5 KEY REASONS TO INVEST IN GREECE
The Investor Greece 2022 I Briefing I Introduction
“HIGHER OPENNESS IS ONE OF THE MAIN FACTORS ENHANCING FASTER REAL CONVERGENCE, ONE OF THE LEADING AND LONG-STANDING OBJECTIVES OF GREEK ECONOMIC POLICY.”
Greece has a developed infrastructure that enables the uninterrupted implementation of most investment activities. Within the context of the 2004 Olympic Games in Athens, and investment in the years after, there have been a number of material improvements in Greece’s infrastructure of Greece. During the last decade, the road network has seen substantial improvements. Greece has 45 airports—15 international airports, 26 domestic airports, and 4 municipal airports. With hundreds of islands, Greece has many seaports, 16 of which are international. The port of Piraeus is one of the busiest in Europe and is the main cargo port of the country, followed by the ports of Thessaloniki, Patras, and Igoumenitsa. Greece has more than 140 ports that serve passengers and cargo. Greece’s port infrastructure is being constantly upgraded and improved to meet the needs of cargo shipping, security concerns, and the country’s visitors,
HIGHLY STRATEGIC LOCATION
Greece is a member of the Schengen Area Schengen consisting of 26 European countries, not including Cyprus and the UK. Holders of the Greek residency permit enjoy the same travel privileges than a Greek citizen. Greece has direct access to a regional market of over 140 million consumers, including emerging and high growth markets of Southeast Europe and Eastern Mediterranean. The country also plays an important role as an energy hub on the East-West energy corridor. Over 4,000 Greek companies have invested about €15 billion in Southeast Europe and the country shares strong business and cultural ties with the region. Greece also offers the most competitive and the cheapest European Golden-Visa in the Mediterranean with a minimum property value of only €250,000.
POSITIVE ECONOMIC OUTLOOK
Greece's economy has remained strong and held well against the COVID challenges. The country's GDP is expected to grow 5.5% in 2022 even though the local economy is facing headwinds due to the energy and inflation crisis. The economic outlook remains positive with economic activity data in the year’s first months showing that business confidence in the first quarter reached its peak since 2000. Another important subject is the improvement of the labor market along with the increase of the minimum wage, which should boost household incomes. In addition, Greece is expected to receive more than 16 billion euros from European Union resources which will continue to constitute the main supporting factor for the economy this year. Finally, the tourism sector is showing strength and positive potential already reaching major earnings in 2022.
QUALITY OF LIFE
With over 300 days of sunshine a year, Greece is renowned for its dry summer climate, combining hot days with breezy nights. Greek summer can last well from May to September allowing one to enjoy the sea and the sun to the fullest. Security is a major benefit for residents as Greece has one of the lowest crime rates in Europe, especially in terms of burglary. This is of great importance not only for tourism but even more for property owners. Most of Greek beaches have been awarded with the Blue Flag, an award given by the European Community for cleanliness and excellent water quality. English is a second language to the majority of Greeks.
TALENTED HUMAN RESOURCES
During the last decades in Greece, demographic shifts, EU integration, and global trends have been reshaping the economic landscape so that Greece’s human resources are meeting the needs of today’s service and knowledge-based economy. There is a good supply of highly qualified labor in Greece, capable of effectively supporting any investment project. Greece’s biggest strength is probably its highly skilled workforce. Greece has Europe’s second highest percentage of Masters and PhD students as a share of its population, with science, technology and engineering being specialisms.