recovery is conditional on the country’s ability to
increase investment, public and private.
Under the current situation, investment stands at
11% of GDP, against an EU average of 20%; this
percentage is not enough even to maintain the
existing capital stock.
Therefore, attracting foreign direct investment is
crucial, and the Foundation for Economic &
Industrial Research (IOVE) estimates that Greece
needs to attract at least 25 large companies,
which will invest in the country and hire 1,000
people each, while the Hellenic Federation of
Enterprises (SEV) stresses that it is necessary to
prepare 5-10 major investment projects, with high
commercial value, which will enable the transfor-
mation of the Greek economy.
According to SEV, some of the projects that could
quite easily change the investment environment
in Greece include:
• Ports, marinas, airports, water airports. A typi-
cal example is the relocation of ferry and
cruise activities from Piraeus to Lavrion, with
the corresponding development of transporta-
tion links with Athens and Piraeus. Extension
of the commercial part of the Port of Piraeus to
Megara. This category also includes the
upgrading of Piraeus to a shipping/financial
centre, focused on transit trade, ship mainte-
nance, shipping finance and insurance opera-
tions, classification society services etc.
Development of a comprehensive water airport
network.
• Interconnection of the electricity grids of
Greece and Italy, and of mainland Greece and
Crete.
• Open access fibre-to-the-home network.
• Logistics parks (Thriassion, Attica and Gonos
Camp, Thessaloniki).
• Water supply, sewerage, irrigation, waste man-
agement, wastewater treatment.
• Digital services everywhere (logistics chain,
business transactions, justice, ports, customs
offices, city planning, cadastre, forest maps,
forest cadastre, and forest management sys-
tem).
• Mineral wealth utilisation (changes in the
licensing and town planning regime).
• Creation of a Technological Park in Attica, for
the establishment of high technology compa-
nies, as well as of a MediPharma centre for the
establishment of research facilities by major
private medical technology and pharmaceuti-
cal companies, and the development of syner-
gies between Universities, Hospitals and med-
ical technology and pharmaceutical companies
(clinical trials etc.).
• Creation of a Financial Centre in Athens, for
the establishment of large financing houses,
investment banking and wealth management
firms, as well as insurance companies wishing
to provide services to clients from the wider
area, also promoting the role of the Athens
Stock Exchange, as financing activity is shift-
ing towards Greece as a result of geopolitical
change.
• Redevelopment of urban residential and com-
mercial areas in decline, through the provision
of tax incentives; development of the coastal
front (from Piraeus to Sounion) for residential
and hotel purposes.
• Creation of thematic multi-purpose recreational
and educational areas, based on Ancient
Greece, such as the Democracy Museum, the
Museum of Commerce, the Museum of
Handcrafts,and other venues that will attract
tourist interest.
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