Minister Encourages US Investors to Bet on Greece

Greek authorities reached out to US investors inviting them to do business in Greece during the 31st Annual Greek Economic Summit organized this week by the American-Hellenic Chamber of Commerce.

Deputy Minister for Economic Diplomacy and Openness Kostas Fragogiannis referred to the dozens of new business opportunities opening up in Greece right now as part of the country’s ambitious and ongoing reform drive. 

Among others, Frangogiannis referred to more than 36 important reform initiatives implemented by the Greek government over the last 18 months including tax cuts, digital transition and decreasing bureaucracy, new legislation on sustainable development and investment in renewable energy sources, as well as fresh initiatives to attract wealthy investors and pensioners from abroad. 

At the same time, he also referred to Prime Minister Kyriakos Mitsotakis’ commitment to push forward with structural reforms in the next 12 months, prioritizing the review of legislation on public works contracts, reform of local government and the justice system.

The minister referred to the strong diplomatic ties between Greece and the US over the years, noting that in the 2016- 2019 period, net inflows of foreign direct investment (FDI) from the US to Greece increased by 40 percent, with bilateral trade reaching 2.5 billion euros in 2019.

Areas of investment interest discussed during the event included port privatizations in Alexandroupolis, Kavala, and Volos; telecommunications, digital, R&D, and cybersecurity sectors; 5G network and AI technologies as well as technologies in the fight against Covid-19.

US Ambassador to Greece, Geoffrey Pyatt

Speaking during the event, US Ambassador to Greece, Geoffrey Pyatt said Greece and the US were “creating strong synergies between top-tier American investors and Greece’s highly educated workers that will act as a force multiplier in the years to come”.

He referred to the growing collaboration in the digital sector and investments in energy and infrastructure “creating more opportunities and more jobs, ensuring greater security, stability, and prosperity in the Eastern Mediterranean”.

Pyatt went on to underline important partnerships forged in the past two years by US technology investments in northern Greece by Pfizer, Cisco, and Deloitte.