ECONOMY

IOBE: Greek-German economic ties strengthened in 2020-2021

IOBE: Greek-German economic ties strengthened in 2020-2021

Greek-German economic ties were strengthened during the last two years despite the challenges and the turmoil caused by the pandemic in 2020, with economic relations increasing in in 2021 and gradually returning to normal, the Foundation for Economic and Industrial Research (IOBE) said on Wednesday.

In a report, conducted for the Greek-German Chamber of Commerce and Industry, the IOBE said that despite the pandemic, Germany maintained and in several areas enhanced its position as one of Greece’s biggest trading and investment partners.

The report estimated the accumulated contribution of the Greek-German Chamber on the Greek economy at 3.9% of GDP (€6.4 billion), up from 3.3% in 2019.

Addressing the launch of the report, Deputy Minister of Foreign Affairs for Economic Diplomacy and Openness Kostas Fragogiannis referred to the prospects of further boosting the already strong Greek-German trade and investment relations.

Chamber President Konstantinos Maragos said one of the main characteristics of the German investment footprint on the Greek economy was its multi-dimensional nature.

Professor Nikos Vettas, IOBE managing director, underlined that both German investments in Greece and Greek exports to Germany were critical to the Greek economy because of their medium- and long-term nature. [AMNA]