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- 6 December 2022 | 09:00
- 22 November 2022 | 09:00
- News in Brief – December 2022
As published by ENTERPISE GREECE Greek Economy – Greece’s economy is expected to grow at a 1.8% rate next year – marking one of the fastest growth rates in the Eurozone – according to the 2023 Greek government budget, and after growing an estimated 5.6% this year. Among other goals, the budget sees a 0.7%-of-GDP surplus in 2023. Separately, the Eurogroup approved the release of €6 billion of debt relief measures following a positive review of Greece’s policy reforms. Economic Growth – Third quarter Greek GDP expanded 2.8% on a year-on-year basis, according to preliminary data from the Hellenic Statistical Authority, above the average growth rate in the rest of the Eurozone. According to analysts, the latest data were weighed down by the treatment of energy-related subsidies and may be revised upward with the release of fourth quarter data. Debt Repayment – For the first time, Greece has repaid €2.7 billion in loans owed to other Eurozone countries ahead of schedule, according to a Reuters report citing a finance ministry official. Combined, the Eurozone countries and the International Monetary Fund lent Greece more than €260 billion during the country’s almost ten year-long debt crisis. Since then, Greece has paid off the IMF loans two years ahead of schedule and is now repaying its outstanding Eurozone debt. Greek Tourism – Greece looks to remain one of Europe’s favored travel destinations next year, according to a recent survey by the European Travel Commission, following a banner year this year. The survey showed that the Top 5 destinations favored by European travelers in 2023 included Spain (10.2%), France (10.1%), Italy (9.6%), Greece (6.6%), and Croatia (5.6%). Greek Shipping – Greek interests continue to play the leading role in worldwide shipping, controlling 17.6% of the world’s shipping fleet in terms of dead-weight tons, according to the latest estimate by the UN Conference on Trade and Development (UNCTAD). According to the report, Greek interests control 4,870 vessels with a combined DWT of 384.4 million, making Greece the leading ship-owning nation in the world ahead of China and Japan. Natural Gas – Natural gas operators of Greece, Bulgaria, Romania and Hungary agreed to move ahead with plans for the development of a North-South natural gas corridor for the Balkans. The six companies − DESFA (Greece), Βulgartransgaz (Bulgaria), Transgaz (Romania), FGSZ (Hungary), ICGB (Bulgaria) and Gastrade (Greece) – pledged their commitment to the project, which comes amid joint efforts to diversify energy sources in Southeast Europe and wean the region off its dependency on Russian supplies. Parthenon Marbles – Secret talks between Greece and the UK over an agreement to return the Parthenon Sculptures – also known as the Elgin Marbles – to Greece have reached an advanced stage, according to various media reports. Greece has been seeking the return of the sculptures, which are now housed in the British Museum in London, for decades. Separately, the Vatican announced that it would be returning three marble fragments from the Parthenon to Greece.
- December 2022 Newsletter - Enterprise Greece
As published by: ENTERPRISE GREECE Our View: Your place in the sun By Marinos Giannopoulos - CEO, Enterprise Greece Prospects for Greece’s property market remain bright. Despite a recalibration in real estate markets worldwide, asset prices across several Mediterranean markets – including Greece – remain attractively priced and offer a wide range of investment opportunities. In the last few weeks we have seen just how wide that range is: from hotels to logistics facilities, from residential properties to land parcels for industrial use, investors continue to be drawn by the broad variety of property assets Greece offers. And, of course, Greece continues to offer breathtaking natural beauty, a Mediterranean climate and an attractive lifestyle. The latest third quarter data from the Bank of Greece show that sales prices for residential properties in Greece are accelerating. A new Deloitte report show that Greece remains one of the Top 10 investment destinations for hospitality in Europe. And late last month, the UAE sovereign wealth fund took a stake in one of Greece’s most promising real-estate related startups. So even though global, real estate markets are facing challenging conditions due to rising interest rates and slower growth − Greek property prices and Greece’s investment story continue to attract. Greece marks new milestones as emerging technology hub Greece continues to mark new milestones on its way to becoming a regional center of technology, with foreign investors betting on the country’s prospects as a data and communications hub, as an incubator of innovative new startups, and source of top-notch human capital. Earlier this month, at the inauguration of a new data center east