ACTIVE GREECE 2016 - EXPORT LEADERS
Director of Industrial & Sectoral Policies SEV Hellenic Federation of Enterprises
Dr George Xirogiannis
Leveraging Greek Exports
The stabilization of the economy and the normalization of business activity after the introduction of capital controls remain key objectives for Greece. Some early indicators show positive signs, for example the recession of 2015 was milder than initially anticipated (at -0.2%), production increased during the 4th quarter of 2015 and the decline of retail sales came to a halt. Also, exports recovered in December 2015 (+4.2% without ships and fuels after a decline of -4.5% during the previous month). On aggregate, for the whole of 2015, the current account was almost balanced, mainly as a result of the increase of exports (+4.6% without fuels and ships) and the decline in the respective imports (-1.5%). The Greek industry has the opportunity to leverage its export-oriented potential by capitalizing further the competitive advantage in sectors like metal products and equipment, chemicals, food and beverages, petroleum products, logistics, ICT, construction materials, pharmaceuticals, etc. To achieve an even stronger impact in the economy, the forthcoming Growth
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Strategy for Greece has to support the exporters to satisfy two conditions: Maintain their trade share in traditional markets like the EU, Turkey, Russia, Emirates, etc, by capitalizing the long standing international partnerships. At the same time expand to new trade markets with fast growing economies such as Latin America, East Asia, Sub-Saharan Africa, etc. Such new markets will diversify the export portfolio of Greece and will offset any trade difficulties in the Mediterranean region. Increase their added value by gearing towards higher-tech products, consolidated volumes, and timely delivery. Investments in R&D, new production lines, combined sales, as well as branded quality remain necessary steps which have to be properly incentivized by smart taxation and the elimination of trade burden. Finally, the Greek brand remains an untapped asset, which should receive the necessary attention to support further the export dynamics of Greek products.