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Dimitris Mardas
Department of Economics
Aristotle University of Thessaloniki
Member of Greek Parliament
The need of a dynamic
investment process in tradeable
goods and services
Troika’s concept
Y = C + I + G + (X-M)
The weakness link:
Lack (Q/E) or inefficient (ELA)
liquidity in the short run.
Regarding the medium and long
run effects:
 Lack



of Savings
Privatization process
NPL’s
Specific Investment Funds (Regional Funds,
Marshal plan targeting very small SME’s)
Solution: National currency? Liquidity (budget
deficit, foreign currency needs) and
competitiveness
Exports in current US$
9E+10
8E+10
7E+10
6E+10
5E+10
Greece 2
4E+10
3E+10
2E+10
1E+10
0
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
Euro vs flexible exchange rates
1980 1$ = 42,6 DRH, Exports 5 bin $ 2000, 1$=380,79 DRH, Exports 10 bin $
Greece needs an investment shock!
More than 100 bn euros
investment is needed
In the next 7 years
2016-2022
De-industrialization process
 Common variables
 Globalization process (1961)
 Single Market exercise (1992)
 Euro (2000)
 Non common variables (short/medium run)
 Taxes rates / regulations
 Access to financing
 Policy instability
 Specific variables (Long run effects)
Specific variables
Business culture
Bureaucracy / corruption
Industrial relations
The need of correction measures for
the regeneration of the industry.
Basic reasons to invest in Greece
despite all these weaknesses
1. Positioned strategically at the crossroads
of three continents. Major transportation
and energy crossroad between East and
West
2.Big Logistic Center
3. Exceptional human capital with specific
know-how and international experience
available
Oracle has significantly
enhanced its regional
operation in Greece, by
adding a full-scale global
development hub for its
cloud technologies.
The hub operates since April 2015
and it’s the second largest in
number of engineers of Oracle’s
5 global hubs (USA, UK, India,
Netherlands, Greece). The 13
Greek software engineers
working in Athens are part of
a 57-member global team
responsible for delivering
Oracle’s next generation Cloud
services to its customers in a
consistent and scalable way.
Innovation and
Design Thinking in
Mobile Applications
and Services
Samsung
Electronics in
cooperation with
Athens
technopolis and
the Economics
University of
Athens
Nokia presence in Greece is
focused mainly in two fields:
Customer operations (sales
and service office) and
Networks with a R&D center
 Nokia Networks Hellas is
operating as an operations
hub for the wider Balkan
geographical area, being
responsible for business in
neighboring Albania, Cyprus,
as well as responsible for
customer specific sales
activities in Romania and
others.
Investment policies
 Necessary conditions
 Small and Medium Enterprise Policies
 FDI’s policies

Investment incentives, favoring extroversion, compatible to
EU competition
 Sufficient conditions
 Digital strategy / Start up companies / Biotechnology

The Hellenic Fund
 Aerospace /Electrical and mechanical Engineering
 Big projects on tradeable goods and services

Starting point: The strong competitive sectors
Job for Job
Tourist villages for retired persons etc, and exchange of
them against arms
Thank you