In Slovenia, this role is even more pronounced: Alpacem Cement is the country’s only domestic cement producer and one of the most technologically advanced companies in the region. It sees its mission as going well beyond traditional industrial modernisation: it aims to reshape the entire cement and concrete value chain and, in doing so, contribute to the decarbonisation of Slovenia’s infrastructure. 

A progressive vision amid real-world challenges 

European regulation demands rapid emissions reductions by 2040, yet the industry warns that implementation is lagging behind political ambition. “For the ambitions we have in Europe, we are simply too slow,” says Dr Tomaž Vuk, CEO of Alpacem Cement. 

Spatial planning procedures and permitting can take between five and ten years – significantly longer than in Asia or the United States. This means that industry must start deploying new technologies now if it wishes to achieve decarbonisation in time. 

Despite these constraints, Alpacem is betting on technological innovation and a phased approach that balances environmental impact, energy realities and the expectations of local communities. 

Low-carbon cement, the core of the global transition 

Low-carbon cement is becoming one of the most important levers for reducing emissions in construction. Progress is built on the following pillars: 

• a reduced clinker factor, using mineral additions (slag, fly ash, calcined clays), 

• improved energy efficiency, digitalisation and process optimisation, 

• CCUS technologies – capture, utilisation and storage of CO₂ – the only way to eliminate process emissions from limestone. 

According to recent technical reviews of lowcarbon cements, as well as industry case studies on CO₂reduced concretes and pilot projects using advanced blended cements, pilot projects around the world already demonstrate 30 to 60% lower emissions while maintaining the same loadbearing capacity and full compliance with standards. The main obstacles remain cost, the availability of raw materials and regulatory rigidity. This is why, for innovators such as Alpacem, systematically expanding the portfolio of lowcarbon products and preparing the ground for future technologies is essential. 

Energy, materials and technology 

A comprehensive transformation is under way at Anhovo, combining advanced energy solutions, lower-carbon cement through improved materials, research into carbon capture, transport and storage, and the development of new technologies. 

Advanced energy solutions include installing solar power systems in the cement plant’s industrial area, gradually electrifying processes, and significantly reducing the share of fossil fuels in favour of biomass and alternative fuels. 

For the next phase of the transition – especially CO₂ capture – industry will require two to three times more energy than today, and it must be clean. “If our competitor in Africa has cheaper energy, green cement will be cheaper there,” warns Dr Vuk. This clearly shows that energy has become a strategic driver of technological innovation. 

Lower carbon footprint through advanced materials 

Alpacem is already reducing the clinker content of its cements and increasing the use of mineral additions such as slag, ash and filter ash. This supports the development of new low-carbon cements in line with the European standards. 

Because process emissions from limestone decomposition cannot be solved through optimisation alone, Alpacem is exploring options for carbon capture, transport and storage. This technology will be essential in the next stage of the transition, as cement plants cannot achieve net-zero emissions without it. 

The transition depends on trust 

Innovation is not only technological. A successful transition requires the support of local communities. “With transformations of this scale, we must be able to listen to one another. Without trust, every step will be endlessly questioned or blocked,” emphasises Dr Vuk. 

Alpacem therefore pairs its technological development with ongoing dialogue with local residents, transparent communication on environmental impacts and cooperation with the state and environmental organisations. This recognises that decarbonising industry is a societal project, not merely an engineering one. 

Advancing eco-friendly infrastructure in Slovenia 

Cement remains a cornerstone of modern infrastructure: durable, fire-resistant and locally available. Concrete accounts for around 50% mass of Europe’s building stock, yet only 15% of its embodied energy, making it a key building block of the green transition. Wood and concrete are expected to evolve as complementary materials of the future. 

The transformation of the Anhovo cement plant therefore carries broader significance: Slovenia can demonstrate that advanced industry, environmental goals and community dialogue can be successfully brought together. This creates a model that other energy-intensive industries can also adopt. 

The road ahead: innovation, investment and clear policy signals 

For the widespread adoption of low-carbon cement, the following will be crucial: the introduction of a green public procurement system, appropriate CO₂ pricing, and support for investments in state-of-the-art technology and CO₂ infrastructure. 

Alpacem acts as an early adopter. The company is already lowering its clinker factor, expanding the use of alternative fuels, and increasing energy efficiency. All of this forms part of its long-term strategy aligned with the goal of carbon neutrality. Thanks to Alpacem, Slovenia now has a remarkable opportunity to position itself at the forefront of low-carbon construction in Europe. 

