currently stand as the most recycled beverage package in the world — with a significantly higher global average recycling rate than PET bottles. Additionally, recycling aluminum for use in new beverage can production saves 95% of the energy necessary for production from virgin materials, making the footprint of the beverage can even smaller. In 2020, Crown took an exciting step on its sustainability journey with the launch of the Twentyby30 program, an ambitious set of targets addressing More and more consumers and brands are aware of the sustainability potential of metal packaging Veronique Curulla, Marketing and Business Development Director, Crown Bevcan EMEA, for South-East European Industrial Market the most pressing sustainability issues of our time. Twentyby30 includes not only science-based targets for greenhouse gas (GHG) emissions reductions and water stewardship goals but also tackles areas of sustainability such as material circularity, employee safety, diversity and inclusion, responsible sourcing, and other environmental, social, and governance topics. As part of this program, we are collaborating with industry partners to drive even higher rates for beverage can recycling, as well as achieve zero waste to landfill and ultimately reach Net Zero status as an organization. What can you tell us about market trends in the field of beverage packaging? What’s next? Beverage cans have gained momentum across Europe, with demand growing for years and seeing significant acceleration from the COVID-19 pandemic and the interruption in the hospitality sector. Consumption of traditional categories in beverage cans grew further in the past few years, but so did smaller segments such as ready-to-drink options, primarily debuting in cans. Cocktails, iced tea, and coffee (particularly in Turkiye) as well as energy drinks have been massively adopted by consumers and are now part of a diversified beverage landscape. New products are disproportionately being introduced into cans, as more consumers and brands are aware of the sustainability potential of metal packaging. Being eco-friendly, recyclable, and convenient, the adoption of the beverage can is expected to grow further. Crown operates a number of facilities in Southeast Europe. What’s the significance of the region in maintaining the company’s leading market position? Crown has a historical footprint and a legacy as a market leader in the supply of beverage cans in the Southeast European region, which also extends to the Middle East. Our knowledge of the market and long-lasting relationships with beverage manufacturers in the region help us maintain our position as a leading supplier, but this also requires constant innovation, determination, and a continued understanding of customer and market needs.

south-east european INDUSTRIAL MARKET 6 Based on the aim of compliance with the objectives of the European Green Deal, Turkiye’s e-mobility sector has been experiencing a significant development to reduce greenhouse gas emissions from the transportation sector and to accelerate the transition to a cleaner and more sustainable mobility. Fundamental to Turkiye’s successful transition to electric vehicles (EVs) by 2030 is a comprehensive national charging system. While policies and incentives can be put in place to speed up vehicle sales, parallel policies and programs are needed to ensure that these vehicles can be charged in convenient, efficient, sustainable, and affordable ways. To ensure that charging systems grow in tandem with vehicle sales, the Turkish government must coordinate the deployment of public and private charging infrastructure to support all kinds of EV operators— from private vehicles to fleets of all types of vehicles, including public sector purchases at all levels of government. Fortunately, ample international experience is available, from which Turkiye can choose the methods most suitable to the country’s needs and circumstances. The necessary EV charging network Unless there are publicly accessible charging stations to supplement home and office chargers in all contexts urban, peri-urban, rural, and long-distance, mass adoption of EVs will remain slow. The need for such charging facilities in densely populated areas is particularly important for Turkiye, given the large share of the population living in apartments and having limited access to charging areas near their home. The need for public facilities in rural areas and along the highways connecting distant population canters is self-evident, states a World Bank report exploring the deployment of electric vehicle charging infrastructure and incentives to support the scale-up of electromobility technologies in Turkiye. Generally, the charging landscape is divided into two basic systems: (1) private charging stations where access is limited to authorized persons (such as homeowners and residents of apartment buildings, hotels, and business complexes); and (2) publicly accessible charging stations that are available to all (such as those on streets, public parking areas, and shopping areas). According to World Bank’s document a growing number of energy providers around the world are becoming charge point operators and e-mobility service providers. Their goals are to build stronger customer relationships, address consumers’ needs, and increase sales. In the years to come, smart charging applications such as vehicle-to-home (V2H) and vehicle-to-grid (V2G) integration will come to link energy providers and EV drivers. V2H integration acts as a local storage system that can draw electricity from the EV battery; the EV can feed excess energy into the home, allowing bidirectional usage of energy between home and EV. This trend has induced hardware manufacturers to develop bidirectional V2H chargers. In the future, a DC wall box will be a standard feature of smart homes. Furthermore, traditional players such as automakers are shaping the e-mobility ecosystem by interacting with other players and experimenting beyond their core business. Ionity, for example, is a network of high-power charging stations founded by the BMW Group, Daimler AG, the Ford Motor Company, and the Volkswagen Group to facilitate long-distance travel across the European Union. Tesla already offers owners of its vehicles access to a network of charging facilities. Providers of fleet services such as fuel cards are also making the transition into e-mobility by extending their fuel cards to cover charging costs. Solving critical end-user sticking points and building a seamless charging experience are crucial to succeeding in the fast-emerging ecosystem of e-mobility. Players from outside the e-mobility industry can also capture pieces of the value chain. SuElectrical mobility in Turkiye – trends and opportunities ..

