Survey: Greece can be a good place for international investments

Α Decrease font Enlarge font
Survey: Greece can be a good place for international investmentsNine out of 10 multinationals already operating in Greece have invested even more in the country in the last five or more years

This may come as a surprise, but Greece really is a good place to invest, Andreas Yannopoulos, founder of Public Affairs & Networks and the InvestGR Forum notes in a recent article published at ekathimerini.com.

Over the years – and even including the financial crisis – the American, European and Asian enterprises that dared to venture into the Greek market did well on balance.

Not all of them prospered and some failed. Greece is still not the easiest place to invest. But overall there are numerous success stories including a Chinese shipping giant, a German retailer, a telecom world leader and a multinational construction company.

And many have been good for Greece, sometimes in unforeseen ways. The concession to build and operate Athens International Airport, awarded to German construction giant Hochtief more than 20 years ago, helped pioneer Greek legislation on public-private partnerships.

It has also created thousands of jobs, helped raise tourism flows to the country, and boosted government coffers with concession fees and taxes, while earning a profit for its shareholders.

Another German airport operator, Fraport, is now making the same bet on Greece by investing more than a billion euros in the 14 regional airports it currently operates.

Telecommunications leader Deutsche Telekom also showed faith in Greece when it paid top dollar for a stake in Hellenic Telecommunications Organization (OTE) prior to the crisis, and has raised its share in the company on several occasions since then. It has proven to be a very good investment over the years and, reportedly, offset a disastrous earnings cycle for Deutsche Telekom in the US – it is no exaggeration to say that OTE helped save the German giant.

Another German group, supermarket chain Lidl, is now celebrating its 20th year of operations in Greece. Since its launch in 1999, the company has invested 1.3 billion euros in Greece and has hired more than 5,000 employees. It is planning to invest another 120 million euros over the next year and hire roughly another 500 staff by then.

A major foreign investment success story is Chinese shipping company Cosco, which paid a small fortune in 2009 for part of the Piraeus Port container operations. Ten years later, it has taken control of the rest of the port, is planning to invest more than a billion euros and has hired more than 1,000 employees (so far). In the process, it has transformed Piraeus from a backwater to one of the top 10 container ports in Europe.

To be certain, there have been unhappy stories too, due to the depth and intensity of the economic crisis, like the decisions by French companies Credit Agricole and Carrefour to exit Greece during the height of the crisis. Several other, smaller foreign banks also sold their few assets and packed up shop.

But the foreign multinationals which stayed the course mostly sensed opportunity.

According to a Metron Analysis survey conducted for the 1st InvestGR Forum 2018, Foreign Investments in Greece (investgr.eu) last July, almost nine out of 10 multinationals already operating in Greece have invested even more in the country during the last five or more years. That made them just about the only companies investing in Greece during the crisis. In the same period, domestic private investment collapsed: from a level equal to 18 percent of gross domestic product before the crisis, to less than one-tenth now.

If there is a lesson to be learned it’s that Greece can be an attractive place to invest, both to the benefit of the investor and to the benefit of the country. True, more needs to be done to attract overseas investors, but the foreign investors who have toughed it out have mostly been rewarded for their efforts and, most importantly, they currently appear to be cultivating expectations for the near future.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

 


 

Tornos
  1. 23/02 10:46

    Gaming license for Athens Helleniko site at 30 years and bid deadline on April 22

