The need for a productive transformation of the Greek economy and a shift towards a new development model — more productive, competitive, and outward-looking — was emphasized by the Minister of Development during his speech at the 29th Annual Economist Government Roundtable titled ‘Driving Growth in Europe’.
He highlighted that over the past six years, Greece has made significant strides within a stable political environment, achieving fiscal stability, credibility, record reductions in public debt as a percentage of GDP, notable improvements in the business environment, and strong growth rates above the EU average. He also noted that unemployment has dropped below 8%, from 18% six years ago.
However, Theodorikakos pointed out structural weaknesses, particularly the persistent trade deficit. Despite a quarter-century in the Eurozone, the deficit as a share of GDP remains largely unchanged, which he described as a serious issue.
He stressed that it is not enough to maintain strong growth rates or simply increase GDP quantitatively. A real productive transformation of the economy is essential — one that places greater emphasis on manufacturing, industry, innovation, and productive investments.
The new Development Law strategically focuses on these sectors, with particular attention given to dynamic industries such as pharmaceuticals, agro-industry, and food production.
Greece is also investing in strengthening research infrastructure and innovation programs, while shaping a National Quality Policy so that ‘Made in Greece’ becomes synonymous with quality and reliability, serving as a springboard for economic extroversion.
Significant steps have already been taken toward simplifying the business environment, with the goal of reducing bureaucratic burdens on businesses by 25% in the near future.
When asked about applied research, the minister reiterated its importance and the urgent need to significantly increase the percentage of GDP invested in research and innovation. He cited the government’s program to upgrade technological and research infrastructure, focusing on applied research that leads to innovative products.
He also highlighted the strategic and innovative investment by Metlen in gallium production — a critical material for cutting-edge technologies — noting that this initiative will meet the entire demand of the European economy, contributing decisively to the EU’s security and autonomy goals.
While Greece has made progress in innovation, the minister acknowledged the urgency to accelerate efforts, especially through measures like linking the golden visa program to investments in startups and tech companies.