Slovenia's NLB Skladi brushes off recession fears as it expands Balkan presence
editor
Andraž Tavčar
As central bankers across Europe grapple with the aftermath of monetary tightening, Slovenia’s largest asset manager is quietly building an investment empire in the Balkans, brushing aside recession fears with a boldness that has become its hallmark.
NLB Skladi, celebrating its 20th anniversary this year, has emerged as the standard-bearer for financial innovation in Southeastern Europe. Commanding a formidable 40 percent of Slovenia’s mutual fund market, the fund has been systematically acquiring regional rivals whilst championing alternative investments in a market traditionally wary of financial sophistication.
In May, it acquired Generali’s Macedonian operation, promptly rebranding it as NLB Fondovi Skopje. Barely four months later, it had planted its flag in Serbia through the acquisition of Kombank Invest.
“At NLB Group, we believe in the development of investment products in Southeastern Europe,” explains Luka Podlogar, chief executive of NLB Skladi, whose measured words belie the scale of his ambition, as the firm plans to harness its extensive branch network to distribute sophisticated investment products across the region.
While many houses maintain alternative assets at the periphery of their offerings, Podlogar positions them as cornerstone investments, particularly for investors looking to move beyond conventional asset allocation. “At NLB Skladi, we firmly believe that alternative investment funds offer exceptional opportunities for investors seeking higher returns, greater diversification, and protection from the volatility of traditional capital markets,” he explains, outlining a strategy that looks beyond traditional market correlations.
His approach rests on what he sees as a fundamental market challenge: the search for investments that deliver both stability and growth. “Alternative funds provide precisely this—access to asset classes such as real estate, private equity and infrastructure that exhibit lower correlation with traditional capital markets.”
Longterm, the firm anticipates alternatives playing an increasingly crucial role in both portfolio stability and wealth creation. For now, though, its traditional investment business is flourishing; €189.5m in net inflows over nine months, but it is perhaps the retention figures that prove most telling. A 44.4% share of gross inflows would satisfy most managers; the higher net figure of 52.3% points to something more significant—an ability not just to attract capital, but to keep it.
Supporting this success is an optimistic market outlook. They see neither the spectre of deep recession nor any significant deterioration in employment levels on the horizon. More notably, their analysts expect inflation to retreat further from late-2023 peaks. Rok Potočnik, senior portfolio manager, offers a remarkably sanguine view of global prospects, as the spectre of recession that has haunted market sentiment is likely to prove chimeric. “We believe that the year will be positive for both asset classes, but even more so for stocks than for bonds,” he says, whilst tempering enthusiasm about a repeat of last year’s exceptional returns.
The firm’s conviction extends beyond mere outlook, instead pointing to a confluence of supportive factors: stable employment, inflation edging towards target levels, and modest but sustained economic growth. Robust corporate earnings growth, coupled with anticipated monetary easing by major central banks, they argue, should continue to underpin equity valuations. Potočnik translates this into practice: “We maintain an above-average exposure to equities relative to bonds, whilst favouring both asset classes over cash positions.”
This confident stance is reflected in NLB Skladi’s investment portfolio, which warrants a closer look. They maintain a bullish stance on artificial intelligence infrastructure, though the sector’s true revolution—in software solutions—remains unrealised. Perhaps more striking is their stance on healthcare equities, a sector many investors have dismissed as post-pandemic deadwood. The prospect of lower interest rates could spark a wave of consolidation in an industry ripe for merger activity, whilst artificial intelligence promises to streamline the notoriously costly drug development process. The moderation in wage pressures offers particular promise for American healthcare providers, where staffing costs have traditionally eaten into margins.
Yet it is their view on Chinese markets that best illustrates the firm’s thinking. Beijing’s recent announcement of robust measures to reinvigorate its economy has caught their attention. “Should these initiatives gain traction in the real economy, equity prices could respond accordingly,” notes Potočnik. “Current valuations,” he adds, “make the proposition particularly interesting.”
Twenty years after its founding, NLB Skladi presents an interesting case study in market evolution. Whilst its dominance in Slovenia might suggest natural limits to growth, recent moves indicate rather broader horizons. That it continues to attract significant capital suggests its thesis for southeastern European market development resonates with sophisticated investors. The true test, of course, lies ahead. Its combination of regional expansion and investment innovation will be tested by the same economic headwinds that have challenged more established European houses. For now, however, Slovenia’s largest asset manager appears to be writing a rather different playbook.