of Athens, Prime Minister Kyriakos Mitsotakis described the strides taken by Greece as tantamount to a “small revolution”. Within five years, he said, Greece’s technology sector will account for 10% of GDP. The inauguration of the Athens-3 data center comes just weeks after Lamda Hellix, a subsidiary of U.S. data center giant Digital Realty, and Grid Telecom, a subsidiary of Greece’s national grid operator, agreed to expand their cooperation on Crete. Through their joint efforts, the island will become a regional telecommunications hub linking Europe, Asia and Africa. Lamda Hellix recently announced the development of the first neutral data center, called HER1, in Heraklion, Crete’s largest city and port. The new center will be able to host submarine cable systems landing on the island from around the world, such as the new, ultra-high speed submarine data cable Greece is currently developing with Saudi Arabia. The new data center also comes as the world’s three leading cloud computing giants – Microsoft, Amazon Web Services and Google – roll out plans for regional cloud hubs in Greece, and likewise complement new R&D hubs that are being established in the country by companies like Pfizer and Deutsche Telekom, drawn by Greece’s pool of skilled talent. With a highly educated workforce, Greece boasts one of the highest ratios of STEM – science, technology, engineering and math – graduates among OECD countries. In his remarks, Mr. Mitsotakis said the country had set a new record in the filing and approvals of new patents. In the last few years, the Greek startup ecosystem has also grown by leaps and bounds. In late November, Abu Dhabi sovereign wealth fund ADQ took a stake in Greece’s Blueground, an Athens-based property tech company that is seen as one of the country’s most promising startups, valuing the company at €750 mill ion. Blueground is currently present in 26 cities around the world with a portfolio of approximately 8,000 apartments. It hopes to expand its network to 35,000 apartments in 50 cities by 2025. Focus: Greek property shows resilience, continues to draw investor interest Investors are seeing promise in the Greek real estate market, suggesting that the country’s property sector will remain resilient even as asset markets elsewhere contend with a rising interest rate environment. Attractive prices in a range of asset classes – including the residential, commercial, industrial, and hospitality sectors – combined with Greece’s underlying growth prospects will continue to support Greek real estate, according to analysts. The latest Bank of Greece data show that Greek residential property prices are up by double-digit amounts – rising at an 11.2% year-on-year rate in the third quarter, up from a 10.1% rate in the second. While a new survey by consultancy Deloitte names Athens as one of the Top 10 most attractive European cities for hotel investments in 2023. Just in the past few months, Greece continued to draw a string of investors – with recent noteworthy deals emanating from Spain and Singapore – in the country’s booming hospitality sector. Concurrently, several landmark projects, such the €2.5 billion Ellinikon smart city project or the refurbishment of the Athens Hilton, are now underway. And in the past several weeks, property investment companies Trastor and Briq Properties have proceeded to acquire new land parcels near Athens for development as future logistics facilities. Although Greek property prices have been rising strongly in the past half-decade, housing prices are still considered below their peak of 15 years ago, prior to the financial crisis when residential prices fell by more than 40%. Compared with other Mediterranean markets, Greek real estate prices are seen as competitive and offer attractive yields, according to one recent study. However, in a bid to support young couples and vulnerable segments of society to afford housing, in September the government announced a new, nationwide policy to help young couples and others, squeezed by rising property prices, buy a home or find affordable housing. The €1.8 billion program targets more than 100,000 prospective home owners and renters. It envisions a series of reforms ranging from the development of state-owned real estate assets to subsidized loans to a higher investment threshold for Golden Visa applicants. Greece unveils new branding for marble products World famous since antiquity for its marble statuary and temples, Greece’s marble sector this month launched a first time ever branding campaign, highlighting the enduring quality of Greek marble and its application in contemporary construction. The new brand identity – GREEK MARBLE Then. Now. Forever. – was unveiled at a specially designed promotional stand at the Big 5 building trade fair in Dubai, and was the result of close collaboration between Enterprise Greece and the Association of Marble Companies of Macedonia and Thrace. The new brand was then launched at a special event