NLB Skladi, the asset management arm of Slovenia’s largest banking group, has reinforced its dominant position in the domestic investment market. The company announced on 22 January that its umbrella fund reached €3.0 billion in assets under management by the end of 2025, serving nearly 103,000 investors. When combined with discretionary portfolio management, alternative investment funds, and regional subsidiaries in North Macedonia and Serbia, total assets under the NLB Skladi umbrella now exceed €3.7 billion.

“2025 was a record year for NLB Skladi,” said Luka Podlogar, president of the management board. “With net sales of €245.5 million and a nearly 46 per cent share of net sales in the Slovenian market, we have further strengthened our position as the largest asset management company in Slovenia.”

The firm is bullish on 2026. “At NLB Skladi, we are maintaining an above-average exposure to equities compared to bonds this year, and we prefer both asset classes to cash,” said Rok Potočnik, a senior portfolio manager at the company. He pointed to tailwinds including rapid advances in artificial intelligence, strong US productivity growth, expectations of more expansionary fiscal policy, and low levels of corporate and household debt. Volatility may rise, Potočnik added, but that presents opportunities for investors willing to deploy capital during market dips.

A generation investing earlier

NLB Skladi’s record year arrives against a backdrop of shifting demographics in retail investing worldwide. The World Economic Forum’s Global Retail Investor Outlook, a survey of investors across 13 economies published last year, found that 30 per cent of Gen Z –  broadly, those born between the late 1990s and early 2010s – began investing in early adulthood. That compares with just 9 per cent of Gen X and 6 per cent of baby boomers who started at the same life stage.

The gap widens when it comes to financial education. By the time they enter the workforce, 86 per cent of Gen Z have already learned about personal investing, the survey found, versus 47 per cent of boomers. Younger generations are also more open to technology-assisted advice: 41 per cent of Gen Z and millennials said they would allow an AI assistant to manage their investments, compared with 14 per cent of baby boomers.

A separate study from the Oliver Wyman Forum, published in January 2026 and based on data from 300,000 investors tracked since 2020, found that economic anxiety is accelerating the trend. Many young people, uncertain about job security in an era of artificial intelligence and automation, are turning to markets as a hedge. Social media plays an outsized role in this shift, with more than half of Gen Z and 44 per cent of millennial investors citing it as the primary reason they began investing.

NLB Skladi appears to recognise the opportunity. A significant portion of its 2025 activity was devoted to a financial literacy campaign aimed at young Slovenians, framing saving not as privation but as a means to realise aspirations.

“Although we talk about money, we are really talking about feelings – security, freedom, and meaning,” said Blaž Bračič, a member of the NLB Skladi management board. He added that the firm’s role was to help young people see saving as an instrument for achieving their goals rather than a form of self-denial.

The message aligns with what researchers are finding. The WEF survey noted that nearly 20 per cent of Gen Z non-investors cited distrust of financial institutions as their reason for staying out of markets. Among those who do invest, a majority said they would invest more if they had greater trust in their platforms and better access to education. For traditional asset managers competing against slick fintech apps and social media influencers, credibility and clear communication may matter as much as returns.

In it for the long haul

NLB Skladi is also positioning itself around Slovenia’s new individual investment accounts, which come into effect later this year. “Individual investment accounts represent a structured and tax-efficient framework for long-term goals, and a good first step toward a personal financial plan,” Bračič said. “They are also a wake-up call for everyone who is not yet saving for the future.”

For now, the firm’s record year suggests it is well placed to benefit from whatever growth materialises, both at home and across the region. NLB Skladi offers 20 sub-funds under its umbrella structure, spanning global equities, emerging markets, bonds, and sector-specific strategies. Its distribution network, tied to NLB’s extensive branch presence, gives it reach that smaller competitors struggle to match.

And if the generational data holds, the pipeline of new investors may only grow. A cohort that starts saving in its early twenties, with decades of compounding ahead, represents a long-term opportunity. Provided the industry can earn their trust.

Outside the Ljubljana City Museum on Tuesday afternoon, snow fell steadily across the city centre, the kind of sustained winter weather the Slovenian capital hasn’t seen in years. Inside the museum’s intimate cinema-style conference space, roughly a hundred people brushed flakes from their coats, collected glasses of wine, and exchanged New Year’s greetings before settling into their seats.