Climate voices of the future
editor
Tibor Remškar
The Western Balkans, a region steeped in rich history and diverse cultures, is currently facing a new and formidable challenge: climate change. This emerging global warming hotspot, however, is witnessing an inspiring counter movement led by its young, passionate activists. According to the United Nations Development Programme, nearly 70% of these young people recognise climate change as a critical global issue, actively advocating for and demanding substantial climate action.
The accessibility of education and information, particularly through social media, has played a pivotal role in nurturing a generation that is not only more informed about climate issues but also deeply concerned and actively engaged. This has led to a palpable generational gap in attitudes and actions regarding climate change. Natali Buli, an 18 year old high school student from Albania observes, “older generations do not understand climate change as well as the youth does. Older people in Albania mostly focus on issues right in front of them, rather than talking about problems that will affect us in some years.”
The urgency for climate action is further fuelled by young people’s concerns about their future. Matic Hrabar, 19 year-old student of biotechnology from Slovenia points out, “In the long run, younger generations will be much more affected. We are the ones who are inheriting this world from the older generations, and we are going to be the ones spending the next decades living with climate change.” Similarly, Ilma Šahinović, a 25 year-old from Bosnia and Herzegovina emphasizes the need to address the mistakes of previous generations, and Ivana Blažin, 3rd year student of Engineering Management from Serbia highlights the disparate impact of climate change on younger people, citing worsening air and water quality as examples.
Wave of optimism
Despite these challenges, a wave of optimism and a vision for an alternative future is evident among the youth. They envision a world where their needs are met, and their lives are not endangered by climate change. This vision has sparked an unprecedented global mobilization of young people, including those in the Western Balkans, fighting for their future.
“Young people are the ones pushing for change,” says Buli, stressing the importance of taking initiative. Jovan Spasovski, 19 year old student of medicine from Macedonia echoes this sentiment, finding motivation in the potential consequences of inaction.
It is crucial to recognise that young people are not just the future; they are the present. Their voices need to be heard, supported, and acknowledged if we are to have any chance of addressing the climate crisis effectively. Hrabar poignantly concludes, “The thing that motivates me to keep on demanding climate justice is that someday we will be able to tell our children that we fought… That we did our best to try and stop them.” This sentiment encapsulates the resolve and commitment of the Western Balkans’ youth in their fight against climate change.
A view on climate change from the Balkan youth
“We Slovenians sometimes align ourselves with Central Europe, but in my opinion that is a mistake. It is important for Slovenia to act in our region, the region of Western Balkans. Young people, as well, need to connect across borders, collaborate on projects and drive societal progress forward. Bringing together different perspectives and ideas is the way forward.”
Matic Hrabar, 19
student of biotechnology from Slovenia
“The problem is that people here do not think about climate change. When something very bad happens, of course people think about it, but generally they do not. There is also not enough education, discussing climate change is not a priority. There is also no recycling. There are two types of trash cans, but a lot of people, including my household, did not receive both, so they still only use one trash can and therefore cannot recycle.
There is a student in Belgrade that organises clean-up events. Once in a while he promotes the event around high schools and organises clean-ups in parks, around rivers etc. That is a little thing that young people can do to motivate other young people to become more involved in climate action.”
Ivana Balažin, 22
student of engineering management from Serbia
“Unfortunately, in Western Balkans people are rightfully more concerned with socio-economic challenges which are a daily burden for most families. This continual mindset has led us to completely ignore the importance of sustainability as usually the more sustainable options have proven to be more expensive and harder to obtain, at least in Balkans. The complete transition to solar energy sources would be nearly impossible, as it would take a lot of time and investment, which unsurprisingly, we do not have.”
Ilma Šahinović, 25
master’s student of international relations from Bosnia and Herzegovina
The author of this article, Tibor Remškar, is a 20-year-old student of international relations from Ljubljana
THE ADRIATIC
This article was originally published in The Adriatic Journal: Strategic Foresight 2024
If you want a copy, please contact us at info@isr.si.
Roots of medical cannabis in Austria-Hungary
editor
The Adriatic team
In the paper Lost archives and found voices: reconstructing the marketing history of medical marijuana in Austria-Hungary, Jure Stojan, PhD, from the Institue of Strategic Solutions, explores the medical use and sale of cannabis. Stojan examines the role of key figures, particularly the Trnkoczy brothers, in establishing a cannabis market in Ljubljana, and looks at the medical applications and social attitudes towards cannabis during the late 19th and early 20th centuries.