  2. 23/02 10:24

    14th edition of SEEfest explores cinema of audacity in LA on May 1-8

  3. 23/02 10:20

    Athens Technopolis celebrates its 20 years with rich programme in 2019

  4. 23/02 10:05

    Historic Modiano Market in central Thessaloniki to be totally revamped

  5. 23/02 09:59

    Athens Airport pays agreed sum to extend concession by 20 years

  6. 23/02 09:53

    Giannis Antentokounmpo on Forbes “30 Under 30” list in two categories

  7. 23/02 07:46

    Medium-term fiscal strategy: Greece's GDP to exceed €200 billion in 2020

  8. 22/02 21:59

    Hotels: TEMES of Costa Navarino buys out Athens Hilton from Turkish Dogus group

  9. 22/02 20:14

    Three new Athens Metro stations to be fully operational by June 2019

  10. 22/02 20:11

    Greece to take part in Mobile World Congress (MWC) 2019 in Barcelona

  11. 22/02 20:05

    Athenians protest against ten-storey buildings set to hide the Acropolis

  12. 22/02 19:57

    “Young Ambassadors” initiative brings Greek and Israeli students together

  13. 22/02 19:46

    EU objects to draft plan for protection of primary residences in Greece

  14. 22/02 19:41

    Olympia’s film European premiere at Thessaloniki Documentary Festival

  15. 22/02 19:29

    AxisRooms’ tech to boost availability accommodation in India with Airbnb

  16. 22/02 19:09

    Renowned British comedian John Cleese live at the Acropolis in Athens

  17. 22/02 18:08

    Athens to be spared snow and worst of Oceanis weather front to hit Greece

  18. 22/02 15:03

    Film Tourism: Greek director revisits Mary Shelley classic with new 'Φrankenstein'

  19. 22/02 13:12

    Greek school of Plato teachers host Tsiknopempti event in NY on March 2

  20. 22/02 11:55

    Passenger traffic in Greek airports soars by 9.7% in January

  21. 22/02 10:37

    Athens to host 10th Annual Capital Link Greek Shipping Forum

  22. 22/02 10:31

    Lonsdale Greek Festival takes over the streets of Melbourne this weekend

  23. 22/02 10:16

    The Cyprus Museum will state closed on February 23 due to electrical repairs

  24. 21/02 21:22

    Greek tourism: Travel receipts exceeded €16 billion in 2018 according to Central Bank

  25. 21/02 21:04

    Ouzo Festival brings spirit of Greek island of Lesvos to Australia (video)

  26. 21/02 21:04

    Marketing Greece’s latest tourism campaign highlights Greek philoxenia (video)

  27. 21/02 20:53

    Western Macedonia Region joins growing national film network in Greece

  28. 21/02 20:39

    IATA announces 2018 Airline Safety Performance

  29. 21/02 20:31

    New cold weather front to sweep through Greece over weekend

  30. 21/02 20:25

    Central Bank: More than 30 million travellers visited Greece in 2018

  31. 21/02 20:25

    Greek carrier Aegean Airlines adds seven new international destinations

  32. 21/02 19:22

    US-Greek dialogue meeting takes place at Foreign Ministry in Athens

  33. 21/02 15:39

    City Break report: Five projects that will change the Athens Riviera

  34. 21/02 15:39

    City Break report: Five projects that will change the Athens Riviera

  35. 21/02 15:32

    Tramline obstacle prompts bold vision for Athens's ancient Ilissos River

  36. 21/02 15:26

    Greece to take part in Expo 2020 in Dubai after completion of agreement

  37. 21/02 15:21

    24 privatizations in Greece line up in HRADF's revised list

  38. 21/02 15:14

    National Herald interview: Travel expert on direct flights from U.S. to Greece

  39. 21/02 13:09

    Parliament's Budget Office detects positive signs in Greek economy

  40. 21/02 11:00

    TAIPED: No date set for commencement of Elliniko development project

  41. 20/02 18:52

    Cosco's master plan projects for Piraeus rejected by Greek Ministry Committee

  42. 20/02 07:54

    ECM records' annual meeting and live shows at Thessaloniki Concert Hall

  43. 20/02 07:49

    Greek coastal shippers ask that new port surcharge won't be bumped to sector

  44. 20/02 07:42

    832 wines sampled at Thessaloniki International competition

  45. 20/02 07:37

    Event celebrating Ancient Greek music takes place in Athens

  46. 20/02 07:28

    Greek hospitality body SETKE blasts airbnb-style accommodation

  47. 20/02 07:22

    Parliament votes on draft bill for exploitation of 10 regional Greek ports

  48. 20/02 07:04

    Snow set to hit Greece again by end of the week

  49. 20/02 06:47

    Work stoppage on line 1 of Athens electric railway on Thursday

  50. 20/02 06:30

    Greek Tourism showcased at 6th Mediterranean Tourism Forum

  51. 20/02 06:23

    New €1 billion raiway projects in Peloponnese launched by Greek Infrastructure Minister

  52. 20/02 06:20

    Minister: Greek forestland registration more than half complete

  53. 20/02 06:10

    Modern Greek event in Sydney of Australia inspired by Athens nightlife (video)

  54. 20/02 06:03

    Privatized Thessaloniki port to become a final destination for goods and commuters

