13 May Interview with Stojan Vujko, CEO, Millennium Team, Serbia
Let’s begin with an overview of Serbia’s current construction and infrastructure market. How has the sector evolved in recent years and what is the role of both domestic and international companies?
The construction sector is one of the fastest-growing sectors in Serbia. From 2012 until today, 2,000 major projects have been completed or are under construction. The country is now interconnected with new roads, over 300 miles have been completed and just as much is under construction. Factories have been built, so now we have 400 industrial zones, 300 hospitals and other healthcare facilities have been completed or are still under construction. Huge residential blocks have emerged and with the construction of Belgrade Waterfront, Belgrade has been brought down to the rivers, gaining a new face, one that a European metropolis deserves. Serbia has great nautical potential, with more than 620 miles of navigable waterways. In recent years, ten international passenger terminals have been opened, while 20 years ago there was only one, in Belgrade.
From the perspective of a large country like the USA, these numbers may not seem significant, but for a country with fewer than seven million inhabitants, this is almost unimaginable. The USA has 50 times more inhabitants than we do, so if we were to make a comparison based on population — it would be like the USA building over 30,000 miles of completely new roads or constructing 15,000 new healthcare facilities.
The largest project currently in the construction industry is the construction of the complex for the International EXPO 2027, in which our company is participating. This is a project we expect to attract millions of people from all over the world, who will visit Serbia and see all the potentials our country has —both tourist and business — and personally verify that Serbia is the ideal location for establishing new partnerships and expanding business for companies from around the world.
What is the Millennium Team’s historical contribution to the sector and country and the expertise and standards it has developed?
Millennium Team was founded by my partner Ivan Bošnjak and me in 2003. We had a small team that, over the years, learned and grew, working on increasingly larger projects. Over more than two decades of operations, we have expanded our expertise and the areas in which we operate, earning a reputation as aregional leader in the field of construction infrastructure. Today, Millennium Team is implementing some of the most significant infrastructure projects in Serbia, using the most advanced technological solutions that have minimal impact on the environment.
We have expanded our business into other areas, so the Millennium Team group now consists of 21 affiliated legal entities. The companies in our group are not only involved in the construction industry. We have vineyards, wine production and a restaurant that brought the first Michelin star to our country. Our group also operates the most renowned water management institute in this part of Europe. And that is just part of the areas in which we operate. Over the course of 22 years, the number of employees in Millennium Team has grown to more than 700 and the entire group has over 2,000 employees, including more than 500 engineers.
Millennium Team implements projects in five areas — energy, engineering structures, ecology, humanitarian demining and special construction works. In short, in the field of energy, the company is engaged in the design and construction of gas pipelines, oil pipelines, district heating systems and related infrastructure. Engineering projects include the construction of roads, railways, bridges and other civil engineering and building structures. In the ecology sector, Millennium Team is engaged in the design and construction of water supply systems, sewage systems and water treatment plants. We also work on some special, highly demanding construction works. A special sector is dedicated to humanitarian demining and in this field, we are leaders in the region.
What are some of your flagship projects and your landmark collaboration with Marriott International and what effects do such initiatives have on the company?
Of the projects we are currently working on, we are particularly proud of the EXPO 2027 complex as well as the National Football Stadium, which will be the largest sports facility in Serbia, with 55,000 seats for spectators.
After years of building our reputation as a reliable partner in construction and being involved in executing works on a large number of major projects in our country, we decided that it was time to realize our own visions, both in the construction industry and in other areas of business. In southern Serbia, we are building a large spa and medical complex, Vranjska Banja Resort, at the site where the hottest thermal water in Europe springs. Marriott International, the largest US brand in the hotel industry, recognized the potential of this location and decided to participate in this project. This is Marriott’s largest investment in the Western Balkans.
However, our partnership with Marriott International continues with a new and even more exclusive project – Danube Riverside, on the banks of the Danube in Belgrade, which is our investment. We signed a contract with our US partners, thanks to which the first Ritz-Carlton hotel in this part of Europe will be opened. Danube Riverside will be a modern business-residential complex, where, in addition to the central building housing the hotel, two towers approximately 150 meters tall will be built. One will have a business purpose and the other will be residential, with over 500 apartments. This complex will become the new landmark of Belgrade, something you will want to photograph and take the memory with you. It will be a new meeting point, with a modern promenade along the Danube, a boat dock, restaurants and shops. We are very proud of this project.