On the 25th of April in 1882, the Imperial Ministries of Interior, Finances, and Commerce, in conjunction with the Royal Hungarian Government in Budapest, made the decision to prohibit the importation of a product known as “Indian Cigarettes”. These cigarettes bore the brand of Grimault, a Parisian firm, and were notable for their purported primary ingredient, cannabis indica.
Societal hierarchy
Austria-Hungary, during this era, was marked by a rigid social hierarchy with distinct divisions among its strata. Interestingly, though not widely recognised at the time, it was revealed that in the 1870s, even figures as prominent as empress Elisabeth – better known as “Sisi” – and her daughter had utilised medicinal cannabis. Later examples include that of Count Ferdinand Hompesch and his agricultural experiments conducted on the Rudnik moor near Ljubljana, cannabis indica among them.
Ordinary Austrians also embraced its medicinal potential for a variety of ailments. In the early 20th century, a Viennese pharmacist recounted that cannabis had been prescribed for a wide range of medical purposes. These applications included its use “against coughs in consumptive patients, to manage uterine bleeding, as a labour-inducing remedy, preferred over ergot according to English authors, for tetanus spasms, plague, cholera, rheumatism, and, finally, as a treatment for delirium tremens.”
Trnkoczy brothers’ monopoly
As Habsburg rule neared its end, the Trnkoczy brothers, pharmacists based in Ljubljana, secured a virtual monopoly as suppliers of pre-rolled medical marijuana cigarettes for the entire Austrian portion of the dual monarchy. Their success was achieved with the backing of the regional Carniolan Government, led by Julius von Trnkoczy, who argued that their products were unaffected by the prohibition against imported French medicinal cigarettes.
While the regulations governing the Austrian production got loosened, those targeting imported wares were reaffirmed. In 1896, the customs authorities emphasized that “the import of hemp cigarettes from Grimault and Comp. in Paris is forbidden. Medicinal cigars made from cannabis indica and in general all that contain tobacco are to be treated as tobacco products, while those without tobacco are to be treated as medicinal preparations.” Consequently, the Trnkoczy brothers pivoted from marketing the cannabis cigarettes as a medicinal product, but one for leisure.
J. Stojan (2023), “Lost archives and found voices: reconstructing the marketing history of medical marijuana in Austria-Hungary”, Journal of Historical Research in Marketing, Vol. 15 No.3, pp. 201-221.
THE ADRIATIC
Digital trends transforming healthcare in the Adriatic
editor
Barbara Matijašič
The Western Balkans are undergoing healthcare transformations driven by global digitalisation trends. Factors such as increased life expectancy, evolving lifestyles, and complex treatment regimens are catalysts for change. Technology plays a central role in reshaping healthcare, improving efficiency, cost-effectiveness, and patient care quality. Some countries are quite ahead on their digitalisation journey, while others are still in the early stages.
The healthcare landscape in Slovenia has seen significant advancements in recent years. The National eHealth Backbone is the foundation for the Slovenian National Shared Care Record, the most complex public information system in Slovenian healthcare. It is a unified system for collecting and exchanging health data about patients, connecting over 1,400 healthcare providers across the country, while also offering a national patient-facing app (zVEM) for patients to access their health records. Currently there are over 486,2861 (with a constant monthly growth of around 1500) patient records stored in the registry while the patient portal attracts over 100,000 users per month.
Key legislative changes
This rapid digital transformation in Slovenian healthcare has been facilitated by key legislative changes. Notable among these is the ZZPPZ law, designed to streamline health data exchange, and the EU Directive 2011/24/EU, which enhances both cross-border healthcare rights and data usage regulation.
“Slovenia intends to significantly modernize ZZPPZ and, in accordance with the constitution, continue collecting data on the lives and health of patients (as allowed by the GDPR regulation) with the new Healthcare Digitalisation Act”, says Alenka Kolar, Director General at Slovenian Ministry of Health’s Directorate for Healthcare Digitalisation. “This is to fulfil the proposal in the strategy for urgent legislative changes and to ensure a regular influx of funds to reduce the technological debt that has accumulated from 2015 to the present. To achieve as much of this as possible, we hope for the efficient use of NOO (National Health Insurance Institute) resources. We also wish for a unified body that will provide guidance to all stakeholders in digital healthcare, so that information solutions will no longer be fragmented but modularly built on patient-owned data.”
