Papadimitriou: Greece has to modernize its economy, gear it towards industry and exports

Greece must modernize its economy by opening it towards productive industries and exports, Economy Minister Dimitri Papadimitriou said on Monday, during a New Year’s cake-cutting ceremony organized by the Piraeus Chamber of Commerce and Industry and other city bodies.

“For Greece to achieve its strategic goal of joining the new international division of labor, we need to modernize our small economy by opening it to productive investment, primarily oriented towards industry and exports. Investments and exports, with industry as the central pillar, constitute the two-pronged approach for the country’s exit from the crisis,” he said.

“It is no coincidence that the increase in exports attracts investment, since the domestic market is small and weak, while exports are the ones that provide economies of scale and liquidity,” he added.

Papadimitriou said that Greece’s future and its exit from the crisis will depend on the “role of an economic bridge” between Europe and South East Asia that the country will be called to play.