Greek companies with billions of euros in investments in Turkey are closely monitoring developments in the neighboring country as the eastern economy kneels under the weight of the collapse of the Turkish lira.
Data shows that Greek companies have actively invested in Turkey’s $ 720 billion economy in recent years despite the tensions that often arise between the two sides. Greek investments in Turkey considerably exceed corresponding Turkish investments in Greece.
According to the Turkish Foreign Ministry, Greece’s stock of direct investment is around $ 6.8 billion, mostly in information technology (IT), agricultural applications, packaging, plastics, pharmaceuticals, cosmetics, fishing, tourism and construction.
On the other hand, the stock of Turkish direct investment in Greece, including investments made through other European countries, amounts to around $ 500 million. Turkish investors mainly focus on investing in marinas, ports and the entire tourism sector in Greece. In addition, Ziraat Bank has branches in Athens, Xanthi and Komotini, the ministry says on its website.
The list of top Greek investors in Turkey includes:
• Thracian plastic
• Smart solutions
A breakdown of investment figures on an annual basis shows that the amounts fluctuate widely.
After falling sharply in 2016 when the National Bank of Greece withdrew from the Turkish market, Greek investments in Turkey have started to rise again.
In 2018, they increased by 86% to reach 238.6 million euros and remained virtually unchanged in 2019.
Across the Aegean Sea, Turkish investments in Greece fell sharply in 2015 (-50%), falling to $ 25 million. In 2019, however, that figure rose to $ 32 million.
The biggest Turkish investors in Greece are:
• Groupe Dogus: Investments in tourist infrastructure (Zeas, Lefkada, Floisvou, Gouvia Marinas)
• Eren Holdings: Nova Paper & Packaging Hellas SA
• PAK Holdings: paper packaging
• Polisan: chemicals in the industrial area of Volos
• Banque Ziraat: Turkish state bank in Greece since 2008 (Athens, Komotini, Xanthi)
• SUOZ ENERGY: photovoltaic panel technology