The healthcare digitalisation strategy for Slovenia for the period 2022-2027 is multi-faceted. Its key objectives include legislative reforms aimed at enabling more efficient data exchange, the development of patient-centric digital solutions, and the reduction of administrative burden on healthcare professionals. Equally central to this strategy is the implementation of a standardised electronic patient record supporting medical imaging and creating a national framework for telemedicine. The strategy also aims to enable the secondary use of data in preparation for Slovenia to participate in the European Health Data Space. The future of healthcare in Slovenia is clearly digital, patient-centric, and marked by a commitment to excellence and efficiency.
Modernising healthcare post Covid
Serbia’s healthcare sector is undergoing modernisation with a focus on digitalisation through implementation of electronic health records and telemedicine services. The catalyst for this transformation was the COVID-19 pandemic, which prompted the Serbian government to develop and commit to a comprehensive healthcare digitalisation plan known as the Program for Digitalisation of the Healthcare System 2022-2026. One noteworthy project within this programme is the Telemedicine initiative, which enables specialist consultations via online video calls, irrespective of a patient’s location. Another key objective is achieving a 95% e-prescription usage rate by the end of 2023. This ambitious plan necessitates significant technological upgrades, extensive staff training, and public education initiatives. Up until March 2023, the ePrescription system has facilitated the implementation of approximately 450 million prescriptions, and includes over 5,000 pharmacies, 7,000 pharmacists, and more than 300 healthcare institutions. The Serbian government estimates it save around EUR 2m annually by having the prescriptions issued electronically instead of on paper.
Finally, addressing legal challenges related to health data management, privacy, and cybersecurity also require attention for a smooth digital transition in Serbia.
Croatia’s digital advancements
Croatia has made significant progress in digitizing its healthcare system, with the widespread use of electronic health records and a national health information exchange (HIE) system. In July 2023, Croatia reported to the European Commission that telemedical services were improved and extended to ensure interoperability with the national health information system and suitability for future cross-border exchange, with significant investments being made in teletransfusion to improve access to health services. Furthermore, to improve the efficiency, quality, and accessibility of the health system, the Healthcare Act and Compulsory Health Insurance Act have been amended, and a health performance measurement framework has been set up.
My appointment system in North Macedonia
North Macedonia’s health strategy (2020) aimed to revolutionise healthcare through digitalisation. The MojTermin (My appointment) system was introduced to streamline patient management and improve the patient experience with health dashboards and e-services. Furthermore, the Health Insurance Fund portal offers convenient e-services, but challenges in data analysis persist. Based on available information, MojTermin consolidates data from over 70 sources but is not fully utilised for health policy and quality improvement. Despite these challenges, North Macedonia has made significant strides in digital health.
Complex landscape
Bosnia and Herzegovina comprises two entities (the Federation of Bosnia and Herzegovina and the Republika Srpska) and one autonomous district (the Brčko District of Bosnia and Herzegovina). It has complex health systems, with 13 health insurance funds and 14 ministries in charge of health. Some regions have implemented electronic health records and telemedicine services, while others lag behind in terms of digitalisation. The digital health strategy objectives are outlined in the country’s development strategy2, but at this point it seems that progress on implementation has come to a halt.
e-Health initiatives
Montenegro began computerising its health system in 2004 and offers eHealth services to all its citizens. However, electronic health records are still not widely used and, according to Global Health and Security index, they still lack structure and standardisation. The Strategy for Integrated Health Information System and e-Health 2018–2023 has been published, though its details are not accessible online.
While it is evident the Western Balkans are gradually embracing digitalisation in their healthcare systems, they are doing so at varying paces. While some countries, like Slovenia, Serbia and Croatia, are making significant strides with comprehensive digitalisation plans, others are facing challenges in implementing digital healthcare solutions. Most of the region is still in the early stages of its digital healthcare journey, and there’s a long road ahead to achieve widespread transformation.
South-eastern Europe Health Network (SEEHN) has also verified some of the data. The network is a regional intergovernmental organization founded in 2001 with the aim of promoting collaboration, common values, and encouraging mutual efforts towards peace, health, and well-being among the member states of SEEHN.
THE ADRIATIC
This article was originally published in The Adriatic: Strategic Foresight 2024
EU doubles down on enlargement
editor
The Adriatic Team
In a significant move to reinvigorate its expansion efforts, von der Leyen announced the creation of a new Commissioner role at the annual Bled Strategic Forum, dedicated solely to enlargement, signalling a renewed commitment to integrating the Western Balkans into the bloc.
The announcement, which fulfils a promise made by former European Council President Charles Michel just a year ago, was met with enthusiasm by Western Balkan leaders eager to see their countries join the bloc by 2030.