  55. 19/02 18:17

    Crucial vote on Tuesday on Cosco's master plan for Greek port of Piraeus

  56. 19/02 17:08

    Majestic super moons rise over Greece even during winter

  57. 19/02 10:04

    Cyprus’ residents trips abroad grow by 11% in January 2019

  58. 19/02 09:59

    Eminent US archaeologist wants Parthenon marbles return to Greece

  59. 19/02 09:52

    Athens Benaki Museum Pireos opens its architectural archives to children

  60. 19/02 09:48

    Tourist arrivals to Cyprus up by 8% in January 2019 due to rise in UK flow

  61. 19/02 09:42

    Scoot: Flights from Australia to Greece for only $299

  62. 19/02 09:35

    Athens-based company presents Euripides-inspired play to London theatre

  63. 19/02 09:29

    The Telegraph: Foreign Airbnb golden visa investors booting Greek tenants

  64. 19/02 09:23

    Climbing Tourism: Female expedition to plant Greek flag on Mount Everest

  65. 19/02 08:55

    Ancient Greek phisosopher Aristotle: Pursuit of happiness not a destination but a journey

  66. 19/02 08:47

    City Break report: Athens can be a changed city by the 2021

  67. 19/02 08:42

    Medical Tourism: Greek-Australian philanthropist donates $500,000 for health care

  68. 19/02 08:33

    Ten Athens eateries distinguished at FNL Best Restaurants awards

  69. 19/02 08:28

    Expression of interest for "Thriassion II" logistics park near Athens to take place in March

  70. 19/02 08:22

    Report: Real estate market growth can boost the Greek economy

  71. 19/02 08:13

    Greece’s top-10 archaelogical discoveries during the last decade

  72. 18/02 10:16

    AHEPA welcomes Congress support for United States-Greek relations

  73. 18/02 10:12

    Undeclared work decreased significantly in Greece during 2018

  74. 18/02 10:08

    BBC radio provides translation of quintessential Greek words

  75. 18/02 10:00

    Video of Good Samaritan saving stranded sea turtle in Crete goes viral

  76. 18/02 09:56

    International tender for casino at Helleniko site on the horizon

  77. 18/02 09:52

    "Greek Freak" Giannis Antetokounmpo to play for Greece in FIBA World Cup

  78. 18/02 09:48

    Concession contract for Crete's new Kasteli Airport to be inked by end of February

  79. 18/02 09:40

    InSETE report records 7% drop in air seats to Greece after several years of rises

  80. 18/02 09:35

    Saudi Arabian Airlines launches new Riyadh-Athens flight connection on June 5

  81. 18/02 09:28

    Juncker expresses condolences for iconic Greek "Baker of Kos" passing

  82. 18/02 09:22

    Book on Google promotes direct hotel reservations in more European markets

  83. 18/02 09:12

    AP: Hundreds stranded as British carrier Flybmi collapses due to fuel cost and Brexit

  84. 18/02 09:07

    EU Commissioner Cretu in Ancient Olympia: Greece has ingredients and tools for success

  85. 18/02 09:01

    Movie Tourism: Cyprus joins race to attract filmmakers for shooting

  86. 18/02 08:52

    Visitors and revenues to Greek museums and sites rise in first ten months of 2018

  87. 17/02 13:06

    Athens airport concession contract extension approved by Greek Parliament

  88. 17/02 12:44

    Award-winning Australian writer Hannah Kent to visit Athens and Thessaloniki

  89. 17/02 12:37

    First Energy Leadership Summit to be held in Athens in June

  90. 17/02 10:20

    Road rules restricting use of vintage cars amended in Greece

  91. 16/02 22:40

    AHI President visits Greece and Cyprus for series of meetings and events

  92. 16/02 22:36

    US government offices in Greece to stay closed on Monday, February 18

  93. 16/02 22:26

    Norwegian Air offering summer deals with $159 one-way to Athens

  94. 16/02 22:13

    Thessaloniki Regional Forum hosts three-day event with Balkan agenda

  95. 16/02 20:44

    Folk Tourism: Greeks mark arrival of Spring with ancient tradition of Martis

  96. 16/02 18:32

    Cyprus Religious Tourism: Spiritual leaders urge churches' restoration

  97. 16/02 16:22

    Athens Half Marathon to take place on March 17

  98. 16/02 12:10

    Mountain professionals gather in Germany to seek their way to the top

  99. 16/02 10:06

    Greek banks: Deal on first home protection a positive step

  100. 15/02 23:57

    Cabinet greenlights changes in Cyprus Investment Program