*3.2. Main Risks Associated with Industrial Symbiosis*

Based on the undertaken research of the current successful industrial symbiosis projects (Table 1) and the literature review performed under the Methodology and Result sections, the authors developed a risk assessment matrix for the establishment of cross-country IS (Table 2).

This matrix was developed from the perspective of a company that would like to analyze the possibilities for shifting to symbiotic exchange creation with potential cooperation of companies.

Based on the data in Table 2 the authors performed a risk calculation, applying risk severity from 1 to 5 points and the likelihood of risk from 1 to 5. Further on, gathering the results, a ranking of risks was undertaken, which is depicted in Figure 9.

It was concluded that the main risks for the establishment of cross-country IS are transportation, lack of end of waste criteria, and environmental taxes. The authors see that the current development tendencies are tending to decrease these risks, as countries currently are actively seeking different circular economy elements, to boost national economies and to foster the transition to circular economy [63,64]. In this respect it is recommended at state level to actively monitor the best practices of IS as well as to focus on the establishment of national and cross-country IS, thus also developing not only the urban, but also the rural areas, offering more green jobs and developing regional infrastructure [65,66].

In addition to the risk assessment from a company's perspective, the authors have also identified a range of obstacles in the development of industrial symbiosis that stem from the PEST analysis. Basically, here the authors have chosen the PEST analysis, substituting technology for geography. Table 3 below depicts the results of the evaluation.
