Invest & Trade in Greece Newsletter (20 Feb 2020)

Date: Mar 2020

Greece is emerging as a regional center for hi-tech development following a series of investments by leading technology giants drawn by the country’s skilled workforce, infrastructure and favorable geographic location.

In the past year, major multinationals including Amazon, Tesla and EY, have all announced investments in new tech ventures in Greece. And the country is drawing increasing attention from investors from the U.S., Europe and Asia in a diverse range of tech initiatives.

In early February, Amazon chose Athens as one of its newest cloud computing hubs. While German automaker Volkswagen is now considering launching a next generation, autonomous vehicle test in Greece, possibly on the island of Thasos.

And last July, a Japanese government delegation – a country long at the forefront of global technology developments -- visited Greece to learn about investment opportunities in Greek hi-tech start-ups.

said Kyriakos Pierrakakis, Minister for Digital Governance. Greece, he added, is open to new investments in technology and recognized the importance of cloud computing in the digital transformation of the country.

Reflecting the rapid growth of its hi-tech sector, Greece has jumped in international rankings. A fresh survey by Bloomberg, published in January, shows that Greece has advanced five spots in its global innovation index and is now ranked among the 30 most innovative economies worldwide.

Although a late comer to digital technologies, Greece has been moving ahead rapidly. The growing use of online government services has garnered international recognition, while hundreds of millions of euros are being invested in telecommunications infrastructure. An estimated 500 start-ups are now active in Greece.

Greece also recently announced the creation of Thess Intec, an innovation park in northern Greece to serve as an international technology and innovation center, with a second one to be created in Athens in 2020.

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