Slovenian Iskra today is completely different from the industrial conglomerate it was in the former state when it was engaged in the production of telephones, radios, and other electronic components. It is focused on the production of industrial products and technologies for automation, energy efficiency, and renewable energy sources. At the center of its business are Croatian companies Elka and the Šibenik Repair Shipyard, which are being invested in and where, as stated by Iskra’s CEO Klemen Šešok, a future can clearly be envisioned, and which are performing so well that Iskra plans to complement their business with new acquisitions in Croatia. That it is currently easy to do business – it is not, especially when it comes to geopolitics, which, as Šešok says, depends on which foot U.S. President Donald Trump got out of bed on, who sometimes imposes tariffs, sometimes pauses them, and then imposes them again…
– It is difficult to plan something and devise long-term business strategies in that way. An additional burden for European business is that the entire administration in Brussels was unprepared for Trump’s second term and that we do not know how to cope with it today. After his first term, we should have prepared better for the unpredictability that he brings not only to global trade but also to the global security outlook. Particularly striking is Brussels’ stance on Ukraine. This is a war that has been going on for three years, it is in our neighborhood, and we cannot even agree among ourselves on how to approach its resolution! And Europe is only now, three years later, becoming aware that we cannot defend ourselves in case of danger, which is already here. This is a disgrace for the largest world market of about 500 million people, the largest single market in the world.
How does all this affect business? We hear that some are pausing investments…
– Badly! The European automotive industry has paid the highest price. It is almost gone, crushed, and that in just two years. Look at what has happened in just two years: the Chinese have become the largest producers of electric cars, while the European automotive industry is closing plants and tallying losses. And this is just the beginning. The story of the collapse of the industry on the Old Continent will roll on even more, we are not even aware of it yet.
How is Iskra coping with this?
– Fortunately, Iskra is currently performing excellently and everything we are talking about only slightly affects our business, which does not mean it won’t in the long term. We may be in a specific industry. Electricity and electrification play a significant role in the green transition, and that will remain the case despite announcements that some policies in that area are planned to be relaxed.
Iskra is a Slovenian company, and it has been operating in Croatia for some time now. What are the differences between Croatia and Slovenia when it comes to business?
– I must say that it is easier for us to do business in Croatia than in Slovenia. It is even simpler to do business in Bosnia and Herzegovina than in Ljubljana. Here’s an example: in Bosnia, we waited six days for a construction permit, in Croatia we received it in a month, while in Slovenia it takes more than two hundred days. This is not good for business. Additionally, as a serious investor in Croatia, we had support from the authorities. There is none of that in Slovenia, which is a shame because Iskra is still in Slovenian hands, and that is rare. Remember, almost all our former giants are foreign: Gorenje is Chinese, Mercator is Croatian, Fructal is owned by Nektar from Serbia, Radenska is owned by the Czechs, Elan is also owned by foreigners, not to mention others.
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