Greece to prioritize industrial investment, manufacturing, says Mitsotakis

Prime Minister of Greece Kyriakos Mitsotakis chaired a meeting of the Government Council for Industry, highlighting manufacturing and industry as a central pillar of the country’s new production model.

He stressed that strengthening Greece’s productive base was "a strategic priority for a more competitive, outward-looking and resilient Greek economy," CE Report quotes ANA-MPA.

"Together with the country’s now-established fiscal stability and credibility, these constitute key factors in maintaining strong economic growth, ensuring that it is spread across the economy and ultimately benefits the whole of Greek society," he added.

The prime minister said Greece must take advantage of Europe’s renewed focus on industry by accelerating reforms, investment and technological upgrading, with the aim of achieving a new developmental leap in the coming years.

"In an environment of uncertain geopolitical shifts, energy insecurity and intense international competition, the productive base ultimately determines the economic security, resilience and, ultimately, the strength of every country.

"Greece and our government have addressed this important shift taking place at European level with the seriousness it requires. We are actively participating in all European consultations and decisions concerning critical issues: competitiveness, energy, investment and key value chains," he said.

Mitsotakis highlighted the good work done by all related government services and said that the development law has shifted its focus towards prioritising industrial investment, with a strong emphasis on regional development, particularly in areas such as Western Macedonia and Megalopolis, which are affected by the change in the country’s energy mix.

"We have supported and continue to support businesses in dealing with the significantly increased energy costs, always within the limits of our available resources. Also, very importantly, we are completing in the immediate future - especially given the strict deadlines imposed by the Recovery Fund rules - the special spatial planning framework for industry, taking into account almost all of the observations submitted by representatives of the industrial sector.

The prime minister said that the results of this effort are starting to become visible, in the form of more industrial investment, a stronger export presence and better-paid jobs across the country, pointing out that 60,000 new jobs in industry with good salaries have been created during the government's term.

Mitsotakis emphasised that Greece possesses an "industrial culture" and people with "knowledge, ingenuity, consistency and adaptability," and that the quality of Greek labour and the ability of Greek businesses to integrate innovative technologies - especially the major revolution of Artificial Intelligence - and transform them into products with high added value was the basis of productivity.

"I am genuinely pleased when I see many different sectors of the Greek economy growing and continuously gaining ground in terms of exports - sectors such as pharmaceuticals, defence, metals, food and advanced technologies.

"Today we will discuss and present not simply an account of actions taken, but what I want us to focus on is a new framework of institutional reforms, mainly regarding the simplification and acceleration of procedures, as well as the financing framework for manufacturing in the next period. This is particularly critical, as we estimate that within the next 18 months at the latest the negotiations on the new European Union budget will also have been completed. Therefore, your contribution to this discussion and to shaping national positions is crucial," he said.

The prime minister especially emphasised the need to make maximum use of the funds available from the EU:

"I would like to conclude with something that I believe has particular significance. Within the European Union budget there are hundreds of billions of euros - 450 billion euros at present - intended to be directed towards what we call the Competitiveness Fund.

"The Competitiveness Fund will most likely not have specific national allocations. This means that, as a country, and you as businesses, must work together to credibly claim as many resources as possible for Greece.

"Consider that if we manage to secure 10 or 15 billion euros - within a 450-billion-euro fund, this is not an unrealistic target - we would essentially be talking about half of a Recovery Fund. Therefore, preparation and cooperation between the government and industry and manufacturers themselves becomes absolutely critical, particularly in this priority area."

He concluded by noting that strengthening investment in manufacturing and industry will be "a central pillar and key policy" in ruling New Democracy's platform for the 2027 elections, if the Greek people again place their trust in New Democracy.

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