The Greece-US relationship beyond defense
Given how far the Greek-American relationship has come in the past decade in terms of maturity, consistency and continuity, the next logical step is to deepen these ties in other areas beyond defense and security.
It goes without saying that cooperation aimed at bolstering Greece’s defense capabilities and ensuring regional stability is crucial. It is forging ahead and will continue to do so, since it benefits both parties.
At the same time, however, the breadth of this bilateral partnership should be expanded and extended into other areas and activities that will bring visible economic benefits.
Sure, the US operates as a free market and in that sense Washington cannot impose or demand that private US companies adopt certain investment initiatives in Greece. That said, Washington can facilitate American investors to do so or encourage them to exploit certain programs or institutions like the US International Development Finance Corporation (DFC), as was the case with the ONEX shipyards in Elefsina, West Attica.
A member of the European Union and NATO, with many domestic businesses that play a key role in the Balkans – perhaps not to the extent of before the crisis, but the momentum is returning – Greece is an attractive investment destination.
Private US firms will weigh the commercial benefits first, but the administration can offer a “nudge” because of geopolitical calculations.
Tourism naturally makes its own particular contribution to Greece’s economic growth and beyond the tourists from the USA and their increasing contribution to foreign exchange inflows, we are also seeing an intensification from related American companies, both airlines with the multiple direct flights they have launched, and hotels.
Energy is another highly promising sector, with Greece already emerging as a hub – Alexandroupoli in particular is being described as a game changer – while its evolution into an energy producer is also likely. Energy giant ExxonMobil is exploring the prospect of offshore drilling south of Crete in this very context.
The Washington-Athens relationship has matured to such a degree that the latter reasonably anticipates tangible results that improve everyday life for Greeks, primarily through the creation of jobs, as well as investment initiatives with strong innovation characteristics that permeate the economy.
Last but not least, American investors should not view Greece as an isolated market; it should be treated as a gateway to the Balkan and European markets, just as investors in other countries, like Israel and Egypt, do. The country’s consistent and reliable stance as an ally justifies, if not demands, initiatives from the US government and Congress to increase American investment and commercial activity in the country and to help bolster the Greek economy.
