Greece’s business-friendly environment and success story is being recognized

Greece’s business-friendly environment and success story is being recognized

Over the last few years, Greece has implemented a range of reforms and initiatives to create a business-friendly environment that will fully unleash the country’s economic potential. That is now being increasingly recognized by international economists and investors alike.

The results are evident: successive export records, soaring foreign direct investment, and diversification into forward-looking sectors like technology, green energy and logistics. Greece is rapidly establishing itself as a hub for innovation, energy, as well as business services and supply chain operations for the greater region – the outcome of an attractive and competitive business environment leveraging the country’s advantages.

Recently, the respected Economist Intelligence Unit (EIU) recognized Greece as the number one country in the world that has done the most to improve its business environment. From late 2019 until now, Greece climbed 16 notches, more than any other place, according to the latest EIU Business Environment Rankings. The EIU noted that the government’s pro-business approach, comprising reforms and tax cuts, has “restored confidence in the country.”

And a few days later, Moody's Investors Service upgraded its ratings of six Greek banks and its macroeconomic profile of the country to reflect the improved economic standing of Greece. “Structural improvements and reforms have improved the economy's resilience to shocks. As a result, Moody's has raised the Macro Profile it assigns to Greece to 'Moderate-' from 'Weak+',” the agency said in its assessment.

Clearly international investors are also taking notice. In 2021, FDI jumped 72.3% to €4.8 billion from €2.8 billion in 2020. And despite the challenging global environment, 2022 is set to be another great year on this front with the likes of Google and JP Morgan joining the list of large multinationals to recognize the growth potential and business advantages of Greece. Indeed, the latest data show that FDI this year may have already surpassed last year’s levels and is on track for an all-time record, further confirming Greece as one of the fastest-growing investment destinations in Europe.

The Greek success story can also be seen in one of the highest growth rates in the European Union and the country’s resilient economic performance despite global adversity. This success is a combination of the ongoing reform program – that has created the conditions for businesses to innovate and thrive – a forward-looking economic strategy that is further backed by the EU’s Recovery and Resilience Fund (RRF), which will accelerate Greece’s transition to a green and digital economy, as well as our longstanding advantages. These include a highly educated and digitally literate workforce, competitively priced real estate, and our geostrategic location at the crossroads of Europe, Asia and Africa.

Greece has overcome tremendous challenges over the last decade, and has emerged stronger and more resilient. With a clear strategy for inclusive and sustainable development to achieve long term growth and prosperity, I am confident that Greece will continue to rise in international business rankings. We have the location, the people, the knowhow, and a commitment to welcoming business.

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