That so many attended, despite the storm outside, suggested expectations were running high for the Institute for Strategic Solutions’ annual Strategic Foresight gathering. The Ljubljana-based think-tank, operating since 2011, was launching the fourteenth edition of its publication The Adriatic: Strategic Foresight. The magazine’s cover features artwork by Ciril Horjak, the illustrator and comic artist who won Slovenia’s Prešeren Prize for achievement in the arts – his covers have become something of a staple for the publication.

The timing also felt pointed. Slovenia faces parliamentary elections in March. The Western Balkans inches towards the European Union’s self-imposed 2030 enlargement deadline – Montenegro and Albania furthest along in negotiations – whilst questions about where capital flows, whether European regulations enable or constrain growth, and who controls the digital infrastructure underpinning modern economies have moved from theoretical to immediate.

“The economy isn’t a competition in the classical sense, where some win and others lose,” said Tine Kračun, the institute’s director, opening the afternoon. “The goal is to create conditions where everyone can thrive.”

But it also depends on whether existing members like Slovenia can demonstrate that EU membership actually supports economic competitiveness rather than constraining it. Whether conditions currently support that ambition became the afternoon’s central tension.

Performance politics

Three days earlier, Trump had ordered Delta Force commandos into Venezuela to capture President Nicolás Maduro, a tactically impressive raid with no apparent plan for what comes next. Photographs from the Mar-a-Lago “war room” revealed administration officials monitoring the operation alongside a large screen displaying X.com with “Venezuela” searched, tracking public reaction in real time. These weren’t public servants executing policy. They were influencers managing content.

But whilst attention fixes on the stage, Stojan argued, processes unfold in the background that carry long-term consequences. He displayed a series of graphs tracking global manufacturing’s share of added value from 1995 to 2022. Across the room, phones emerged from pockets as attendees photographed the data: China’s line climbing from 4% to nearly 30%, the United States falling from 21% to 17%, the EU declining similarly. The other side of this story, he said, is security, visible most clearly in rising military expenditures and the militarisation of political discourse.

“Our message for 2026,” Stojan concluded. “Turn on your filters.”

Nejc Krevs, a young journalist and news anchor whose profile has risen steadily over the past few years, took over to steer the discussion that followed.

The capital question

Andrej Lasič, a board member at NLB, Slovenia’s largest bank, said the bulk of capital in the Western Balkans flows into construction, property and retail, all sectors with relatively low added value. “I’d like to see more investment in technology and high-value industries,” he said.

His observation reflects a broader challenge of how to move up the value chain when established sectors offer more predictable returns. Construction and retail require less specialised knowledge, face fewer regulatory hurdles, and generate faster cash flows than, say, software development or advanced manufacturing. But they also create fewer high-skilled jobs and contribute less to long-term productivity growth.

Lasič expressed optimism about EU accession prospects for Montenegro and Albania, but added that Brussels still “doesn’t fully understand the region,” which constrains development.

Slovenia has often held the reputation of being the Balkans’ gateway into Europe, its economy and institutions shaped by two decades inside the union, and Tamara Zajec Balažič, director of SPIRIT Slovenia, the national business development agency, leaned into that role. Slovenian companies remain competitive in the Western Balkans, particularly in logistics, information technology and manufacturing, she said, and the country is recognised internationally as adaptable, innovative, reliable. But the region still faces regulatory fragmentation, varying levels of transparency alongside often lengthy and complex administrative procedures.

Two decades inside the union have made Slovenia fluent in Brussels bureaucracy whilst geographic proximity and shared history keep it attuned to Balkan realities, enabling it to understand both sides of a disconnect that policymakers further west often miss.

Platform economics

Ivana Vrviščar, a board member at Pošta Slovenije, the state postal operator, broadened the discussion to examine structural changes in global capitalism. The economy is entering a new phase, she argued, one departing from classical free-market models. Digital platforms linked to e-commerce, cloud computing and data management now dominate, with infrastructure owners extracting rental income rather than competing on price or quality.

She described this as “technologically conditioned feudalism,” or, to borrow the term coined by Yanis Varoufakis, the former Greek finance minister who battled EU creditors during the 2015 debt crisis, “technofeudalism.”

No one contested the diagnosis. The question wasn’t whether platform economics had fundamentally altered capitalism, but what established businesses could do about it.

