Due to the debt crisis, despite government policy adjustments, investors remain skeptical about Greece's economic situation. However, in a recent exclusive interview, the Greek Minister for Economic and Commercial Affairs to China, Emmanuel Stantzos, extended an olive branch to Chinese entrepreneurs, stating: "The Greek economy is recovering. A crisis also means opportunity, and companies should seize this chance." He specifically mentioned companies like China Ocean Shipping Group (hereinafter referred to as "COSCO") that have already invested in Greece, noting that Chinese enterprises are operating well there and have been sincerely welcomed by the local people.
The shift from a double deficit to a double surplus is a signal of Greece's economic improvement.
Stantzos believes that since the onset of the economic crisis, Greece has gone through a very difficult period. However, in the 2012-2013 period, Greece transitioned from a double deficit (primary fiscal deficit and trade deficit) to a double surplus for the first time. "It is gratifying to achieve a primary fiscal surplus for the first time since 2002. European countries are also optimistic about the growth of Greece's export market." He emphasized: "This indicates that the Greek economy is improving. Over the past two years, 12 Greek banks have been restructured, and the banking mechanism has been effectively integrated, making it stronger than before."
2013, bilateral trade between China and Greece reached 3.65 billion USD. In May 2013, when Greek Prime Minister Samaras visited China, both sides set a bilateral trade target of 8 billion USD for the coming years. Stantzos stated that although Greece is currently in a trade deficit, Greek exports to China grew significantly last year. He said: "In the future, we will promote more cooperation to increase the market share of Greek products in China." He cited examples such as Greece's abundance of red wine, olive oil, and cheese, as well as agricultural products like kiwifruit, which are also very distinctive. Greece is preparing to sign several agreements with China in the food sector.
Greek economic crisis means opportunity; Chinese investment is a wise move.
When discussing Greece's golden geographical location, Stantzos described it as a "strategic point." "Although Greece belongs to Southeast Europe, it is located between the Middle East, North Africa, and Europe, making its position particularly important." In 2008, COSCO signed a contract with Greece, obtaining the franchise to lease part of the Piraeus port terminals for a total of over 4 billion Euros. Stantzos explained that Piraeus is an important commercial port on the Mediterranean coast, and goods can be transported directly to other European countries through this port, saving the trouble of time-consuming detours. He also mentioned that COSCO is now participating in the bidding for other ports. He joked: "If business were not going well, they certainly would not be expanding their business in Greece."
Stantzos emphasized: "Crisis means opportunity. During the economic crisis, the cost of investing in Greece has dropped significantly, so it is a wise move for Chinese companies to invest in Greece and benefit from the low costs. Greece is an open country that is always looking for new cooperation opportunities. Over the years, we have welcomed COSCO, Huawei, ZTE, and energy companies from China, and more and more Chinese companies are investing in Greece." In addition, he stated that Greece has developed infrastructure, a deep foundation in high-tech industries, high-quality tourism services, and a world-leading shipping industry, all of which make Greece a vibrant country.
In addition to listing Greece's investment potential, Stantzos also offered advice to companies: "For companies to invest in a target country, they must first study the culture of the target country and select good partners. If you find suitable and trustworthy partners, the company can do good business."
To attract investment, every region in Greece has formulated its own incentive policies. The Greek government also recently passed a law to encourage private enterprise investment. Stantzos also specifically mentioned the real estate investment policy. "We grant residence permits to those who purchase property in Greece. As long as you spend 250,000 Euros to purchase property, the investor can apply for residence permits for family members. Investors only need to show proof of property, and the residence permit can be renewed every 5 years."
Chinese companies are welcome in Greece; Greece respects those with history.
In the process of Chinese companies investing in Greece, there have also been some voices of doubt. Some people think that Chinese companies will deprive locals of job opportunities. So, what is the truth? Stantzos said that many complaints come from trade unions, who are afraid that workers will lose their jobs, which is understandable. "But I think most Greeks believe that Chinese investors are no different from other Western investors. Chinese companies are very good investors, and Chinese people are well-received locally. China has a profound history and a brilliant civilization, and Greece also has a civilized history. We like Chinese people; we respect history and respect those who have history."
Stantzos refuted the argument that some Chinese investment is a "neo-colonial threat," saying: "Greece is a partner of China, and both sides have good cooperation." He listed examples of China-Greece economic cooperation. In the shipping industry, there are currently more than 180 ships built in China for Greece. Similarly, Greece also has many investments in China. Today, there are 114 Greek companies investing in China, including the fashion brand Folli Follie, the mattress company COCO-MAT, the glass bottle manufacturer Frigoglass, and the S&B Industrial Minerals Group.
Although bilateral trade between China and Greece has been growing continuously over the past two years, the trade volume is not at the forefront compared to other European countries. In this regard, Stantzos said that before the economic crisis, Greek producers were not very interested in the Chinese market, and the export market was mainly Europe and the United States. After the crisis, the market changed. Greek producers who previously relied on the domestic market realized that products should go global, and they began to look for new market opportunities. At the same time, the Chinese economy is developing rapidly, and Chinese consumers are also eager to consume foreign products, such as red wine, coffee, and olive oil.
