Nearly 200 years after the 1821-32 Greek War of Independence, Greece has claimed its current territorial sovereignty, joined multilateral institutions and become a key player in southeastern Europe and the eastern Mediterranean.

Following our economic crisis, Greece has come to stabilize its public finances and improve its competitiveness through drastic economic reforms, including the recapitalization of our banking system.

Greece is currently negotiating with eurozone partners for an evaluation of progress on economic stabilization and structural reforms to continue receiving EU financial aid. We expect a positive outcome soon that will pave the way for Greece’s participation in the European Central Bank’s quantitative easing policy. Consequently, the country’s borrowing cost will fall significantly and there will be more liquidity available in the banking system.

Greece is on its way to end its financial difficulties and herald a new era of sustainable development. As the Greek ambassador, I believe now is the time for Korean companies to invest in Greece and take advantage of opportunities in vital sectors, such as energy, environment, telecommunications, maritime technologies, banking and tourism. 

As a developed country and eurozone member, Greece plays a very important role in the region. A large number of Greek companies are established in Southeast Europe, with investments in banking, telecommunications, information communications technology, retail and wholesale, mining, energy, petroleum products, construction and real estate, steel, aluminum and food.

Greece is becoming an energy and logistics gateway to Europe. Major regional projects are underway, including the Trans Adriatic Pipeline for transporting natural gas and a large Chinese investment at Piraeus port for introducing Chinese products to Europe.

Greece-Korea economic relations are sound but there are prospects for improvement. Greece has a sizeable trade deficit with Korea. Korean products exported to Greece last year were $2.7 billion, while Korea imported $175 million of Greek products. We are working hard to raise our exports in high quality products, covering food and beverage, cosmetics, chemical products, minerals, tobacco and construction materials.

Shipbuilding is the most important sector in our commercial relations. As a maritime powerhouse, Greek ship-owners supply almost 25 percent of orders made by Korean shipyards. There is also strong interest from Greek maritime equipment manufacturers to supply their products to Korean shipyards.

Greece is an ideal market for selling Korean automobiles, electronics and other industrial products. Korean companies have participated in key projects, such as supplying subway trains and electronic ticketing for public transport.

Greece and Korea have forged friendship and cooperation through our common struggles for peace and democracy. During the 1950-53 Korean War, 10,000 Greek troops fought under the United Nations Command, 187 young soldiers lost their lives and over 700 were wounded.

There are some 350 Greeks living and working in Korea. Many work at shipyards in Ulsan, Busan and Mokpo, and a growing number of Greek scholars, researchers, students and businesspeople are employed in the Korean economy.

The Orthodox Metropolis of Korea has eight churches and two monasteries and plays an important role in preserving the religion in Korea which goes back 110 years. At the Greek Studies Department at Hankuk University of Foreign Studies in Seoul, students learn about Greek history and literature, in addition to the language.

Tourism is the largest industry in our economy, accounting for 15 percent of GDP and employing 16.5 percent of the workforce. Greece has magnificent natural landscapes and unique historic and cultural treasures. I most certainly invite Koreans to visit our beautiful country for a memorable experience of a lifetime.

By Greek Ambassador to Korea Dionisios Sourvanos