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Newsletter December 2012

EDITORIAL

All indications show that Greece, amid a painful yet necessary period of deep structural reform and ongoing austerity, is at a crucial turning point.

Almost all signs now point toward recovery, growth, and a more competitive economy.

The recent, favorable agreement between Greece and its creditors, removing any doubt once and for all regarding Greece’s membership in the Eurozone, was based on a sterling track record of the Greek government that has been in power for only a few months. It was based on the successful implementation of reforms and the commitment to continue an effective, unwavering and productive set of policy agreements.

The year 2013 is set to be pivotal for the Greek economy, for trade, and for investment. The recent World Bank’s "Doing Business 2013" report placed Greece up 22 positions over the previous year. This alone is indicative of the commitment to reform that Greece has pledged, and succeed in achieving.

In addition, Greece was ranked at the top of the recent Eurozone Adjustment Progress Indicator, demonstrating measurable progress in key areas. Another key economic indicator shows that Greece has achieved a primary surplus—which excludes spending on debt servicing—of 2.3 billion Euro in the first 10 months of 2012, compared with a 4.2 billion Euro shortfall a year ago.

These indicators are matched by noteworthy and important developments in Greece’s investment environment. Just recently, Hewlett Packard announced an agreement to use the Port of Piraeus pier run by Cosco as its regional shipping hub, forwarding cargo by land onward via Greece’s TrainOSE railway. This globally strategic decision positions Greece as a key logistics hub for the technology giant.

In addition, the decision by Unilever to shift production to Greece of 110 products demonstrates the competitive advantages our country can offer to major multinationals in manufacturing for domestic consumption and for export markets.

At this critical time of renewal and reform, investors the world over are closely examining the highly favorable investment opportunities Greece provides, and 2013 should prove key in attracting interest from investors around the world that understand Greece is a strategic location, a key regional economy, and a market that is set to emerge from recession into an enterprising and dynamic investment destination.


Stephanos Issaias
Chief Executive Officer