Thessaloniki Summit 2018: Northern Greece a treasure trove of investment opportunities

Northern Greece is assuming a greater role as investment destination, according to speakers addressing the Thessaloniki Summit 2018 in the northern city.

As EOS Capital president and CEO Apostolos Tamvakakis explained, for example, small and medium-sized enterprises (SMEs) provide a wealth of possibilities, according to an analysis by his joint investments company. “SMEs comprise 99.5 pct of all Greek businesses,” he noted. “In the analysis we did of around 3,000 enterprises, we ended up focusing on about 450 of them. If you see the wealth of turnover these 450 businesses have, it’s impressive. The average turnover rise in these during the crisis was 15 pct annually and their EBITDA averaged 40 pct per year. This signifies that there is a great wealth in SMEs in Greece.”

The average EOS Capital investment totals 10 to 12 million euros, he noted, to be spread over 9 or 10 investments. “We have reached the conclusion that 50 pct (of this investment) will be directed to the sectors of food and beverages, and the rest distributed among all other sectors,” he said.

Of the 450 enterprises his company reviewed, 70 pct are outside the Attica region, and of those outside it over 60 pct are located in the city of Larissa and points north. This area will be the target of 50 pct of the investments, he said.

Economic and Industrial Research Foundation (IOVE) president Takis Athanassopoulos spoke of the “problem with the separation of powers in Greece, they are not independent of one another.” He cited as a model to aspire to New Zealand, “where they have obliged their politicians to confirm that the proposals they table have been tried and tested for good practice elsewhere and proven effective.”

The Thessaloniki Summit is organized by The Federation of Industries of Northern Greece (FING) in cooperation with Symeon G. Tsomokos S.A. The Athens-Macedonian News Agency and its online radio station Praktorio 104.9 FM are communications sponsors for the event.