How is the company leveraging AI, automation and the latest eco-friendly technologies to enhance efficiency and sustainability in infrastructure projects?
The construction industry is a traditional industry and probably one of the last where AI will be able to replace human labor, but that does not mean there is no room for improving our business by introducing new technologies. The direction we are considering in the application of artificial intelligence and above all data science, is managing our business. Our construction sites are large, the projects are complex, the documentation is extensive and it is growing daily because every progress and new situation in the field is recorded. Machine processing, classification and search of all that data, followed by prediction and optimization of processes based on analysis, would save a significant amount of time and resources. At the same time, optimizing the transport routes of materials and the engagement of construction machinery would reduce the carbon footprint and generally have a positive impact on environmental preservation.
When it comes to environmental protection, our entire business is based on the principles of sustainability. In addition to respecting all environmental standards and procedures in the implementation of our activities, we also strive to ensure that the projects that are Millennium Team investments align with the highest environmental standards. During more than 20 years of operation, we have supported a large number of projects that raise awareness about environmental protection and directly impact its quality.
Millennium Team is highly involved in projects related to water treatment, with one of the largest being Clean Serbia, a project focused on the construction of a sewage network and wastewater treatment plants. In addition to infrastructure projects, Millennium Team actively participates in urban greening initiatives through the donation of seedlings, contributing to the improvement of air quality.
What are Millenium Team’s expansion plans and what cooperation do you have with international partners, especially US-based partners?
Our company participates in the largest and most challenging construction projects in the Serbian market. With experience and exceptional professionals who make up our team, we are also ready for business expansion beyond Serbia. We are considering potential business opportunities and projects that would be professionally challenging for us. With progress in our expertise and the growth of our team, we have full capacity for cooperation with new, foreign partners and look forward to the arrival of every new investor in our country.
Incentive measures for foreign investors, reliable domestic partners and government institutions that do everything to make the business environment for foreign companies as simple and successful as possible are major advantages of Serbia for foreign investments. The American Chamber of Commerce in Serbia (AmCham) has more than 250 member companies, many of which are large American companies. They have all already confirmed that Serbia is an excellent destination for business. I hope that in the near future, this number will continue to grow.
What is Millennium’s approach to building its reputation as a leading infrastructure company beyond Serbia and how important is marketing, PR and branding strategies to increase international visibility?
Our company focuses on quality, innovation and sustainability and through marketing and PR activities, using various communication channels, we strive to ensure that potential partners, as well as the broader public, learn more about the quality of our business. It is very important for us, while building our reputation, to attract the best experts who will become part of our team. We promote our successful projects through traditional media, social networks and participation in international fairs and conferences. Before our business moves to the next phase, which includes projects abroad, our international branding will certainly become more significant.
When it comes to socially responsible activities, our company has been dedicated to them since its founding. We support various projects in the fields of education, healthcare, culture, environmental protection and sports. So far, we have allocated €13 million for CSR activities with long-term and strategic support, but many times we have also provided assistance to individuals with urgent needs, such as medical treatment. We have renovated hospitals, theaters, invested significant funds in scholarships for students and more. We strongly support sports, thereby providing support to young talents, teams and organizations, not only at the national level but also at the European level.
What is your vision for the Millennium Team, your leadership philosophy and personal ambitions?
I am very proud that our projects are creating a more beautiful face of Serbia, that they will exist even after us and that we are leaving them for future generations. When my colleagues and I finish our professional careers, the works we leave behind will be something we can admire. There are few industries where you have the privilege of having everyone see the results of your work and where they benefit all those who use them.
We are the largest builders in the region and I am confident that in the period ahead, we will expand everything we are currently doing in Serbia, where we are the best, to other countries, primarily in the Southeast European region.
Serbia is a beautiful country that offers many opportunities and your readers should experience this for themselves. Its breathtaking nature, rich history, quality food, exceptional wines, the best nightlife in this part of Europe and warm, hospitable people — all of this will greet you in Serbia. And in addition to enjoying these wonders, there are also numerous business opportunities waiting for you here. With direct flights to Belgrade from Chicago and New York, Serbia and the USA have never been closer.