Oct 17, 2025

Mukaetov at the Challenge of Change conference in Rovinj: Sustained growth is possible only when we aim beyond borders


“Alkaloid has been operating within the EU for 18 years, yet coming from a non-member country brings its own particular challenges. With a domestic market of just 2 million people compared to Europe’s 448 million, true growth and development are achievable only when business horizons extend beyond national borders.”



Zhivko Mukaetov, CEO and MB President of Alkaloid, took part for the first time in the region’s premier financial conference, Challenge of Change, held in Rovinj, Croatia, from October 15-17. The Zagreb Stock Exchange and the Croatian Association of Pension Fund Management Companies and Pension Insurance Companies organized the event.



During the panel discussion titled “Regional Champions: Beyond Borders”, moderated by Ivana Gazic, President of the Management Board of the Zagreb Stock Exchange, Mukaetov reflected on the company’s challenges over the years and during his nearly two-decade leadership:


“Over the past two decades, Alkaloid has seen steady growth, not only in terms of revenue and market value but also in its capacity to confront challenges, make bold strategic decisions, and patiently build trust across international markets. From assuming the company’s helm at the age of 32, a challenge in itself, to steering Alkaloid toward global recognition, the process has been one of constant evolution and transformation. Over these twenty years, Alkaloid has achieved remarkable and consistent progress: a sixfold increase in revenues (from EUR 53.1 million in 2005 to an expected over EUR 330 million in 2025) and nearly a sevenfold rise in the average share price (from EUR 62 to around EUR 416 over the same period). This entire journey has been the result of teamwork, vision, and a clear strategy. We intend to continue along the same path with determination, discipline, quality, and knowledge,” said Mukaetov.




In the panel segment focusing on the challenges faced by regional stock exchanges and ways to overcome them, both through regulatory and practical improvements, Mukaetov noted:


“Macedonia is a small yet distinctive market where a handful of blue-chip companies dominate stock exchange trading, bringing with them high expectations from both the public and investors. However, limited access to financing and low trading liquidity among other listed companies highlight the need for a stronger role of institutional investors and for clear, transparent regulation. Regionally, the consolidation of stock exchanges into a single platform or entity could bring greater market depth, liquidity, stability, and boost the international visibility of companies.”




Alongside Mukaetov, the panel also featured Gordan Kolak, President of the Management Board of Koncar; Michal Kedzia, Partner, Enterprise Investors; and Luka Oreskovic, Chairman of the Advisory Board of Mplus, Partner at Prosperus Invest.



Since its inception in 2012, the Challenge of Change conference has established itself as a key meeting point for more than 550 representatives from the domestic, regional, and international financial and business sectors. Alongside discussions on macroeconomic trends, this year’s agenda also explored the role of artificial intelligence in business and modern investment strategies for a sustainable future.