By Vasso Vegiri

 

 

 

Greek business activity in the Balkans continues to be rising, more in some places and less in others, with Albania and Romania attracting significant Greek investment interest.

 

The latest data from the Greek Office of Economic and Commercial Affairs, either from the national statistical services of the neighboring countries, or from the Hellenic Statistical Authority (ELSTAT) demonstrate a dynamic Greek presence in SE Europe, both in investments and exports.

 

Albania

 

According to data from the Albanian statistical service, almost half of the foreign-owned companies in Albania are Italian, but also Greek and are located mainly in the central regions of the country (Tirana and Durres), while the country registers record US and foreign investments.

 

Specifically, according to the same source, owners or co-owners of Italian and Greek origin represent 48.8% of all foreigners and joint ventures. Of this percentage, 43.6% are Italian and 5.2% Greek.

 

Romania

 

Plenty of opportunities in key export sectors of the Greek economy such as food, medicine/medical supplies, construction materials and ICT were highlighted by the recent (June 7-9) business delegation to Romania, organized by SEVE, SEV and EBEA. Last year saw a new record in the amount of bilateral trade balance between Greece and Romania. According to the Hellenic Statistical Authority (ELSTAT), the total value of Greek exports to Romania in 2022 reached a record high of 1.823 billion euros (from 1.390 billion euros in 2021), showing an increase of 31.2%.

 

At the same time, Greek investments in Romania rose to 1.9 billion euros and Greece is the 8th main investing country with over 8,000 established businesses of Greek interests.

 

North Macedonia

 

Bilateral trade between Greece and North Macedonia "jumped" to 1.360 billion euros in 2022, compared to 943.2 million euros in 2021, according to data from the statistical authority of the neighboring country. Greek investment activity in the neighboring country remains strong, with Greek FDI reaching 612.1 million euros in 2021 compared to 548.8 million in 2020. In fact, according to a recent study by the Embassy of Greece in Skopje, there are significant investment opportunities in energy sector, as the neighboring country's government places special emphasis on attracting investments in the renewable energy sector, expanding the domestic gas distribution network, continued liberalization of the electricity market, and increased regional cooperation on electricity and gas interconnections and welcomes investments in the energy sector.

 

Bulgaria

 

A new increase was recorded in Greek direct investments in Bulgaria in 2022, amounting to 2.958 billion euros from 2.814 billion in 2021, according to data from the Central Bank of Bulgaria published by the Greek Investment Office in Sofia.