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south-east european INDUSTRIAL MARKET 8 permarket and hotel chains can offer EV charging in their parking areas and connect value-added services such as loyalty programs to their EV charging services to maintain their customer base. Development steps EVs can make substantial contributions to Turkiye’s targets for reducing greenhouse gas emissions. Together with the increasing decarbonisation of electricity generation, EVs will also play a major role in the reduction of local air pollution, especially in urban centres, claims a recent flagship report from the World Bank. “Without fast-charger coverage all over the country, the EV market may stall, as range anxiety discourages consumers from purchasing EVs. For this reason, the Turkish government should declare a strategic goal to cover the country with a sufficient network of fast chargers, guided by a deployment roadmap. Planning where to build charging stations involves multiple factors, chief among them assuring EV users that they will be able to travel reliably across the country and tracking where current driver density and gasoline and diesel consumption are greatest. (The rationale for the latter factor is to predict where EV density and charging demand are likely to be greatest as conventional vehicles are replaced.) Technical standards are being established to ensure usability for different brands of EVs. Work has begun to coordinate electricity distribution services (by DSOs) and electricity supply, to determine the costs of installing EV charging infrastructure, and to manage tariff setting”, states World Bank’s report on the deployment of electric vehicle charging infrastructure and incentives to support the scale-up of electromobility technologies in Turkiye. The document informs that as yet Turkiye has no medium- or long-term policy to transform the EV market. No target has been announced for EV uptake or for the deployment of EV charging infrastructure, and no limitations have been placed on the use or sale of internal combustion engine vehicles. Thus, the extent to which EV charging stations will ultimately be promoted and regulated through official policy remains unclear, but the outcome is likely to be suboptimal unless decisive action is taken. Turkiye’s current legislation, plans, and policies for the deployment of EVs, EV charging infrastructure, and electric public transportation are reflected in the 11th Development Plan (2019 – 23), the National Energy Efficiency Action Plan (2017 – 23), and a regulation to improve the energy efficiency of the transportation sector (Official Gazette, May 2, 2019). “Energy Systems Planning for EVs” appears in the 2019 – 23 strategy document of the Ministry of Energy and Natural Resources as Target 2.4. The related task (2.4.1) is the “Preparation of Reports about the Impact of Electric Vehicles on the Electrical System and the Planning of the System Infrastructure.” The ministry’s Department of Energy Efficiency and Environment (EVCED) is named as the lead institution for the task, and the General Directorate of Energy Affairs (EIGM), Turkish Electricity Transmission Joint Stock Company (TEIAS), Turkish Electricity Distribution Joint Stock Company (TEDAS), and Energy Market Regulatory Authority (EMRA) are named as cooperating institutions. Opportunities World Bank’s report suggests that in order to provide regional coverage, Turkiye could be divided into zones. As the western part of the country is more developed, the zones are narrower (about 25 km) than those in the eastern part (about 50 km). Using this approach, the number of zones is 966. In addition, there are 123 rest areas (most of which include service stations) on the highways. Counting the regional coverage and highway coverage together, it is estimated that 1089 DC fast chargers would be sufficient to cover all of Turkiye. “As this deployment plan is not demand oriented but is needed to provide the geographical coverage required to sustain the growth of the EV market, a rapid rollout would be optimal. It is proposed that the network of about 1089 fast charging stations be completed by early 2025.