with invited buyers and other guests. Greece is one of the world’s Top 5 exporters of marble and fine Greek marble graces public spaces across the Middle East and Asia: from leading hotels in India, to office buildings in the United Arab Emirates, to the mosques of Mecca and Medina. In the past year, Greek marble exports to the UAE have been growing at a 20% rate, according to industry experts. “It is with great pleasure here at BIG 5 Dubai in a specially designed pavilion that we highlight the branding of Greek marble in the global market,” said Betty Alexandropoulou, Executive Director and Member of the Board at Enterprise Greece. “Enterprise Greece and the Association of Marble Companies of Macedonia-Thrace, collaborated with the common goal of enhancing the extroversion of this emblematic sector for Greek exports and increasing the added value of the final product.” News in brief
- כסף מזומן עדיין נשאר "המלך" ביוון
Evgenia Tzortzi 23.12.2022 at: ekathimerini.com אחד מכל שלושה יוונים עדיין מקבל בין רבע לשלושה רבעים מהכנסתו במזומן, אחוז שהוא הגבוה ביותר בגוש האירו ומצביע על העלמת המס הנרחבת שקיימת במדינה זו. זה מגיע מסקר של הבנק המרכזי האירופי על מגמות התשלומים של אזרחי אירופה, לפיו מזומן - אם כי בירידה עקב התפשטות עסקאות אלקטרוניות - הוא עדיין אמצעי התשלום הדומיננטי בגוש האירו. חלקם של התשלומים האלקטרוניים בעסקאות צרכניות ביוון גדל, לפי נתוני ה-ECB, מ-7% ב-2019 ל-19% ב-2022 במונחים של מספרי עסקאות ומ-11% ל-27% במונחים של ערך. עם זאת, באותו זמן יוון היא "מקרה קיצוני", לפי ה-ECB, שכן 11% מתושביה אומרים שהם מקבלים עד רבע מהכנסתם במזומן. זה כמעט כפול מהממוצע בגוש האירו של 5%. שמונה אחוזים מתושבי גוש היורו שנשאלו אמרו שהם מקבלים מחצית מהכנסתם במזומן ו-9% טענו שהם מקבלים יותר משלושה רבעים מהכנסתם במזומן. בסך הכל 33% מהיוונים (עד 39% כולל אלה שאומרים שהם לא יודעים) השיבו שהם מקבלים מ-1/4 עד 3/4 מהכנסתם במזומן; זה הגבוה ביותר בגוש האירו, שבו התעריפים המקבילים הם 5% ו-25%. האחוז הנמוך ביותר של אזרחים שמקבלים תשלום במזומן נמצא בפינלנד, שם רק 5% אמרו שהם מקבלים חלק מהכנסתם במזומן. היוונים הכירו את השימוש בכרטיסים כאמצעי תשלום מועדף ב-50% מהעסקאות שלהם בנקודות המכירה (POS). אבל הם גם רוצים לקבל את הבחירה במזומן, בשיעור של 24%, שהוא קרוב לממוצע של גוש היורו של 22%. הסכום הפנוי הממוצע בארנק של היוונים כשהם מתחילים את היום הוא בסביבות 78 יורו, לעומת 83 אירו, שהם הממוצע בגוש האירו, עם שינויים מ-121 אירו שהאוסטרי הממוצע רוצה לקבל ו-46 אירו מהממוצע הולנדי רוצה. לקריאת המאמר במקור: כאן
- Israel-Greece Chamber of Commerce | Home | Tel Aviv, Israel
1/10 ISRAEL-GREECE CHAMBER OF COMMERCE Your Starting Point for Great Connections OUR AIM The aim of the Chamber is to strengthen the ties between the business and social communities in the two countries, while at the same time helping Israeli companies become acquainted with their Greek counterparts and explore and expand their operations in Greece. Learn More The IGCCI "Forum" Ecosystem Learn More IGCCI Services Learn More Networking Opportunities Learn More Commercial delegations, seminars & conferences Learn More NEWS & EVENTS See what's happening and learn about some of the latest events that the Israel Greece Chamber Of Commerce has been organizing in the past few months. Dec 23, 2022 כסף מזומן עדיין נשאר "המלך" ביוון Evgenia Tzortzi 23.12.2022 at: ekathimerini.com אחד מכל שלושה יוונים עדיין מקבל בין רבע לשלושה רבעים מהכנסתו במזומן, אחוז שהוא הגבוה... Dec 20, 2022 Greek Tourism Makes Comeback in 2022 with €18bn in Revenue More into his speech, the Greek PM referred to the government’s success of extending Greece’s tourism season. Nov 1, 2022 Greece and Israel Open Flight School in Kalamata Greece, in partnership with Israel, opened a flight school on Friday in the southern city of Kalamata that will train pilots in combat and o BECOME A MEMBER (Israeli Citizens only) Sign Up Now ENQUIRY FORM Get in touch to make a general enquiry as to how the chamber can assist you. Get In Touch OUR PARTNERS
- Israel-Greece Chamber of Commerce | About | Tel Aviv, Israel
ABOUT US WHO WE ARE The Israel-Greece Chamber of Commerce is a non-profit organization whose mission is to reinforce and promote the unique economic and commercial relations existing between Israel and Greece in various spheres: trade (imports, exports), investments, research and development. The Chamber renewed its activities in 2017 in order to raise awareness among business people, companies, entrepreneurs, and economic and cultural organizations about the importance of maintaining economic ties and business cooperation between Israel and Greece. The Chamber focuses on trade and business-related issues that can arise when working with government and commercial institutions and organizations. It also circulates and promotes business opportunities, projects, trade shows and seminars, in addition to organizing professional conferences and meetings dealing with Israel-Greece relations. In the course of its regular activities, the Chamber enjoys close cooperation with the Greek Embassy in Israel, the Israeli Embassy in Greece, the