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Sino-Greek joint efforts to rebuild momentum
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As the world emerges from the novel coronavirus pandemic, global economic recovery will depend on free trade and open markets. And with our shared commitment to international trade, both Greece and China are well positioned for the recovery to come.
In the past few months, China has been successfully combating the coronavirus 鈥 as has Greece 鈥 and with the China International Import Expo continues to demonstrate its instrumental role in promoting international trade. This will give China a headstart in the global recovery, indeed a rebound in China鈥檚 economy is already taking place.
In Greece, we have undertaken a profound transformation in the last 10 years. Thanks to an ambitious reform program, the country has restructured its economy, repaired its public finance and boosted its competitiveness.
Most importantly, Greece has opened up to the outside world. The country has reoriented itself to global markets, attracted record foreign investment and achieved record export growth. Greece is also fast becoming a center for innovation, attracting leading technology and life science giants from Asia, Europe and the US, being drawn by Greece鈥檚 talent pool of scientists and engineers.
Before the onset of the coronavirus pandemic, the Greek economy had entered a strong growth phase. Our goal now is to resume that momentum once the world emerges from the crisis.
In the meantime, the Greek government is pressing ahead with its reform efforts. In the past year and a half, the government has implemented more than three dozen major reform initiatives, from tax cuts to streamlining regulations. It recently announced further structural reforms 鈥 from creating new land-use rules to streamlining the justice system 鈥 over the next 12 months.
Investors are responding. Greece is seeing strong interest in key sectors like energy, tourism, property development, privatizations, technology, logistics and infrastructure.
The pandemic has affected how we operate. But Greece鈥檚 quick response to the COVID-19 crisis this spring has reinforced the country鈥檚 image as a safe place to invest. It also served as a catalyst for a wide-ranging digital strategy that represents one of the country鈥檚 most important reform efforts. This digital leap forward will have far-reaching positive effect on productivity and competitiveness.
Greece has a strong life science sector, one of the sectors featured in this year鈥檚 CIIE. Already an important regional center for pharmaceutical trials, Greece continues to attract investment in R&D and in medical services and products. This is a sector with great potential for cooperation between the two countries.
As Greece and China move forward, both hold the keys to future economic prosperity 鈥 based on open markets, free trade and innovation.
The author is Consul General of Greece in Shanghai. The views are his own.
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