south-east european INDUSTRIAL MARKET 9 Turkiye should be divided into regions for soliciting bids to build charging stations. All regions should include commercially attractive and unattractive subregions, so that bidders can be mandated to install charge points in less commercially attractive areas”, states the document. In the not-too-distant future, EVs and EV charging infrastructure, if of sufficient scale and properly coordinated and supported with smartgrid and load-management technologies, could also smooth the shape of the daily demand load and allow EVs to be utilized as power storage units. By returning power to the grid, EV batteries can increase grid flexibility, thereby supporting the transition of the power system from centrally managed power plants to decentralized (renewable) energy production. Factors for a viable EV charging ecosystem Cities and municipalities (especially those of small or medium size) are under growing pressure to help residents and local businesses transition to sustainable mobility and, in so doing, to improve air quality and reduce noise pollution. There are many opportunities for municipalities to electrify their publicly owned fleets by replacing their existing vehicle pools with EVs and building public charging networks. EV charging solutions are expected to be a major trend in the coming years, with a high potential for additional revenue generation for the municipalities, claims World Bank’s report on the deployment of electric vehicle charging infrastructure and incentives to support the scale-up of electromobility technologies in Turkiye. The biggest driver of e-fleet adoption is its compelling business case: EVs tend to have a lower total cost of ownership. Vehicle fleet operators (such as corporations, car rental agencies, and governments) have been early adopters of EVs. They are particularly attractive to companies with fleets with predictable and consistent demands (in terms of size, load, and range), as they make it possible to substantially reduce the total cost of ownership by lowering fuel and maintenance costs, states World Bank’s report. For small towns and tourist destinations that rely on highway access for visitors, EV infrastructure could determine the economic sustainability of local businesses, adds the document. Coordination of small business groups, such as local chambers of commerce, may be needed to build local charging infrastructure efficiently. Regulations on heritage preservation and planning may be potential barriers for developing charging infrastructure in Turkiye. Business opportunities for Turkiye lie in filling infrastructure gaps between regions and cities. Consumer-facing businesses such as service stations, convenience stores, hotels, and restaurants should be able to profit by introducing fast EV charging. Partnerships between utilities and regions can speed up the build-out of fast charging stations along highways in the country. According to World Bank’s report though, despite the opportunities just described, intercity regional fast-charging networks will have to be incentivized, because they will not be economically feasible in the early stages, despite being indispensable for intercity travel using EVs. Regulatory gaps can be a significant barrier to progress, points out World Bank’s report on the deployment of electric vehicle charging infrastructure and incentives to support the scale-up of electromobility technologies in Turkiye. Assessments of national approaches to regulating charging infrastructure in other countries reveal opportunities for improvements in the country’s practices. Broad topics include ways to incentivize or mandate development of public and private charging stations; regulations and technical standards for charge points; and tariff setting and connection fees. Last but not least, although the commercial feasibility of charging infrastructure is fundamental to the economic sustainability of e-mobility in Turkiye, it is important to not overlook the social good of a reliable, geographically distributed EV charging network and the reduction of emissions in terms of public health, climate mediation, and country commitments, concludes World Bank’s report.

