Bakatselos – Where will Americans invest in Greece

Agreements for more American investments in Thessaloniki and in Greece in general are expected to be “closed” in the near future, while the prospects for Greek exports to the US in the coming years are extremely favorable, as the president of the Hellenic American Chamber, Nikos Bakatselos points out in an interview with ΑΜΝΑ αγενψυ.

He adds that the messages he now receives from foreign investors are that “the Greek economy is being” re-established “and is a destination of confidence in an expanded investment agenda. Referring specifically to energy, he emphasizes that the Biden government shows a strong dynamic of interconnection and cooperation with Greece in this field.

On the occasion of the recent international defense and security exhibition DEFEA 2021 in Athens, Mr. Bakatselos expressed the assessment that “the prospects are extremely favorable, in order to consolidate a strong connection (Greece-US) in this area, which will also be highlighted in October at AUSA 2021 in Washington.

Investment is not just a matter of numbers

Asked about the total amount of American investments in Greece in the last decade, after the recent Microsoft investment, Mr. Bakatselos pointed out that the benefit of these investments is not only a matter of numbers, but also of diffuse overall benefit for Greek society. “We are watching a constantly growing investment dynamic from the US to Greece, which is clearly reflected in the numbers. The dimension shaped by the investment footprint of American companies is not limited to the amount of investment, but diffuses into society through the incorporation of new knowledge and insights into business, innovation, creativity and sustainable development.”

Especially for the investment of “Microsoft”, the wider overall footprint in the economy and society, can reach 1 billion euros. Respectively, investments such as those of “Cisco”, “Pfizer”, “Deloitte”, “Digital Realty” and other giants compose an investment map, where the numbers are important, but are part of an even bigger picture, which is the overall transformation of Greek society and business,” he underscored.

Strong dynamics of cooperation in energy

It is often said about energy investments in Greece that their returns exceed the potential risk of the country and, indeed, we have seen American companies invest significant funds in the energy sector of Greece. What do they “see” in our area, which led them to these investments? How does the Biden Presidency view the role that Greece can play in the energy sector?

“Greece is an important energy hub in Southeastern Europe and a factor of stability and security in the region, a fact that has shaped the conditions for American companies to invest significant funds in energy. The Biden administration in this area shows the same strong dynamics of interconnection and cooperation with Greece. The Hellenic-American Chamber of Commerce, with special emphasis on the key energy sector, is taking very important initiatives to highlight all the parameters that make up the energy puzzle in the region, culminating in the Southeast Europe Energy Forum, which will be held in September in Thessaloniki. Through the participation of prominent institutional and business figures from Greece, Europe and the USA, all important issues related to the investment perspective and interconnection of regional markets in Southeast Europe, and the role of the USA in the energy map of the region will be discussed.”

BIC razors, Greek yogurt and exports to the USA

Greek products such as BIC razors or Greek yogurt (even as a brand, even if they are not always “made in Greece”) seem to be doing extremely well in the US market. In which sectors is there potential for more Greek exports and what should anyone who wants to export to the US know? “American consumers, during the last decade, trust Greek products and recognize their high quality. According to the US Department of Commerce, the US imported $ 1.3 billion worth of goods from Greece last year, with the outlook looking extremely auspicious for the coming years. In terms of what one needs to know, the US market, one of the largest in the world, is extremely diverse. It consists of 325 million consumers and has a high consumer spending worldwide. However, each US state is different, with its own profile both in terms of economy, consumer behavior and demographics and cultural elements, as well as due to certain special state regulations “, he explains.

Bilateral scientific and technological cooperation

What are we expected to see in the coming years in practice as a result of the Greek-American agreement on scientific and technological cooperation, signed last year in Thessaloniki, in the presence of US Secretary of State Mike Pompeo? “Actions are the mirror of every agreement. And in this case we have before us a road map, which will create a new environment in the technological and scientific field. Coordinated research projects, training of scientists and technical experts, sharing of research equipment and materials, visits and exchanges of scientists, engineers or other appropriate staff are important parameters of the agreement, which we will see be formed in five years.”

“The above, in combination with several more initiatives, are the fundamental background for launching an investment and development dynamic, which will further strengthen the overall effort of digital transformation of Greek society and economy. Greece has estimated that it needs investments of 100 billion euros in a few years, to reach pre-crisis levels. It is practically impossible for these funds to come from only a few large investments “.

What can Greece do, in terms of business climate, to attract many smaller investments from the US? “The moves that must be made in the next period must have a goal, method, consistency and continuity. A climate of consensus and effective cooperation between the business community and the state is needed to create the conditions for those who will stabilize this investment dynamic. In addition to the established practices to be followed in the tax, legal and business context, this new environment often requires “out of the box” thinking, vigilance, immediate reflexes and a clear understanding of trends and the global perspective as such is being formed,” Mr. Bakatselos pointed out.

He added that one of the main “headaches” that companies in Greece have faced in the past, is the distorted and anachronistic production model. However, despite the difficult times we are going through in the last year and a half due to the pandemic crisis, Greece is overcoming the pathogenesis and problems of the past and is gradually winning the “bet” of sustainable business. In this context, a number of initiatives must be consolidated, such as the rationalization of taxation and substantial incentives for business activity, the intensification of digitization, as well as the effective integration and promotion of innovation “, he says, while asked about the recent organization of” Thessaloniki Future Thinking Dialogues “(TFTD), points out that this” will evolve into an institutional forum, with a wide range of actions, which we will announce in the near future and will concern the whole country. ”

The level of the US-Greece defense relationship is high

Taking stock of DEFEA 2021, the president of the Hellenic American Chamber pointed out that, at a critical juncture, this report “underlined the high level of US-Greek defense cooperation. The American Pavilion, in particular, was a point of reference through the presence of leading American companies in the defense industry, giving the picture of bilateral partnerships in the field of defense and security. The prospects are extremely favorable for the consolidation of a strong interconnection, which will be reflected in the most important event in North America for the issues of the global defense industry, AUSA 2021, in the USA, in October. A very important Greek presence is expected there, in an opportunity for a substantial connection with the world community in the field of defense and security”, he noted.