Uroš Ivanc from Triglav Insurance, the region’s largest insurer, offered a pragmatic response. Business risks remain constant, he said, but understanding them creates space for innovation. The industry is developing new products to address technological, demographic and regulatory risks, increasingly deploying artificial intelligence to optimise processes and manage data. “Insurance possesses extensive databases which, properly processed, create added value for both clients and insurers.”

If you can’t compete with the platforms, the logic suggested, become more platform-like yourself.

Competing with one hand tied

The sharpest frustrations emerged when discussion turned to regulatory burden, specifically, whether European and national rules hamper competitiveness in globally exposed industries.

Dr Tomaž Vuk, chief executive of Alpacem Cement, spoke with the precision of someone who knows exactly what his industry requires and what stands in its way. Materials manufacturing competes in an environment without level playing fields, he said, where companies elsewhere operate under different environmental standards, labour protections, compliance costs.

Competitiveness requires systemic change, not just company-level improvements, Vuk argued. In the EU, where a directive agreed upon by all member states often ahs to take years before being implemented at a national leve, this sort of duplification appears unnecessary and wasteful, creating delays that last years.

Competitiveness requires systemic change, not just company-level improvements, Vuk argued. The region must accelerate decision-making if it wants to compete globally, yet in the EU, directives agreed by all member states still take years to filter down to national implementation, a duplication of process that creates delays competitors elsewhere don’t face.

Leaning forward when his turn came, Franc Dover, director of Pannonia Bio Gas, spoke with the kind of passion that suggested he was finally saying aloud what had been building for some time. Slovenia has significant but underutilised potential for energy self-sufficiency through waste management, where biogas plants can convert unsuitable maize, agricultural residues, animal manure, food waste into energy, turning what gets discarded into power. “But permit procedures can last several years,” he lamented.

Dover’s irritation felt more immediate, less resigned. The technical solutions exist. The economic case strengthens as energy prices rise and climate commitments tighten. What’s missing is institutional capacity to move from policy ambition to physical deployment. Governments announce ambitious renewable energy targets, then struggle to approve the infrastructure needed to meet them, approval processes stretching across years whilst competitors elsewhere simply build.

Outside, snow continued falling on Ljubljana, heavier now than when the afternoon began. Inside, the hundred people who’d chosen to attend despite the weather dispersed slowly, reluctant to leave the warmth, conversations continuing in clusters near the entrance.

Every week, freight trains and lorries move automotive parts, pharmaceuticals, and consumer goods from the Adriatic coast into the Western Balkans, a region where economic growth has outpaced Western Europe in recent years, but where logistics infrastructure has struggled to keep pace. 

For Intereuropa, a Slovenian logistics firm with operations across nine countries in southeastern Europe, this gap represents both challenge and opportunity. 

Global freight markets remain volatile. Container prices have eased from pandemic peaks, but demand is uneven, geopolitical tensions continue to disrupt trade routes, and logistics providers face sustained pressure on margins. Companies operating in the region must coordinate customs, warehousing, and transport across jurisdictions with differing regulations and uneven infrastructure. 

Intereuropa has moved beyond traditional transport and customs clearance, developing more complex services in recent years, comprising warehousing, distribution, last-mile delivery. “Customers increasingly expect solutions tailored to their processes,” says Samo Kastelic, who joined Intereuropa’s management board in September after holding leadership positions at international logistics firms. The company operates twelve subsidiaries and manages over 260,000 square metres of logistics infrastructure across the former Yugoslav space. 

That regional footprint, Kastelic argues, gives Intereuropa a structural advantage. Multinational clients operating across southeastern Europe can work with a single provider rather than coordinating separate contractors in each country. The company handles customs clearance, warehousing, distribution, and final delivery, or what the industry calls end-to-end logistics. 

Warehousing expansion and high-value freight 

Intereuropa’s recent investments have focused on capacity and service depth rather than geographic expansion. The company opened a logistics centre at Kukuljanovo, near the Croatian port city of Rijeka, and acquired additional storage facilities at Novi Banovci outside Belgrade. Combined with existing infrastructure across the region, total warehousing capacity now exceeds 260,000 square metres. 

But warehousing alone is not the business. The company has shifted toward sectors where complexity commands higher margins. Pharmaceuticals require temperature-controlled storage and regulatory compliance. Food distribution demands tight delivery windows. Hazardous materials and oversized cargo need specialised handling expertise. 

