Invest GR Forum to discuss Foreign Direct Investment in Greece
Business and political leaders will meet virtually and in Athens today for the 2020 Invest in Greece Forum, an event connecting domestic Greek enterprise with foreign investors.
European investment forums have been presenting the idea of a continent ripe for business thanks to an effective pan-EU pandemic response, but a second wave of infections throughout the continent threatens to undermine that image. With its economy expected to shrink by 8.2% this year, Greece is feeling the economic burden of an 85% decrease in international tourism. In addition to $82.4 billion in European aid and loans, Athens has poured billions into aid for beleaguered businesses, hoping to incentivise an economic transition away from tourism and into energy, defence and services.
It’s an incentive that may just work out, with Microsoft recently announcing a $1 billion investment to build Greek data centres. Athens is betting on an economic rebound in 2021 and that its incentives for foreign investment will pay off in the long term. With representatives of multinationals like AbbVie, Merck, Bayer, Volvo and Enel Energy expected to attend, Athens is hoping that the Microsoft investment represents the beginning of a new era of economic diversification and expansion.
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