Photo: Dario KonstantinovićDuring the holiday season, when about a million of our citizens go south and enjoy with all their senses the charms of vacationing in Greece, the Ambassador of Greece to Serbia, Her Excellency Maria Levanti, spends her working day where we all seek salvation in the summer—in the very center of Belgrade, in the building where the Greek embassy was located for almost a century. She welcomes us there, admitting at the beginning of the conversation that she not only likes her workplace but also feels at home in Belgrade. Even though she knew a lot about Serbia before being named ambassador at the end of last year, she was nonetheless fascinated by how similar and close we are as people. We start the conversation with Belgrade; diplomatically reciprocal, we end with the Cyclades; and in between, we talk about everything that connects our two countries—from strategic partnership and intensive cooperation at all levels to significant investments in the Serbian economy and joint efforts to develop energy and transport connections, which are pillars of the prosperity and security of the entire region.
Although you have rich diplomatic experience, this is your first ambassadorial mission, which, by chance, you are carrying out in a place with a history of almost a century since the Greek embassy in Belgrade was located in this building in Francuska Street even before the Second World War. Can you tell us more about the embassy building itself and how you like your workplace in the very center of Belgrade?
The Greek Embassy in Belgrade is located at the corner of Francuska 33 and Strahinjića Bana 76, in one of the most central areas of the historical center of Belgrade. The building was constructed in 1924 according to the standards of 19th-century academicism, and the first tenant of the originally two-storey mansion was Milivoje Pavlović, General Director of the Shipbuilders' Union of the then Kingdom of Yugoslavia. The Greek Embassy was established there before the Second World War, and the building was radically renovated and modernized during the period 1997–2000. The location of the Embassy, in the very center of the city, is ideal for my work, first and foremost thanks to its proximity to most administrative buildings and to other work-related places of interest.
Her Excellency Maria Levanti, the Ambassador of Greece to Serbia / Photo: Dario Konstantinović
The Greek and Serbian peoples are bound by deep, friendly relations and fruitful cooperation in many areas. How much did you know about Serbia before you came to Belgrade at the end of last year, and what made the biggest impression on you during the seven months you have been living with us?
The Greek and Serbian peoples are indeed very close; they share strong historical and cultural ties, and their relations have remained excellent throughout time. Because of my interest in the Balkan region, I had read quite a bit about Serbian history long before settling in Belgrade. At the same time, I was very fond of Serbian music, and whenever I had the chance, I watched Serbian movies, which were particularly popular in Greece in the 1990s. During these months that I have been living in the country, I would say that what has struck me the most is the realization of how similar we are as peoples. We are both outgoing and hospitable; we appreciate good food, and we enjoy life. Needless to say, I didn't need time to adjust to my new life in Belgrade. Everything was somehow familiar to me.
According to official data, Greece is one of the largest foreign investors in Serbia. Total direct Greek investments are estimated at 1.5 billion euros, and with indirect investments, the value exceeds 2.5 billion euros. What significant investments were made in the last two or three years?
Greece has been one of the most important and first investors in Serbia since the late 1990s. Although there was a withdrawal of Greek economic activities abroad due to the hard years of the economic crisis, I am glad to notice that Greek interest in investing in Serbia is reviving strongly, already concluding with some new significant investments conducted in the last years, i.e., the new SuperVero-Jumbo hypermarket in Novi Sad, the Athens Stock Exchange acquisition of 10,24% of shares of the Belgrade Stock Exchange, as well as the emerging of many new Greek SMEs. To these I have to add the expansion plans of Greek companies already existing in the Serbian markets, mainly in industrial goods production, like the recently announced Alumil production unit expansion.
The embassy building was constructed in 1924 according to the standards of 19th-century academicism / Photo: Dario Konstantinović
It is estimated that around 200 Greek companies are operating in Serbia, employing around 20,000 people. Which sectors are most attractive to Greek investors, and which companies stand out in terms of volume of business?
Greek-owned companies in Serbia are involved in various business segments, from real estate to construction and infrastructure (highways or airports), the food and beverage industry and supplying chains, trade, banking, distribution of fuel and oil, hospitality, telecommunication, transport, aluminum profile, cement production, logistics, renewable energy sources, recycling, waste water treatment, etc. Their size varies accordingly, ranging from Sole Proprietorships and SMEs to large corporations and groups. We see a rising interest in the energy sector, primarily solar energy production and waste management.
Greek companies are the owners of several exclusive hotels and retail chains in Serbia, and Alumil is one of the leaders in the building materials industry. Are there any indications of fresh investment in Serbian real estate?
As you mentioned, most of the existing companies have also invested in real estate. There is a strong interest, also among new investors, in new real estate investments, not only in buildings but also in land, in order to further develop and diversify their activities in Serbia.
The building was radically renovated and modernized during the period 1997–2000 / Photo: Dario Konstantinović
Speaking of the real estate industry, how far has Greece advanced in the application of green and sustainable building? Are there green regulations that are binding on both the private and public sectors for the construction of new buildings and for improving the energy efficiency of existing buildings? Is there noticeable mass solarization in your country as well as in Serbia, that is, the installation of solar panels on both residential and commercial buildings?