south-east european INDUSTRIAL MARKET 10 The metal processing and machinery sector in Serbia has a long history of development and it is among the leading national production and manufacturing industries and one of the most important pillars of the local economy today. It dates back to 1853 when the first foundry in the country started operating. Today the sector accounts for approximately 6% of the national GDP and the workforce is considered highly skilled and properly trained to meet current European standards. Sector overview According to officially published data by the Development agency of Serbia, the enterprises within the segment vary in size and structure, which makes the metal processing sector relatively diverse. “Large companies dominate the first part of the value chain, with significant economies of scale (production of primary metals, primary processing of metals), while the companies operating in the processing and manufacture of metal products subsectors are more specialized and customer-oriented SMEs. In the secondary processing such as casting, pressing, processing and coating of metals, the share of SMEs is 90%”, the official report states. Metal processing accounts for about one fifth of the country export market, which has always been very export-oriented and open to collaboration with foreign companies. “Italy, Germany and Bosnia and Herzegovina are the most important markets, while thanks to the FTA with Russia Serbia has a growth of export to Russian market”, the Serbian Development Agency informs. Numerous international investments in Serbia were made possible by the country’s educated and professional workforce, incentives for investors, free trade agreements with the Russian Federation and Türkiye, established infrastructure, and advantageous geographic location. Currently there are over 4180 active companies in the sector with more than 73 000 employees. The total revenues of the industry amount to EUR 4,4 billion and the export business is Serbian metal and machinery industry worth about EUR 2,7 billion. The basic metal production sector only has generated more than EUR 1,2 billion in revenue. It has at its disposal thousands of employees and robust operations and is led by a small number of large enterprises, including HBIS GROUP Serbia Iron and Steel and Zijin Bor Cooper. The manufacture of general-purpose machinery – pumps and compressors, cooling and ventilation equipment, lifting and handling equipment – is considered the largest in terms of wealth creation accounting for 57% of the value added generated in the machinery and equipment manufacturing sector”, the official report says. One of the most important metal associations in the country is the Vojvodina Metal Cluster (VMC). It was established in 2011 by 71 companies and organizations and it currently has 130 members – 103 enterprises and 27 institutions. Most of them (over 84%) are from AP Vojvodina, almost 14% are from other parts of the republic and the rest come from the EU – domestic firms with majority ownership structures originating from the Union.

south-east european INDUSTRIAL MARKET 11 Another significant branch organization is the Metal Cluster of Western Serbia, founded in 2014. Today the cluster unites 11 small and medium enterprises from the municipalities of Arilje, Pozega and the city of Uzice, which are mainly characterized by long traditions and experience in the metal sector. Five institutions with activities in the field of developing contemporary technology knowledge are also part of the cluster. Development According to a study, conducted by the Institute of International politics and economics in Belgrade, the beginning of metal and machine industry in Serbia is set to 1853 when the newly built “Topolivnica” foundry in Kragujevac casted successfully its first cannon. This was the beginning of the first wave, or primary industrialization of Serbia. During the second half of the 19th century many enterprises within the metal and machinery industry were established in Serbia, and also in Vojvodina, which was then a part of the Austro-Hungarian Empire. Until the beginning of the World War I, the industry as a whole, including the metal and machinery sector, developed rapidly and diversely. Between the two world wars, the industry kept developing, as important production centers were Belgrade, Kragujevac, Nis and many locations in Vojvodina. After the World War II industrial enterprises in Serbia saw even more rapid and vast expansion. As a result, many industrial zones were formed. Among the main subsectors of the industry during its long development process have been metal processing, machine building, production of transport tools, electric machinery and devices, weaponry and munitions. “The metal and electrical sectors in Serbia achieved their economic and technological peak in 1980. After that a great deceleration followed, and after 1985 a distinct stagnation and decrease of production took place as a result of many factors – sanctions, ineffective privatization and restructuring, technological obsolescence, premature liberalization, great share of the grey and black economy, instability of currency, exchange rate primarily directed to utilizing consumption interests, high indebtedness, foreign investments absence or their bad absorption”, the study also informs. The first decade of the new Millenium brought new perspectives to the sector, and in terms of metal production in 2007 (in relation to 2001) more than doubling of physical volume (229,4%) was registered. In the period to 2012 again a huge decline took place which almost brought production volume back to the 2001 levels. In the production of other metal products, a constant increase was registered during the decade, as index for 2007 in relation to 2001 was 127,5%, and for 2012, relative to 2001 – 150%. In the production of electric machinery and equipment the index for 2007 in relation to 2001 was 132%, and in 2012 it reached 146,9%. “However, in the production of other machinery and equipment there was a huge decrease registered in 2007 in relation to 2001 – only 65,5%, and in

