V. Karkanakis | Heraklion Chamber: The formation of the new development model of Crete

The President of the Heraklion Chamber, Mr. Vangelis Karkanakis, proposed the use of every opportunity to form the new development model of Crete, under the new geopolitical and economic developments, during the proceedings of the Crete Development Conference.

Referring to the new international economic conditions of uncertainty caused by the election of Trump in America, but also to the ongoing wars that further affect the global economic environment, he pointed out the new prospects that are opening up, at the same time, for those economies that can adapt quickly by utilizing the new data.

Mr. Karkanakis, in his statement as a speaker in the section “Local government and Chambers as drivers of development – ​​Actions and initiatives”, also emphasized that with the strong business potential that Crete has, its strategic geopolitical position and its development prospects, it is a key point both for strengthening the extroversion of the Greek economy and for expanding its international business relations, shaping its course in the long term.

The energy transition

Mr. Karkanakis attributed particular importance to the energy transition, as Greece and Europe as a whole, as he said, must invest more in Renewable Energy Sources and in the diversification of their energy sources. “The discovery of energy resources in the Eastern Mediterranean has strengthened the geoeconomic importance of Crete. The natural gas deposits south of the island offer prospects for energy self-sufficiency and economic development. However, geopolitical tensions in the region, especially with Turkey, require careful diplomatic management for the exploitation of these resources. At the same time, however, they make Crete a valuable ally for the European Union and NATO,” he pointed out and added that Crete is also emerging as a strategic digital hub, strengthening its position in the wider Mediterranean region, with the construction of the Heraklion-1 data center by Digital Realty and the laying of the 2Africa submarine cable, the largest in the world, with a capacity of up to 180 Tbps, which will further enhance the island’s connectivity.

The President of the Heraklion Chamber of Commerce did not fail to highlight the transformation of Crete into a dynamic center of research and innovation, as according to the European Commission's Summary Innovation Scoreboard for 2023, it ranked second nationwide, after Attica, a fact that demonstrates the significant progress of the region in the field of innovation, making it particularly attractive for high-tech investments.

He also referred to tourism, and emphasized that excessive tourism development has created challenges for the environment, infrastructure and local society, which make it necessary to shift the island to a more sustainable tourism model, facing obstacles such as seasonality, the concentration of visitors on the northern coasts and the pressure on natural resources.

During his greeting at today's proceedings, Mr. Karkanakis emphasized “that it is up to us to take advantage of developments and chart a new development model. Crete has all the conditions to become a model of sustainable development in the Mediterranean. Its strategic location, its natural and cultural wealth, its strong research environment, and its human resources constitute significant advantages. However, the transition to the future requires strategic planning, cooperation of all stakeholders, and determination in implementing innovative approaches. Only with coordinated actions, investments and the use of modern technologies, can Crete shape a dynamic and sustainable development model.”

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