Greece-Israel Chamber of Commerce, the Federation of Israeli Chambers of Commerce, local authorities, academic centers, government offices, the Israel Association of Advanced Technology Industries, and other organizations. The heads of the Chamber make a significant professional and economic contribution to its activities, as do the Israel Export Institute, the Manufacturers’ Association and the Federation of Israeli Chambers of Commerce, which are important partners that greatly facilitate the Chamber’s endeavors. Manage your business trip. We will organize your business trip to Israel or to Greece by setting B2B meetings including accompany your representative to all meetings. We can also assist in planning of accommodation, transportation and any other special requests. THE TEAM Cobi Bitton CEO Mr. Cobi Bitton is the founder & CEO of INTEGRITAS PEOPLE & BUSINESS (IPB). Mr. Bitton has widespread experience in business development in Israel and in international markets, including both the private and public sectors. For the last 23 years, he has been engaged in business development consulting and in leading innovation processes at organizations and private companies around the world and in the past 5 years, extensively in Greece. Mr. Bitton is closely familiar with the business and social cultures in Greece and has established a broad network of entrepreneurs, business people and opinion leaders. Mr. Bitton is a mentor, a social entrepreneur with considerable experience in the Israeli startup ecosystem, and serves on the boards of Intervyo, SkySaver and KisLev, which are Israeli innovative companies. Sabby Mionis Chairman Mr. Sabby Mionis is a respected philanthropist and international businessman who immigrated to Israel from Switzerland in 2006 after building an internationally recognized asset management company and selling it to a global private bank. Born and raised in Athens, Mr. Mionis has a deep understanding of Greece and maintains strong ties with the Greek business community. He is well known in Greece not only for his business accomplishments, but also for his efforts to promote the interests of the State of Israel and combat anti-Semitism and for his generosity to the local Jewish community. He is the co-founder of the Israel Center for Better Childhood, a member of the ADL Israel Board, a member of the World Executive of the United Israel Appeal, the co-chair of the Task Force on Anti-Semitism, and a member of the Board of Governors of the Jewish Agency and Beit Hatfutsot – the Museum of the Jewish People. Tomer Isack Legal Advisor Mr. Tomer Isack, the Board-Secretary and Legal Advisor of the Israel-Greece Chamber of Commerce, holds LLB in Law, BA in Economics and LLM in Law from the University of Haifa. In the framework of his Master degree in Law, he was awarded from the ‘Center for Law and Technology’ and ‘Aladdin’ for his research in behavioral economics. Mr. Isack joined the Israel Bar Association in 2006 and since 2007 has served as a lawyer in military courts. He did his internship at the criminal department of the District Attorney’s Office and began his career as a lawyer and economist at Ernst & Young (Israel) in the Tax and Governmental Incentives Department. At present, he is an entrepreneur and a legal and economic adviser to international organizations. Itsik Kamilian Spokesman, Public Relations Itsik Kamilian specializes in strategic media consulting for Israeli and International brands, and also serves as a consultant to embassies, government offices and technology companies. Over the years, Mr. Kamilian has filled senior positions at leading companies, focusing on both the management and marketing aspects of the business. He closely accompanied business development processes and was responsible for integrating and implementing important marketing initiatives. He is also the full-time volunteer CEO of the Ambassadors Club in Israel, which is a public benefit company whose vision is to strengthen the diplomatic community’s ties with Israel. EXECUTIVE COMMITTEE The members of the Chamber listed in the following list are appointed as members of the Executive Committee. Sherry Tabori-Korn Amos Yitzhaki Yaron Yariv Eitan Maoz Dana R. Shavit Oved Kraus ADVISORY COMMITTEE With many years of experience, business expertise and a broad network of commercial, financial and cultural ties in many areas, the Advisory Committee of the Israel-Greece Chamber of Commerce supports its business development. The role of the five committee members is to assist the Chamber’s management and leadership in making decisions, while examining possible disputes and conflicts of interest and promoting the Chamber’s activities in ways that help advance the affairs of its members. The Israel-Greece Chamber of Commerce is a voluntary organization that brings together business people, companies and academic organizations that are committed to promoting bilateral trade and economic relations between Israel and Greece.