Over the last decade, Greece has made huge steps towards the application of green and sustainable building, as the demand for green buildings in Greece seems to be rising exponentially. There is a change in the building construction rules towards strengthening energy efficiency in new constructions, either private or public (i.e., obligatory external isolation, pre-installation of smart home elements, and electric car chargers). Also, as far as already existing buildings are concerned, some of the measures taken include the introduction of the mandatory issuance of an energy certificate for all real estate transactions and the introduction of a variety of incentives for the energy efficient upgrade of the buildings under the Energy Refurbishment Programs, which include subsidies and/or interest-free loans for the energy efficiency upgrade of old buildings. Greece’s Recovery and Resilience Plan includes investments of €1.3 billion in the energy-efficient renovation of more than 100,000 residences, including low-income households. The first subsidy programs for the installation of solar panels on residential and commercial buildings have also started being implemented, and they already seem to be a huge success.
Photo: Dario Konstantinović
It is no secret that Serbs are in love with Greece and its beautiful beaches and islands, that they are great friends with Greek hosts, and that it is their number one tourist destination every summer, but Greece is increasingly attractive to our citizens for buying real estate, not only for their own vacation but also as an investment. Do you have data on how many of our citizens own real estate in Greece so far, and what is the percentage, for example, compared to other foreigners?
It is a pleasure for us to see that, among other countries, our Serbian friends have also started investing in the Greek real estate market. Even though the numbers are relatively small, there is a significant upward trend. According to the data of the National Bank of Greece, the Net Serbian Direct Investments in the real estate sector in Greece reached up to 7,5 million euros in 2021 and 15 million euros in 2022, up from almost zero in 2012–2013.
In what sectors is Greece most attractive to Serbian companies for investment, and where is there room for a larger volume of business?
As far as I know, the biggest Serbian investments in Greece at the moment have been realized in the retail sector and include the companies Lilly Drogerie and Sport Vision. The visitor in the region of Northern Greece will surely notice that there are many small restaurants offering Serbian cuisine. Of course there are numerous other fields of common interest including agriculture, food and beverage, pharmaceutical industry, information and communication technologies, IT sector, tourism, trade, etc.
Serbia and Greece are facing an important energy and infrastructure connection via the Bulgaria-Greece gas interconnector and the Piraeus-Thessaloniki-Skopje-Belgrade railway. To what extent do our two countries cooperate not only in the fields of energy and infrastructure but also in the increasingly important green transition, innovation, science, and the IT sector?
Energy diversification and transport connectivity are the major pillars of achieving prosperity and security in the region. Serbia, through the commencement of the construction of the Serbia-Bulgaria interconnection, has made a major step in this direction. In the same spirit, we also endorse and support the realization of the Serbia-North Macedonia gas interconnector project. The completion of the Piraeus-Thessaloniki-Skopje-Belgrade railway is also of great importance, as it will facilitate not only trade and transport but also communication in the region.
Greece is ready to support Serbia’s energy diversification by all means, through the interconnections Bulgaria-Serbia and North Macedonia-Serbia, its connection with TAP, and the LNG terminal in Alexandroupolis.
Of course, it is also undeniable that there is plenty of room for our bilateral cooperation to be strengthened and improved. The Joint Declaration for the Establishment of a Strategic Partnership between Greece and Serbia, signed in December 2019, highlights this potential, as its provisions expand in all fields, including economy, energy, technology, and connectivity. Since 2019, the COVID-19 crisis, the Ukraine war, and their impact on the global economy and energy market have slowed down the process, but now is a good time to join forces again in order to improve the prosperity of our two countries. Greece is ready to support Serbia, not only by encouraging investments in the aforementioned sectors but also by contributing to its development by sharing knowledge and experience gained from its own green transition path and technological advancement.
“I didn’t need time to adjust to my new life in Belgrade. Everything was somehow familiar to me,” says Her Excellency / Photo: Dario Konstantinović
Most of our citizens, as we have already mentioned, will go to Greece this summer. What are your favorite places in Greece for vacation, and which places would you recommend to your friends from Greece to visit in Serbia and Belgrade?
It is true that Greece, especially its northern part, is one of the favorite summer destinations for Serbs. Last year alone, we had the pleasure of hosting around one million people from Serbia in the country. I personally have several favorite areas in Greece. If I had to choose one place to spend my holidays, I would definitively choose the Cyclades. This cluster of islands in the Aegean Sea, with its wild beauty, its crystal-clear waters, and its unique architecture and cuisine, is for me the epitome of the summer holidays.
To my friends from Greece visiting Serbia, I would definitely tell them to spend a few days exploring Belgrade, walking in its beautiful parks and along the banks of the Sava and the Danube, visiting the city's museums, especially the Museum of Yugoslavia and the Tesla Museum, and definitely tasting the city's excellent restaurants. I would then advise them to take a road trip to both the north and south of the country so they can discover Serbia's unique natural beauty and the country's excellent wineries.
By: Gordana Knežević Monašević
Photo: Dario Konstantinović
