TECHNOLOGY & INNOVATION

Greece’s geostrategic location, excellent communications infrastructure, and highly educated and experienced workforce, have primed the Greek innovation sector for a major take-off, both domestically and as a new export champion for the country.

A shared commitment by both the public and private sectors to prioritize investment in digital infrastructure and development, is helping turn Greece into the leading ICT hub in the region. Major initiatives include the roll out of a nationwide fiber optic network, a public-private tech investment fund worth up to a billion euros, and the development of new research centers.

Greece boasts a deep pool of science and technology graduates. According to the OECD, Greece ranks sixth in the world in per capita graduates of science, technology, engineering and math (STEM) studies. Combined with a tradition of entrepreneurship, Greece has a vibrant start-up scene that is producing world class applications.

Greek start-ups, which has attracted the interest of major foreign multinationals from Europe and Asia, also boasts one of the highest ratios of women founders in Europe. Over the next three years, the Greek IT sector is expected to double in value to more than €1.8 billion, with much of the growth expected to come from start-ups.

Greece is a major hub for life sciences research and is the leading exporter of pharmaceuticals in the region. The world’s largest pharmaceutical companies are all present in Greece, which serves as a regional hub for clinical trials of new products. The country’s dozens of local pharmaceutical producers are leading exporters, dominating the generics market of Southeast Europe. Overall, the Greek pharmaceutical and life sciences sector accounts for 3.5% of GDP and €1 billion worth of exports.