“Enlargement is an investment in our collective strength and security,” von der Leyen declared, framing the move as crucial for the EU’s global competitiveness and resilience against “blackmail and unfair competition.”
Von der Leyen gave plaudits as to the recent progress in the EU integration process, including the launch of accession negotiations with Albania and North Macedonia. She also hinted at potential movement for Bosnia and Herzegovina, stating her confidence that the country could be “next in line.”
Prime Ministers from Slovenia, Croatia, Albania, and Serbia welcomed the announcement, with Serbian PM Miloš Vučević reaffirming EU membership as Belgrade’s top foreign policy goal. Albanian Prime Minister Edi Rama expressed satisfaction with the EU’s economic growth plan for the Western Balkans.
Introduced by the Commission last year, the plan is already yielding tangible results, according to von der Leyen, as the six Western Balkan partners are set to adopt their reform agendas later this month. These will outline crucial, specific reforms directly tied to €6 billion in European investments.
The decision to split the current Neighbourhood and Enlargement portfolio, currently held by Olivér Várhelyi, comes as the von der Leyen Commission approaches the end of its term this fall. It reflects a strategic prioritisation of a region that has been in the EU’s orbit for decades but has seen fitful progress towards membership.
While trumpeting the creation of the new commission post, von der Leyen made it clear that the bloc won’t compromise on its core values. “Any compromise with our democratic principles would be fatal to achieving our objectives,” she declared, drawing a line in the sand for aspiring member states.
Moscow’s unintended role
In a twist of irony, some Balkan leaders are crediting an unlikely figure for accelerating the EU’s enlargement push: Vladimir Putin.
Rama and Croatian Prime Minister Andrej Plenković both pointed to Putin’s actions as instrumental in shifting the EU’s perspective on expansion. “Putin has helped the European Union realise that it lives in a parallel world,” Rama stated, referencing the Forum’s theme of “A World of Parallel Realities.”
However, the path forward remains complex, with leaders also highlighting significant challenges. Chief among these concerns is the threat of Russian disinformation campaigns. Both Rama and Slovenian Prime Minister Robert Golob emphasised the evolving nature of these efforts, warning that they are likely to intensify, especially as the conflict in Ukraine continues.
Russian information operations aimed at European countries are poised to intensify in the coming years, mirroring Moscow’s increasingly aggressive military posture toward the continent. The Western Balkans, often seen as the EU’s vulnerable soft underbelly, are particularly at risk, making the region a focal point for destabilisation efforts.
THE ADRIATIC
Time to hang up?
editor
Maja Dragović
Back to school and back to the ban the phone use in schools discussion. Media was recently covered with headlines that the Netherlands is imposing a nationwide ban on phone use in primary and secondary schools. Meanwhile, France is piloting a similar ban across 180 schools for pupils up to the age of 15, seeking to give children a “digital break”. Students must hand in their phones upon arrival at school, and if the pilot proves successful, the ban will be introduced nationwide from January next year. In Slovenia, and elsewhere in the Adriatic region, there are no plans for a nationwide ban, phone use is still up to individual schools or municipalities.
Case in point: at a parents’ meeting at my daughter’s high school last week, the principal only had one news to share us, “This year, we will require students to put their phones away during a class unless the teacher allows them for academic purposes.” Students caught disobeying the rule would face consequences, although these were not specified. It is the first week of school after all. Punish as we go.
This type of news most of us parents will welcome and support. Enough research is out there showing that mobile phones distract students and reduce their ability to concentrate, which negatively impacts their learning abilities. OECD research into digital impact on maths students finds that, on average, 30% of students are distracted by the personal phone use during class.
In some schools in Slovenia, just like in France, students are required to hand in their phones upon arrival. This probably works well with younger students. But high school students are much more resourceful. They will hand in their “dummy” phone, for example, and keep their personal phone in the bag.
While eliminating phones from classrooms makes sense, there is a caveat. Phones, whether we like it or not, are a fact of life. Just in the first quarter this year in Slovenia, we have made 324 million calls and sent 383 million text messages.
In the USA, schools have embraced phones as educational tools, integrating them into learning through apps and digital platforms. I spoke to a high school teacher here in Ljubljana recently who has a similar approach and doesn’t believe in a nationwide ban of phones in schools. “They (the government) will not be able to stop it”. As a maths teacher, she encourages the use of phones for academic purposes, such as using the Desmos app.