south-east european INDUSTRIAL MARKET 12 2012 – 57,8%. The decrease continued, although considerably decelerated, but total production was almost twice lesser at the end of this 11-year period. In motor production in 2007 there was a considerable increase registered in relation to 2001, with an index of 142,6%. At the same time basic metals production in 2012 was only 100,2% of the 2001 levels”, the report says. In 2012 the manufacture of basic metals was only about one half of the production registered in the previous year. In the next four years though, the sector saw a slow but steady positive development trend. Production of fabricated metal products (except machinery and equipment) realized some increase in the period to 2015, except in 2009 and 2014, when the declines were huge. According to the Chamber of commerce and industry of Serbia, the number of companies in the sector in 2015 was 5263, with over 120 900 employees. The metal and electrical industry with over 4700 active enterprises and over 103 600 employees (approx. 10,5% of the total workforce engaged in the economy of Serbia) built 5,47% of all enterprises. The total number of enterprises in the mining and metallurgy sector in 2015 was 516, and the employees – over 17 300, the Chamber report also informs. The share of the metal and electrical sector entities in the physical volume of the industrial output decreased from more than 20% and today it is only a half of that. The share of the production of metal ores and metallurgy in the physical volume of industrial output varied, because of the oscillations in the production of the iron and steel plant in Smederevo. The export of this subsector in 2015 amounted to USD 4,7 billion, or 10,3% less than 2014. The import amounted to USD 6,6 billion, or 4,8% less than the previous year. The export of the metal mines and the metallurgical segment in 2015 amounted to USD 1,34 billion – 11,4% less than 2014. The import amounted to USD 1,59 billion, a decrease of 8,8% in relation to 2014, statistics show. Enterprises, current state and future of the sector The metal and machinery sector in Serbia is highly concentrated and represented by various cooperation clusters. According to the report “Metal and machine industry in Serbia”, published in 2019, large-scale companies currently dominate the first level of the value chain, with scopes of activity in the field of production of basis metals, primarily metal manufacturing. The specialized entities in the segment of metal products processing and production are mainly small and medium enterprises. “In secondary manufacturing, including foundries, pressing, processing and coating of metals, the share of small and medium enterprises is 90%. The metal industry has always been export-oriented, and its share in the total Serbian export market is about 20%. Most important export partners are Italy, Germany and Bosnia and Herzegovina”, the official data shows. Since the mid-20th century, a number of OEM’s have been established in the country. Although their basic purpose was to serve the growing domestic demand, much of the companies soon became exporters of finished goods and products, local market analysts conclude. Among them were Zastava (a manufacturer of cars and trucks), FAP (trucks and buses), IMT and IMR (tractors), Zmaj (combine harvesters and trailers), Sever (electrical motors), Pobeda (forklifts), Gosa (rolling stock), Apatin, Sava, Begej and Kladovo (shipyards), Potisje and Lola system (machine tools), (machine tools), Utva (airplanes), Majevica (soil cultivation machinery), Ikarbus and Neobus (buses). The metal machining industry has been mainly concentrated around the OEM’s and served them as suppliers and service providers. “Today, the metal industry landscape of Serbia looks completely different. Most of the big companies/OEMs do not exist anymore or are limited to serve a diminishing Serbian market. Instead, the leaders are subsidiaries of foreign companies with manufacturing operations in the country like Siemens, Grundfos, Wacker Neuson, FIAT, ATB Motors and many others. The

south-east european INDUSTRIAL MARKET 13 suppliers are mostly family-owned SMEs, serving almost exclusively foreign markets. Both parties benefit from the industrial heritage and availability of skilled people”, the report informs. The adoption of technical regulations in the country in the field of safety of machinery is under the authority of the Ministry of Economy. For the purpose of alignment to Directive 2006/42/ EC (the Machinery Directive), i.e. amendments thereto set out in Directive 2009/127/EC, the Minister of Economy adopted the new Rulebook on Machinery Safety, which entered into force on June 1st, 2016. The Rulebook on Amendments and Modifications of the Rulebook on safety of Machinery, which repeals the obligation of obtaining Confirmation of Conformity for all categories of machinery, starting from January 1st, 2022, was published in March 2020. Local economic analysts expect that the future of the metal and machinery industry in Serbia is going towards high specialization and niche orientation in order to stay competitive in the oversaturated global industry, which is dictated by the economy of scale. According to the Institute of international politics and economics, among the most important capacities in the sector, that are not enough utilized, today are: iron and steel production (to 2,5 million tons per year); production of hot-rolled flat products (to 1,2 million tons per year); production of cold-rolled flat products (to 600 000 tons per year); production of tinplate (to 200 000 tons per year), welded pipes and cold formed sections (to 55 000 tons per year); production of drawn wire, production of reinforcing steel (about 250 000 tons per year, with marginal investments to 500 000 t/y), etc. “There are also good possibilities for investments in the mining and smelting complex Bor, and in other metal mines for better capacity utilization in the production of yield of ores and the production of concentrates. The capacities in the foundries in the country are also not well utilized, only 30 to 40 percent. The main challenges facing the Serbian industry as a whole can be solved through the right strategic partners”, economic analysts conclude.

