Investments mark positive future for Greece

01 Dec Investments mark positive future for Greece

Adonis Georgiadis, Minister of Development and Investment, Greece, describes the country’s current uptick in growth and its new and positive investment environment.

How would you describe Greece’s current economic position?

Greece’s economy is thriving. 2021 has been a year of strong recovery following the recession of 2020 due to necessary measures that were taken against challenges caused by the COVID-19 pandemic. This year will be a record year in terms of standards and foreign direct investments (FDIs). Important projects that will bring developmental benefits with them are on the way, including Athens’ Hellinikon project, Crete’s Elounda Hills development and the Pfizer Center for Digital Innovation in Thessaloniki. The ministry’s participation and contribution to projects of this caliber is of high significance. Next year we are preparing ourselves to surpass our target of 4% annual growth. We are diversifying our tourism industry and other sectors. We are reducing taxation and social contribution payments and are actively creating a stable business environment. By attracting FDIs we have already stopped the brain drain and have moved towards brain gain. Able talent will return if one provides significant future prospects.

We want to attract investments in digitalization. Microsoft has made significant investments, despite the size of our country. The EU recently announced the scores of each member state in terms of annual research and development expenditures, with Greece managing to grow by 17 percent from sixteenth place to thirteenth. Upcoming projects in Athens and Thessaloniki to create designated tech hubs will provide incentives for new startup companies to emerge. We are helping businesses invest and create new areas for growth. We want to re-establish our industrial sector. Industry 4.0 is a chance for Greece to reach a significant growth in productivity. We believe that 2022 will be the year of rebirth for our country’s industry.

What kind of relationship does Greece have with the U.S.?

We have worked very hard to achieve the level of cooperation that we have today. One of the very first things we did was to exclude Greece from the 301 list as a country that U.S. businesses would not consider for investments in digital services due to copyright issues. We achieved a deal with the U.S. government and U.S. businesses are now encouraged to consider options in our country. After that, big companies began coming to Greece. We now have a significant amount of FDIs originating from the U.S. in the digital segment of the market. We are trying to use our location and decisions of our prime minister to diversify our energy sector and focus more on renewable energy sources. We are using our well-educated workforce to work towards these ends.

What are the drivers behind Greece’s recent successful investment programs? 

Big investors that trusted Greece in the past ended up with significant yields. A good example is Deutsche Telekom that invested in OTE Group and China Ocean Shipping Company that invested in the port in Piraeus. We believe new investments will continue in the same trend. We are determined to help them, and we have all the necessary attributes to help such businesses flourish. Now is a perfect chance for Greece. We have abundant natural resources and are in a position to take advantage of newer technologies in the renewable energy sector. We can produce a significant amount of renewable energy, reduce carbon dioxide emissions and boost our economic growth.