The reality is that phones and other digital tools are an integral part of our children’s future. There is a fine line between eliminating phones from schools and teaching students to use phones responsibly. As to the latter, it needs to be incorporated into their education. But we are still exploring the how and the when.
THE ADRIATIC
Adriatic stirring pots reveal national character
editor
Jure Stojan
In the Adriatic region, cooking shows have transcended their traditional role as mere culinary exhibitions, becoming vibrant reflections of national culture and identity. To use Massimo Montanari's wise words, the 'taste of geography' doesn't belong to the past."
In Serbia, “Majke i Snajke” (Mothers and Daughters-in-Law) illustrates this concept vividly. On the surface, it is a culinary duel of women vying for favour of the son/husband. Deep down, it is a tableau of traditional family dynamics and the societal importance of domestic culinary skills. This show is not just a contest; it is a cultural commentary, weaving family relationships into the fabric of national identity, embodying the Serbian values of familial bonds and the revered status of culinary expertise.
Contrastingly, Croatia’s “Tri dva jedan – kuhaj!” (Three Two One – Cook!) spotlights a different facet of national character. The show’s evolution is striking, as noted by producer Danijela Habek, who speaks of a “return to roots” in recent seasons, simplifying the contest of competing pairs structure to enhance the culinary challenge. This mirrors the Croatian ethos of community and collaboration. Judge Ivan Pažanin’s description of the show as a “real gastro competition” with a focus on professional cooking and a wide culinary range, from traditional Croatian dishes to global cuisines, underscores this communal spirit.
A taste of heritage
Meanwhile, in Bosnia, “Moj chef je bolji od tvog” (My Chef is Better than Yours) aims to display “the flavours inherited by the people of Bosnia and Herzegovina”. To quote the advertisement for the programme, “the most beautiful flavors are created from love and the need to relax.”
These shows, in their unique ways, serve as a cultural lexicon. They offer a window into societal values, traditions, and the evolving nature of national identities in the Adriatic. They are platforms for showcasing culinary excellence and mirrors reflecting the diversity, complexity, and richness of the region’s cultural landscape.
Moreover, these programs resonate with Carole Counihan’s observation that “Food is a product and mirror of the organization of society on both the broadest and most intimate levels. It is connected to many kinds of behaviour and is endlessly meaningful. Food is a prism that absorbs and reflects a host of cultural phenomena.” In Serbia, “Majke i Snajke”reinforces traditional gender roles through its format, while in Croatia, “Tri dva jedan – kuhaj!” challenges these norms by emphasizing collective culinary endeavours over individual prowess.

Photo: Hayat/Youtube
The culinary themes and recipes featured in these shows also offer insights into the historical and geographical influences shaping national cuisines. For instance, the emphasis on hearty, comfort foods in Serbian cooking shows reflects the importance of communal meals in its social fabric. Croatian shows often feature seafood and Mediterranean flavours, highlighting the country’s geographical location and historical ties with Mediterranean and Central European culinary traditions.
These cooking shows are more than entertainment; they are a narrative of nations. As they continue to evolve, they will undoubtedly serve as key indicators of societal changes and cultural continuities, offering a unique perspective on the nations they represent. They do more than just satiate the appetite; they nourish cultural curiosity and foster a deeper understanding of the rich tapestry that is the Adriatic region.
In conclusion, the cooking shows of the Adriatic region are a testament to the power of cuisine as a cultural identifier. They are a celebration of national heritage, a reflection of societal values, and a vibrant medium through which the story of a nation is told, bite by delicious bite.
THE ADRIATIC
This article was originally published in The Adriatic 2024 printed version
Sub-zero delight
editor
On a holiday, waiting in line for an ice cream? A queue of our times…It’s almost part of the holiday itinerary: breakfast, beach, lunch, beach, dinner, and finally, joining the line to get that refreshing scoop of your favourite flavour. You know the drill: you’ve checked Tripadvisor and found that top-rated local gelateria. And for the taste of it, you will wait. You’re in no rush anyway.
It’s July, so it’s only right to turn our attention to ice creams. One of our favourite treats has been around for thousands of years. As far back as 500BC, the Persians are believed to have created an early version by mixing snow with grape juice and other flavours. In the Roman empire, Nero sent slaves to collect snow from the mountains to mix with honey and wine, while the Tang Dynasty in China developed a creamy mix made from buffalo milk, flour, and camphor.