south-east european INDUSTRIAL MARKET 14 In order to become a member of the European Union (EU) North Macedonia is currently standardizing and privatization its energy industry. The country has a great energy potential due to its favorable geographical location, natural resources and climatic characteristics. However, it currently relies predominantly on fossil fuels (low-grade lignite and gas) and hydropower, and is dependent on electricity imports, a recently published report by the EU Energy sector in North Macedonia canceled contracts to avoid selling at a loss, disrupting the operations of their clients, and forcing clients to fall back on the universal supplier. Still, construction of an internal gas distribution network continued, regional cooperation for electricity and gas interconnections increased, and the supported CEE Bankwatch Network states. The total production of electricity in 2020 for example was 5436 GWh, and another 2965 GWh were imported to satisfy the total domestic electricity demand. North Macedonia is a full member of the Union for the coordination of production and transmission of electricity European interconnection (UCPTE), which ensures interconnection compatibility with European electric power systems. Development and capacities Another report, available on the official website of the International trade administration and including actual data by the International energy agency (IEA) and the International renewable energy agency (IRENA), states that rising energy prices in the last quarter of 2021 and the first six months of 2022 severely impacted North Macedonia. “Multiple private electricity trading companies

south-east european INDUSTRIAL MARKET 15 SEE NEWS Austrotherm invests EUR 12 million in new factory near Zagreb Austrotherm began construction of its first EPS insulation plant in Croatia. Over the coming months, the leading manufacturer of energy-saving and climate-protecting thermal insulation in Central and Eastern Europe will build a modern production facility in Zabok, 30 kilometers north of Zagreb. Both the white Austrotherm EPS and the gray Austrotherm EPS-PLUS will be produced. The site, spanning nearly 8000 square meters, will feature modern production, warehouse and office facilities. The investment in the greenfield project currently amounts to around EUR 12 million. The commissioning of the plant is planned for the first half of 2024 and will create 30 new jobs. The factory will meet the highest quality standards in terms of occupational safety, optimized work processes and digitalization. Photo: Austrotherm Westinghouse signs key contract for new reactor with Bulgaria’s Kozloduy NPP-Newbuild Westinghouse Electric Company announced it signed a Front-End Engineering and Design (FEED) contract with Bulgaria’s Kozloduy NPPNewbuild for a new AP1000 reactor to be located at the Kozloduy site. Work is commencing per the agreement to assess Bulgarian industry and the existing infrastructure at the Kozloduy site for its potential to support the construction of an AP1000 reactor. „We are pleased to begin work to deliver the world’s most advanced, Generation III+ reactor technology to provide clean and reliable baseload energy for our customer and the people of Bulgaria“, said David Durham, Energy Systems President for Westinghouse. The AP1000 advanced reactor is the only operating Generation III+ reactor with fully passive safety systems, modular construction design and has the smallest footprint per MWe on the market, pointed out the company. Photo: Westinghouse government pursued new investments in wind and photovoltaic plants. There were no major energy legislative changes, but North Macedonia continued to harmonize its energy regulations with the EU Energy Community’s Third Energy Package (TEP)”, the report informs. The country’s state-owned power company was partially privatized in the early 2000s. Since joining the market in 2006, the Austrian utility firm EVN has been in charge of distributing power throughout North Macedonia. Electricity transmission in the country is managed by the stateowned MEPSO (Makedonski Elektronprenosen Sistem Operator), and electricity generation – by the state-owned ESM (Elektrani na Severna Makedonija; formerly ELEM). One combined generation power plant, a heavy oil plant, a few solar power plants, a few biogas plants, and one wind farm make up North Macedonia’s system for producing electricity.

