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.

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.”

Historically, sports have played a crucial role in enhancing national prestige, as seen during the Cold War, where athletic achievements were a proxy for ideological supremacy. A study by Jan Haut, Jonathan Grix, Paul Michael Brannagan, and Ivo van Hilvoorde underscores that sporting victories contribute significantly to a nation’s international reputation. For example, 78.2% of Germans believe that Olympic medals boost Germany’s global image, a sentiment echoed by Canadians around the 2010 Winter Olympics.

Beyond pride

But the impact of sporting success goes beyond the national pride. In nations as small as Slovenia, it helps boost the country’s global recognition. Performances by Tadej Pogačar and Primož Roglič in cycling have been nothing short of spectacular, attracting attention in every corner of the globe. Lance Armstrong, former cyclist, remarked on their impact following the 2020 Tour de France: “A great day for Slovenia. I mean, I don’t even remember whether I’ve ever cycled with any Slovenes. I don’t even know where Slovenia is… They were first and second! A remarkable day for Slovenia!”  Armstrong’s astonishment highlights the extent to which these athletes have brought Slovenia into the global spotlight.

Luka Dončić, the NBA star, has similarly elevated Slovenia’s recognition in the United States. “Our inspiration for building strong business and friendly ties between Slovenia and Texas is undoubtedly Luka Dončić, who has won the hearts of the locals and significantly raised Slovenia’s visibility”, said Ajša Vodnik, chair of AmChams in Europe.

Mega events as platforms for business

On the heels of sporting success, major sporting events also serve as strategic platforms for economic diplomacy and business promotion. On the sidelines of Dallas Mavericks games in the NBA, SPIRIT Slovenia business development agency, the Ministry for Economy, Sports and Tourism, AmCham Slovenia and other partners organised Texas Feels Slovenia event in Dallas in 2023 and 2024 where Slovenia showcased its potential as an investment destination. More than 170 participants from a number of leading American companies attended the events. Following the event this year, Rok Capl, director of Slovenia Business (SPIRIT Slovenia business development agency) said : “We are delighted that so many American participants attended and recognised us as an important business destination, both in terms of creating new partnerships and investment opportunities. We are very pleased with their response and their positive surprise at the opportunities our country has to offer, as this is a great endorsement of the efforts and many activities we are carrying out in the US market.”

The upcoming Euro 2024 offers similar opportunities. The match between Slovenia and Serbia in Munich on 19 June will be leveraged to showcase Slovenian businesses to a German audience. Multiple organisations that include Ministry of Economy, Sports and Tourism, together with SPIRIT Slovenia, the Football Association of Slovenia, with the support of the Slovenian Tourist Board, the Embassy of the Republic of Slovenia in Germany, the Consulate General of the Republic of Slovenia in Munich, and the Slovenian-German Chamber of Commerce have joined forces to organise a business event where almost 45 companies have registered to attend, including German automotive giant Mercedes Benz.

The link

So, the importance of FDI in an economy is quite clean maths – in Slovenia, it represents 34% of its GDP. And while it is difficult to put a number on the link between sporting success and economic benefits, there could be some indications. For example, the trade between Slovenia and the USA increased since Luka Dončić joined the Dallas Mavericks in 2018. Between 2020 and 2023, exports to the USA increased from just over EUR 560m to just over EUR 855m. A pure coincidence? Maybe, but could be considered.

Helping hand

And in the midst of all the international promotion of Slovenia’s quality business environment, quality workforce and high quality of life, is SPIRIT Slovenia business development agency and a one-stop shop for all businesses and investors coming to the country. From providing the latest investment opportunities online,  to offering comprehensive advice and information from start to finish, the agency ensures foreign companies and investors are well informed and  supported. Attracting investors is important. But keeping them in the country is even more and the agency has a separate program for FDIs already in the country to offer continuous support and guidance.The agency also awards the annual FDI of the Year to recognise significant contributors to the Slovenian economy.

Sparklines also led to a clash between Tufte and Microsoft when the software company tried to patent the concept in 2008. This form of visualisation is typically used to present trends and variations associated with some measurement (such as financial market movements or patient vital signs). Unlike typical charts, sparklines are meant to be grouped together or embedded in text, allowing for efficient communication of data trends and patterns without the need for detailed analysis. 

Interestingly, an early precursor to sparklines can be traced back to the work of Arthur Schwäger Freiherr von Hohenbruck (1837–1902), an Austrian aristocrat (baron) and botanist (today, the gentleman is mostly remembered as the husband of the women’s rights activist Prisca von Hohenbruck). In an article of 1898, von Hohenbruck used small bar charts within the cells of a larger statistical table, comparing the yield of the 1897 wheat harvest with the average of the preceding ten years. 

From a quick analysis of the data visualisation, one can observe that there are differences in the wheat production across different regions of the Austrian crownlands. These included several parts of the Adriatic (Krain – Carniola, now a major part of Slovenia; Görz – Gorizia, a region named after a border town in what is today Italy but otherwise shared with Slovenia; Istrien – Istria, currently divided between Italy, Croatia, and Slovenia; as well as Dalmatien – Dalmatia, now part of Croatia). Despite the varied and sometimes quite productive yields of these individual regions, their combined contribution was a small fraction of Austria’s total yield, highlighting the vast agricultural output of the other regions within the empire.  

Source: Statistische Monatsschrift (the official organ of the Statistische Zentralkommission, the Imperial-and-Royal Statistical Commission), January 1898 

In her welcoming speech, the president of the society, Helena Ulčar Šumčić, emphasised the importance of establishing a resilient healthcare system capable of effectively responding to crises. Recognising that a shortage of human resources undermines the system’s responsiveness, she said the investments in infrastructure, equipment, and digital technologies are pivotal to bolster resilience.

Legislative reforms also featured prominently in the discussions. The health minister Dr. Valentina Prevolnik Rupel pointed out that four laws and a number of subsidiary acts have been adopted during her short tenure, but more is needed. She stressed the need for all stakeholders to collaborate to ensure the efficiency of the healthcare system.

Participants called for amendments to current laws to regulate physicians’ employment, particularly within the public sector, emphasising tripartite agreements (both institutions and employees) and unified pricing for services in the public interest. Additionally, the need for regulatory frameworks governing wages, sick leaves, and flexible remuneration to ensure fair and efficient employment practices were also highlighted.

Another key tenet of the discussions was the pivotal role of motivated, competent workers across all generations. Participants advocated for intergenerational knowledge transfer and cooperation to harness the full potential of healthcare personnel.

To ensure financial sustainability, redefining the relationship between healthcare financing sources and optimizing the scope of rights funded from public funds was also proposed. Speakers stressed the importance of systemic changes to curb rising absenteeism and underscore the significance of effective implementation and evaluation mechanisms for healthcare policies and programs.

Furthermore, participants highlighted the importance of strategic planning, effective investment management, and clear project guidelines for successful implementation of healthcare investments. They advocated for a robust secondary network of public healthcare aligned with population needs and existing capacities.

Importantly, the debates at the conference challenged the notion that positive business outcomes alone should define the success of healthcare directors. They contended that factors such as service types, payment structures, and patient complexity must also be considered.

In navigating the ongoing healthcare crisis, the conference participants emphasised the need for shared goals, clear vision, and strengthened regulatory oversight. It was argued that these strategies are fundamental to steering the healthcare sector towards greater productivity, resilience, and success. Consequently, the role of the system regulator needs to be strengthened.