Then, in the 17th century, the French introduced the milk-based ice creams as we know them today. By the 18th century, ice cream had made its way to America, where it rapidly gained popularity. With the invention of cone in the mid-19th centry, the ice cream was set for global dominance.
Today, the biggest consumers of the frozen delight are not Americans as popularly believed – it’s New Zealanders. Huge fans, an average Kiwi consumes over 28kg of ice cream per year! In our region, Croats top the table with 7.5kg per person, with Serbs consuming 5kg, and Slovenians and Bosnians just under 4kg.
Flavours to savour
While vanilla still reigns supreme as the most popular flavour in many countries, followed closely by chocolate, our taste buds have altered in recent times and, frankly, we are spoiled for choice. Ice cream makers have created and continue to create some truly unique and unusual flavours: avocado, garlic, chili, Stilton cheese, bacon, asparagus, even oysters!

Photo: Aroma Global
Those might not be up your street but flavours, such as those created by Aroma Global, Slovenian-owned ice cream brand with production in Croatia, are much more appealing: hazelnut, caramel with sea salt, mango, pistachio, dark chocolate, raspberry, to name but a few. The company’s founder and majority owner Primož Ogrizek proudly explains that the ingredients in their aROMA gelato are natural and sourced from various parts of the world: pistachios from the Bronte region in Sicily, Piedmont hazelnuts, Madagascar vanilla, raspberries from Arilje in Serbia, Alphonso mangoes from India, and exclusively local fresh milk, cream, and yogurt. They company uses fresh fruit, cold-pressed citrus, and fresh herbs such as basil, mint, and rosemary to ensure that aROMA’s gelato stands out, Ogrizek adds. What is more, they also have specialised flavours such as Fior Di Latte with olive oil, teranino, and lavender with lemon, adding a local touch in their offering.
Amongst the more than 50 produced flavours by the company, it is pistachio that tops the popularity in their 57 boutiques across Croatia. Our guess is it’s probably worth a try.
In the queue yet?

THE ADRIATIC
Europe eyes Balkan potential to secure rare metals future
editor
Maja Dragovic
As the global race for critical raw materials intensifies, the Western Balkans is emerging as a potential key player in Europe's quest for rare earth elements (REEs) - crucial components in modern technology and the green transition. The European Union, currently reliant on China for over 95% of its REE supply, is actively seeking ways to bolster its self-sufficiency. Recent studies and exploration efforts have unveiled significant REE potential across the Balkan region, catching the attention of both EU policymakers and mining companies.
At the forefront of this new drive is Serbia’s Jadar project, led by mining giant Rio Tinto. The project, which was previously halted due to environmental concerns, is now back on the table. Serbian President Aleksandar Vučić recently indicated that the government is preparing to give Rio Tinto the green light to develop what could become Europe’s largest lithium mine. The project is estimated to produce 58,000 tons of lithium per year, potentially meeting 17% of Europe’s electric vehicle production needs.
Exploring the full potential
But the region’s potential extends beyond lithium. Dr. Klemen Teran from the Geological Survey of Slovenia highlights the promising REE concentrations found in bauxite deposits across the Balkans, with some of the highest levels found in Slovenia.
“In Slovenia, there are over 30 smaller and currently economically unviable bauxite occurrences,” explains Teran. “Recent research indicates that most of these bauxites are highly enriched with REEs, reaching concentrations between 0.1% and 0.2%, among the highest in the Balkans.” While these concentrations are lower than those found in some global deposits, they represent a significant untapped resource.
The potential for REE extraction isn’t limited to new mining operations. Teran emphasises the value of reprocessing mining waste and secondary mineral resources. “The quantities of deposited materials are immense, and they contain significant amounts of valuable minerals,” he notes. “Over time, extraction technologies have advanced considerably – in the past, much richer ores were exploited compared to today – and the focus of extraction has shifted: elements that are very important today were once discarded in waste heaps, which can now serve as a source for these elements.”
This approach could not only yield valuable REEs but also address environmental concerns associated with existing mine waste. Moreover, the region could become a stronghold in reuse technologies and recycling processes. Slovenia, for instance, is home to Magneti Ljubljana, a magnet manufacturer that requires raw materials for production and possesses the capacity for recycling and refurbishing magnets. This exemplifies the potential for creating a circular economy within the REE sector.
The region also holds promise in the reopening of closed mining sites. Many mines closed in the 1990s not due to ore depletion but because of economic and political factors. Teran points out that “Many former mines are now ripe for renewed exploration and potential reopening.” He points to several examples of successful mine revivals in the Balkans, such as the Rupice-Veovača mine in Bosnia and Herzegovina where lead, zinc, barite, copper, gold, and silver are being exploited or exploitation of copper and gold in Bor, Serbia.