“We have strategically focused on certain industries and types of goods that require a high level of handling conditions, which also bring more added value,” Kastelic says. “Pharmaceuticals, food, retail, oversized cargo, dangerous goods.” 

The logic is straightforward. Commodity freight is price-sensitive.  Specialised logistics, tailored to specific industries and their regulatory requirements, offer more durable returns.  Intereuropa expects that clients will value and invest in reliability and coordination in a region where these qualities are still hard to ensure. 

The company also works extensively with automotive manufacturers, managing parts distribution for several major brands through its network. The Port of Koper, Slovenia’s sole maritime gateway, serves as the primary entry point for goods destined for the Balkan hinterland, and Intereuropa’s infrastructure is designed to connect that port to markets across the region. 

Rail freight and the Koper-Belgrade corridor 

In 2024, Intereuropa launched a regular rail freight service between Koper and Belgrade, a twice-weekly connection designed to offer an alternative to road haulage. 

The service reflects broader shifts in European freight policy. The EU has pushed for modal shift from road to rail as part of its decarbonisation agenda, and logistics providers are under pressure to reduce emissions across their operations. Rail is slower than air, but faster than road over long distances, and produces a fraction of the carbon emissions per tonne-kilometre. 

“We moved part of our freight flow from road to rail,” Kastelic says. “Price competitiveness and level of service are decisive, alongside the environmental impact.” 

The commercial case for rail depends on reliability and price competitiveness. If trains run on schedule and costs remain below road haulage, clients will shift volumes. If delays mount or pricing advantages erode, the incentive disappears. Intereuropa frames the Koper-Belgrade service as proof of concept and as a demonstration that intermodal freight can work in a region where rail infrastructure has historically lagged. 

The company is also developing last-mile delivery capabilities to complement its rail and warehousing operations. The goal is full supply chain coverage. Goods arrive at Koper by sea, move by rail to regional hubs, are stored and processed in Intereuropa’s warehouses, and reach final customers via the company’s distribution network. 

Digitisation and operational flexibility 

Kastelic emphasises that physical infrastructure alone is insufficient. Without information systems capable of tracking shipments, coordinating customs documentation, and providing clients with real-time visibility, logistics networks cannot function efficiently. 

“Appropriate information support plays an extremely important role in the quality execution of logistics processes,” he says. “Without it, it is practically impossible to imagine doing business.” 

Intereuropa has invested in upgrading its core IT platforms, developing new systems for parcel distribution, and integrating data flows across its subsidiaries. The company maintains an in-house development team that works directly with clients to design bespoke solutions, tracking systems, inventory management, delivery scheduling tailored to specific supply chains. 

The emphasis on flexibility reflects market conditions, as freight volumes fluctuate with economic cycles, trade policies shift unpredictably, and geopolitical disruptions can reroute supply chains overnight. Logistics providers must absorb these shocks without passing excessive costs to clients. 

Container prices, though lower than their 2021–22 peaks, remain volatile. Demand in Western Europe has softened, while southeastern European markets continue to grow. Intereuropa’s regional focus positions it to benefit from that divergence, but only if it can adapt quickly to changing flows. 

“We closely monitor conditions and strive to operate very flexibly,” Kastelic says. “We redirect transport capacity according to the structure and flows of freight.” 

Outlook 

Intereuropa plans to continue expanding warehousing capacity across the region, with particular focus on e-commerce fulfilment, where demand has grown rapidly and logistics requirements differ from traditional freight. The company already operates a fulfilment centre in Dravograd, Slovenia, and sees potential for similar facilities elsewhere in its network. 

Investment in IT will also continue. The company is developing platforms for parcel distribution and upgrading applications that support core logistics processes. Kastelic describes digital capability as a competitive differentiator, one that allows Intereuropa to offer services smaller regional competitors cannot match. 

The broader outlook depends on factors beyond any single company’s control. Southeastern Europe’s integration into European supply chains continues, but unevenly. EU infrastructure funding has flowed into the region, though project delivery remains inconsistent. Border procedures have improved in some corridors and stagnated in others. 

Intereuropa’s strategy assumes that economic integration will proceed, that freight volumes will continue growing, and that clients will value reliability enough to pay for it. “Southeastern Europe has significant potential,” Kastelic says. The twice-weekly train from Koper to Belgrade keeps running, and the company is betting that more will follow.