south-east european INDUSTRIAL MARKET 16 SEE NEWS Bulgaria’s Agropolychim to double production of nitrogen fertilizers Agropolychim signed an agreement with Casale, the ultimate goal of which is to double the production capacity of nitrogen fertilizers: up to a total of 1,5 million tons of ammonium nitrate, calcium ammonium nitrate, calcium nitrate, urea and ammonium nitrate. Casale will design a new state-of-the-art nitric acid plant that, along with the main product, will generate the maximum amount of green energy. The installation is planned to be commissioned before the end of 2027. This is an important step in the company’s investment plan, exceeding EUR 250 million for the next 5 years. This investment will further strengthen Agropolychim’s strategic position as one of the few fertilizer plants in the world that operates on a carbon-neutral basis, and will also be another step towards the company’s goal of becoming the reference green/blue platform for fertilizers and ammonia in Southeast Europe. Bosch Rexroth commissions new plant in Slovenia Bosch Rexroth launched a new commercial and production facility near Ljubljana airport. The company has been present in Slovenia for 25 years, since 1998, when Domel sold Indramat Elektromotorji to Mannesmann Rexroth. In 2016, the company was renamed Bosch Rexroth and it is now an important part of the group, which generated EUR 7 billion in revenue last year. „We also have an ambitious plan to reach EUR 10 billion in sales by 2028“, Reinhard Schaefer, member of the executive board of Bosch Rexroth AG in charge of production and quality management, said at the 16 June launch. The new production plant in Brnik will also contribute to this, he added. Martin Andreas Hansen, managing director of Bosch Rexroth Slovenia, noted that the new 24 500-square metre facility will have 14 000 square metres of production areas, 4000 sq. metres reserved for logistics, 4000 sq. metres of offices and 2500 sq. metres of technical areas. Two coal power plants with a combined installed capacity of 825 megawatts (MW) and several hydro power plants with a combined installed capacity of 695 MW also contribute to the production. The two coal power plants generate about 55% of the nation’s yearly electrical consumption. To assist North Macedonia in lowering its dependency on electricity imports, the smaller coal power station “REK Oslomej”, which was dormant through 2020, restarted operations in 2021. “ESM refurbished the “REK Bitola” coal power plant in 2017, but its equipment is still largely outdated. There are two open pit lignite mines with a total capacity of 7 million tons/year and estimated reserves of 10 – 15 years. Domestic lignite has low-caloric value, and the government has announced plans for gradual closure of the Bitola power plant and the coal mines”, the International trade administration reports. Regardless of significant investments in routine maintenance and minimal upgrading, domestic electricity generation fell by more than 25% during the last ten years, and imports accounted for 33,2% of total consumption in 2021. The total annual production of electricity in 2021 was 5285 GWh, 3,1% more than in 2020, and it covered 66,8% of total domestic electricity needs. The 333 MW Chebren hydropower project (HPP) is being built thanks to a concession the government has made to private investors. The USD 640 million investment is considered essential for balancing the electricity system. Challenges and opportunities ESM owns and operates North Macedonia’s only wind farm, which is a 36,5 MW park in the southern part of the country. With two different 14 MW projects in the same location, it intends to enhance capacity. The government has also identified a future 415 MW wind park project with the German company WPD Group as a “strategic investment” in the country’s northeast part. Russian gas is transported from the Bulgarian border to Skopje by a natural gas pipeline operated by Gasification-Macedonia (GA-MA), which was once a joint venture between the government and the commercial oil distributor Makpetrol. The entire pipeline’s capacity is supplied by Gazprom. The Skopje, Kumanovo, and Kriva Palanka cities as well as other industrial users are principally served by this pipeline.

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