There are also several closed mines in Slovenia that may be worth exploring, adds Teran. For instance, the lead and zinc Mine in Mežica that contains germanium, which is used in infrared optics, solar cells, and high-speed electronic components; or the Sitarjevec mine in Litija known for barite which is widely used in plastics industry. However, he cautions, “reopening a mine is a lengthy process, often spanning a decade and requiring substantial research and financial investment.”
There are other challenges, too. The relatively low REE content in many deposits compared to global standards makes economic extraction challenging. Moreover, there are significant concerns about environmental impacts and societal acceptance of mining activities. Gaining a “Social License to Operate” will be crucial for the success of these projects.

Locations of potentially prospective landfills – the size of the circle is proportional to the size of the SRM deposit. Source: www.mdpi.com
Rare opportunity
Despite these hurdles, the EU sees the Western Balkans as a key piece in its strategy to secure a stable supply of critical raw materials. The recently passed Critical Raw Materials Act (CRMA) sets ambitious targets for domestic sourcing and processing of these materials, and the Western Balkans could play a significant role in meeting these goals.
Initiatives like the RESEERVE project are paving the way for future development. By mapping mineral resources in the Western Balkans and creating a comprehensive mineral register, the project is integrating the region into a pan-European minerals intelligence network.
On a broader scale, the establishment of the Geological Service for Europe (GSEU) is underway, with active participation from the region. Slovenia is set to become the formal holder of the International Centre of Excellence for Sustainable Resource Management, further cementing the region’s role in Europe’s mineral resource strategy.
This would not only contribute to Europe’s REE supply chain but also boost local economies. Professor Vladimir Simić from the University of Belgrade’s Faculty of Mining and Geology emphasises the broader implications of this development.
“The Western Balkans must reindustrialise to survive,” he argues. “By industrialisation, I mean modern factories with zero CO2 emissions, competitive products, and well-paid workers. The Western Balkans could serve as a good example, showing that cooperation between states can be highly successful when the right goals are set.”
THE ADRIATIC
Not only what we measure, but also how we measure
editor
Barbara Matijašič
Leadership in Healthcare Amidst New Technologies was the focus of a recent international conference hosted in Bled, Slovenia. Organised by IEDC-Business School and the Bled Institute for Leadership in Digital Transformation and Artificial Intelligence (BILDAI) as well as supported by Slovenian Ministries of Health and Digital Transformation, along with the Medical Chamber of Slovenia, the event hosted an impressive lineup of speakers, while discussions were intertwined with ambition and motivation for change.
Public health systems across Europe are not in good shape, previously described by OECD as “underprepared, understaffed and facing underinvestment”. Slovenia is not immune to these issues. Like other countries, we face an aging population, increasing numbers of patients with chronic diseases, and a shortage of healthcare workers. Health Insurance Institute of Slovenia last weeks’ statistics are again alarming: only 69 or 7.3% of family medicine clinics are accepting new patients (compared to 95 or about 10% last July). On 31 May 2024, 136,754 people in Slovenia were without a doctor – this is a little less than 10% of the whole population.
The solutions discussed centered around new models that prioritize preventing health problems, promoting wellbeing, and providing value-based healthcare, shifting away from only treating illness. Patient involvement and citizen motivation were also emphasized. Now is the time to take advantage of digital technologies and for policymakers and industry to act together.
In light of this, the importance of measurement cannot be overstated. Yet, not only what we measure, but also how we measure it is key – a principle derived from the Father of Management, Peter Drucker’s popular quote, You can’t manage what you can’t measure. Although Drucker never actually said it, the importance of setting clear and measurable goals with accurate inputs cannot be overstated. It is crucial for evaluating strategies, tracking progress, and making effective data-driven decisions.
Understanding not only what we measure but also how we measure is also vital within the framework of Value-Based Healthcare (VBHC), which Slovenia is slowly embracing. Prioritizing results over inputs and focusing on broader value for the patient, rather than just individual outcomes or findings, is key. Successful implementation of VBHC demands a holistic approach, including defining appropriate indicators, measuring costs, collecting data, and adjusting the financing. Collaboration among all stakeholders – patients, providers, and payer – is essential to defining success. In the words of a conference speaker, “Difficulty lies not in the new ideas, but in escaping the old ones.”