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7 Dec

Direction Business Network – Strongest of the Greek Economy

Tsamichas Law Firm Athens Greece Atene Grecia Strongest of the Greek Economy International Commercial Law

Attending the “Strongest of the Greek Economy 2024” event hosted by Direction Business Network last week was both illuminating and motivating. This prestigious annual event celebrates the remarkable achievements of Greece’s leading companies.

Much appreciation to Vangelis Papalios and Konstantinos Papalios, for their exemplary organization of this event. Congratulations to all the awardees for their well-deserved recognition.

Celebrating Excellence at the “Strongest of the Greek Economy 2024” Event

This prestigious event celebrates the outstanding achievements of leading companies within Greece, showcasing their significant contributions to the economy.

The “Strongest of the Greek Economy” annual publication, first issued in March 2012, is a cornerstone of Greek business excellence. Direction Business Network, through its comprehensive database, Direction Business Reports, meticulously collects and processes the financial information of 10,000 companies operating in Greece. The publication highlights the key sectors driving the economy, the largest firms by turnover, the most profitable companies by earnings before taxes, those with the greatest liquidity, and standout performers in investments and international activities.

Featured in the Publication

TOP 1000: The 1,000 largest firms based on turnover.
TOP 200: The 200 most profitable businesses based on earnings before taxes.
TOP 100: The 100 private companies with the greatest liquidity.
Industry Insights: Detailed analysis of 40 sectors of the Greek economy.
Export Excellence: Special focus on the top 200 industrial companies excelling in export activities, ranked by turnover.
Expert Opinions: Insights from Ministers, institutional leaders, and market executives.
Health Sector Spotlight: A dedicated section on the largest and most profitable pharmaceutical companies, wholesalers, medical device products, and private medical services.

Recipients of the Publication

The publication is distributed to a select audience, including high- and top-level business executives, banking officials, financial and public organizations, press offices of production-related ministries, professional chambers and universities, members of medical and pharmaceutical associations, cosmetics companies, and finance and health journalists.

The strong Greek-Italian economic relations are stable and sustainable By Cav. Avv. Ioannis Tsamicha*

With the cautious forecasts for 2% growth in 2024 confirmed by the OECD, the Greek economy continues on its growth trajectory, which is expected to accelerate in 2025 (2.5%). The Greek economy appears to be reaping the benefits of real wage increases, rising employment and, most importantly, strong inflows of tourists supporting income and spending.

With fiscal consolidation, productivity and attracting investment remaining key challenges, Greece needs to achieve sustained strong economic growth by reducing debt in view of high spending needs, further reducing the regulatory burden and, of course, by expanding and improving the quality of human capital training.

Italy is Greece’s most important economic partner over time

Throughout its modern economic history, Greece has had a stable economic partner – Italy, which has been a catalyst for the performance of the domestic economy. Italian businesses consistently vote for Greece, with the neighbouring country being the top destination for Greek exports in 2023, as 12% of Greek exports are directed there, while it is also high in the top four in the list of imports. The Hellenic-Italian Chamber of Athens, continues its successful and internationally recognized program “We export more Greece to 85 Bilateral Italian Chambers in 65 countries”, being the main partner of Italian companies operating in the Greek market and of Greek companies in Italy. With a presence in 65 countries around the world through the Association of Italian Chambers of Commerce and more than 1000 members, it has been working to expand economic and commercial cooperation between the two countries for the last 60 years, facilitating the implementation of investments.

In the last decade, the investment interest of Italian companies has been almost monopolized by the energy sector as a whole. The Italian groups, Edison, Enel Green Power and Italgas, among others, are aiming to expand their investments in green energy with onshore and especially offshore wind farms and photovoltaic parks.

Edison, in fact, reportedly wants to retain Elpedison, one of the largest independent power and gas generators and providers of electricity and natural gas in Greece, in its assets, following its rumoured divorce with HELLENiQ ENERGY. Along with DEPA, Edison is also working to promote the EastMed pipeline, while Italian group Renco SpA, following its successful participation in the construction of the Trans Adriatic Pipeline, has also expressed interest in participating in its construction. In addition, RENCO SpA and TERNA S.A. are proceeding with the construction of the first Microsoft Data Center in Greece following a competitive tender process.

Also of great importance for bilateral economic relations is the financial landing of Mytilineos Group in Italy, which includes giant investments of more than 3 billion and a portfolio of 180 projects with a total capacity of 3.59 GW, with investments in solar energy and storage.

The cooperation between Greece and Italy is expected to intensify in the coming period, in the context of sustainable development and the expansion of the energy mix, offering a unique opportunity for our country to emerge as an energy hub in the Eastern Mediterranean and a catalyst for the achievement of the EU’s netzero target by 2050, enhancing the overall dynamics of the Greek economy.

Even in the case of the two seemingly competing energy projects vying for European funding, the Greece-Egypt Interconnection, which will transfer green energy from Egypt to Greece and then to Northern Europe via a submarine cable, and the Green Vein, with a capacity of 3 GW, which will cover a distance of 2,800 km to Italy, covering about 5% of its maximum energy demand, there is potential for constructive cooperation, as they can function in a complementary manner.

It is clear, after the recent energy crisis, where we should aim to improve the country’s competitive position, with the energy sector, especially smart and green energy, high technology and human capital improvement being the spearhead and the expansion of economic cooperation with Italy steadily growing.