At the 29th Annual Economist Government Roundtable, titled “Driving Growth in Europe,” Greece’s Development Minister Takis Theodorikakos emphasized the government’s ongoing commitment to the productive transformation of the Greek economy and its transition to a new, more efficient, competitive, and outward-looking development model.

“Greece has made significant progress over the past six years in an environment of political stability. It has achieved fiscal stability and credibility, record levels of public debt reduction as a percentage of GDP, major improvements in the business climate, and strong growth rates—above the EU average,” said the Minister, noting that unemployment has dropped below 8%, compared to 18% six years ago.

However, Theodorikakos also pointed to structural weaknesses in the Greek economy: “Greece continues to have a significant trade balance deficit. After a quarter-century in the Eurozone, the deficit as a percentage of GDP remains roughly unchanged. This is a serious issue.”

He stressed that the main challenge is not merely to sustain high growth rates: “A quantitative increase in GDP is not enough. It is crucial that we implement the productive transformation of the Greek economy: we must place far greater emphasis on manufacturing, industry, innovation, and productive investment.”

Referring to the government’s development priorities, Theodorikakos said the new development law focuses strategically on manufacturing and industry, with special emphasis on high-potential sectors such as the pharmaceutical industry, agri-food processing, and food production.

He also highlighted Greece’s investments in strengthening research infrastructure and innovation programs, while moving forward with a National Quality Policy aimed at making “Made in Greece” a synonym for quality and reliability—and a launchpad for boosting exports.

On improving the business climate, he noted that significant progress has already been made, adding, “Our goal is to reduce bureaucratic burdens on businesses by 25% in the near future.”

In response to a question from moderator Joan Hoey of The Economist, Theodorikakos focused on the importance of applied research and the need to increase the percentage of GDP invested in research and innovation: “Enhancing research and innovation is a top priority for the Government and the Ministry of Development. That’s why we’re implementing a program to upgrade the country’s technological and research infrastructure, with a focus on applied research—research that leads to innovative products.”

He made special mention of Metlen’s strategic and innovative investment in gallium production, a critical material for advanced technologies: “This investment is expected to enable the production of 50 tons of gallium—precisely the amount required by the entire European economy. It’s an innovative investment that contributes significantly to the EU’s goal of strategic autonomy and security.”

“Innovation is a sector where Greece has made progress, but also one where we must move with great speed,” Theodorikakos added, referencing new incentives to attract investment in innovation, such as linking the golden visa to investments in startups and tech enterprises.

Doina Nistor, Moldova’s Deputy Prime Minister and Minister of Economic Development and Digitization, and Michal Baranowski, Poland’s Deputy Minister of Economic Development and Technology (joining via video link), shared their countries’ efforts to advance technology, simplify procedures, and reduce bureaucracy—while recognizing Greece’s noteworthy efforts in these areas.

Lastly, the Secretary General of the Greek National Tourism Organization, Andreas Fiorentinos, highlighted that Greece has improved its performance regarding investment incentives and digital governance, underlining the continued strategic importance of tourism to the national economy.