Biofuel Equipment and Services in Greece: A Strategic Reference, 2007
Edited by
Philip M. Parker, Ph.D. Eli Lilly Chair Professor of Innovation, Business and Society INSEAD (Fontainebleau & Singapore)
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About Icon Group International, Inc. Icon Group International, Inc.’s primary mission is to assist managers with their international information needs. U.S.-owned and operated, Icon Group has field offices in Paris, Hong Kong, and Lomé, Togo (West Africa). Created in 1994, Icon Group has published hundreds of multi-client databases, and global/regional market data, industry and country publications. Global/Regional Management Studies: Summarizing over 190 countries, management studies are generally organized into regional volumes and cover key management functions. The human resource series covers minimum wages, child labor, unionization and collective bargaining. The international law series covers media control and censorship, search and seizure, and trial justice and punishment. The diversity management series covers a variety of environmental context drivers that effect global operations. These include women’s rights, children’s rights, discrimination/racism, and religious forces and risks. Global strategic planning studies cover economic risk assessments, political risk assessments, foreign direct investment strategy, intellectual property strategy, and export strategies. Financial management studies cover taxes and tariffs. Global marketing studies focus on target segments (e.g. seniors, children, women) and strategic marketing planning. Country Studies: Often managers need an in-depth, yet broad and up-to-date understanding of a country’s strategic market potential and situation before the first field trip or investment proposal. There are over 190 country studies available. Each study consists of analysis, statistics, forecasts, and information of relevance to managers. The studies are continually updated to insure that the reports have the most relevant information available. In addition to raw information, the reports provide relevant analyses which put a more general perspective on a country (seen in the context of relative performance vis-à-vis benchmarks). Industry Studies: Companies are racing to become more international, if not global in their strategies. For over 2000 product/industry categories, these reports give the reader a concise summary of latent market forecasts, pro-forma financials, import competition profiles, contacts, key references and trends across 200 countries of the world. Some reports focus on a particular product and region (up to four regions per product), while others focus on a product within a particular country.
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Table of Contents 1
INTRODUCTION & METHODOLOGY.............................................................................1
1.1
What Does This Report Cover?
1
1.2
How to Strategically Evaluate Greece
1
1.3
Latent Demand and Accessibility in Greece
3
2
BIOFUEL EQUIPMENT AND SERVICES IN GREECE..................................................4
2.1
Latent Demand and Accessibility: Background
4
2.2
Latent Demand: Market Composition
4
2.3
Latent Demand: Aspects of Interest
5
2.4
Latent Demand: Leading Segments
6
2.5
Latent Demand: Statistical Profile
6
2.6 Accessibility: Local Production 6 2.6.1 Biodiesel..................................................................................................................................................... 7 2.6.2 Bioethanol .................................................................................................................................................. 8 2.7
Accessibility: Foreign Entrants
8
2.8
Accessibility: U.S. Presence
8
2.9
Latent Demand: Target Buyers
8
2.10
Import Climate
9
2.11 Accessibility: Financing Strategies 9 2.11.1 Incentive Policies ....................................................................................................................................... 9 2.11.2 Sources of Financing ................................................................................................................................ 10 2.12 Key Contacts 10 2.12.1 Licenses.................................................................................................................................................... 10 2.12.2 Trade Organizations ................................................................................................................................. 11 2.12.3 Specialized Publications........................................................................................................................... 12 2.12.4 Trade Events............................................................................................................................................. 12
3 3.1
MACRO-ACCESSIBILITY IN GREECE..........................................................................13 Executive Summary
13
3.2 Political Risks 14 3.2.1 Political Issues Affecting the Business Climate ....................................................................................... 14 3.3 Marketing Strategies 14 3.3.1 Distribution Channel Options................................................................................................................... 14 3.3.2 Licensing Options .................................................................................................................................... 15 3.3.3 Agents and Distributors............................................................................................................................ 15
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Contents 3.3.4 3.3.5 3.3.6 3.3.7 3.3.8 3.3.9 3.3.10
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Creating a Sales Office............................................................................................................................. 15 Selling Strategies...................................................................................................................................... 16 Advertising Options ................................................................................................................................. 16 Pricing Issues............................................................................................................................................ 16 Credit........................................................................................................................................................ 17 Government Procurement......................................................................................................................... 17 E-Commerce............................................................................................................................................. 18
3.4 Import and Export Regulation Risks 18 3.4.1 Trade Barrier Risks .................................................................................................................................. 18 3.4.2 Valuations on Imports .............................................................................................................................. 19 3.4.3 Labeling Issues......................................................................................................................................... 19 3.4.4 Local Standards ........................................................................................................................................ 20 3.4.5 Additional Trade Issues............................................................................................................................ 20 3.4.6 Free Trade Zone Options.......................................................................................................................... 20 3.5 Investment Climate 20 3.5.1 Openness to Foreign Investment .............................................................................................................. 20 3.5.2 Conversion and Transfer Policies............................................................................................................. 21 3.5.3 Expropriation and Compensation ............................................................................................................. 21 3.5.4 Dispute Settlement ................................................................................................................................... 22 3.5.5 Performance Requirements and Incentives .............................................................................................. 22 3.5.6 Right to Private Ownership and Establishment ........................................................................................ 23 3.5.7 Intellectual Property Risks ....................................................................................................................... 23 3.5.8 Transparency of the Regulatory System................................................................................................... 24 3.5.9 Capital Market Risks ................................................................................................................................ 24 3.5.10 Political Violence ..................................................................................................................................... 25 3.5.11 Corruption ................................................................................................................................................ 25 3.5.12 Bilateral Investment Agreements ............................................................................................................. 25 3.5.13 OPIC and Other Investment Insurance..................................................................................................... 26 3.5.14 Labor ........................................................................................................................................................ 26 3.5.15 Free Trade Zones and Free Ports.............................................................................................................. 26 3.6 Trade and Project Financing 27 3.6.1 The Banking System ................................................................................................................................ 27 3.6.2 Foreign Exchange Control Risks.............................................................................................................. 27 3.6.3 General Financing Availability ................................................................................................................ 27 3.6.4 Financing Export Strategies ..................................................................................................................... 28 3.6.5 U.S. Banks in Greece ............................................................................................................................... 28 3.7 Travel Risks 28 3.7.1 Infrastructure for Conducting Business.................................................................................................... 29 3.7.2 Country Data ............................................................................................................................................ 29 3.8 Key Contacts 30 3.8.1 Greek Government ................................................................................................................................... 30 3.8.2 Trade and Industry Associations .............................................................................................................. 38 3.8.3 Market Research Firms ............................................................................................................................ 40 3.8.4 National Dailies and Business Magazines................................................................................................ 43 3.8.5 Commercial Banks ................................................................................................................................... 47 3.8.6 U.S. Government Contacts ....................................................................................................................... 49 3.8.7 U.S.-Based Multipliers ............................................................................................................................. 51
4
DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS ...........54
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4.1
Disclaimers & Safe Harbor
54
4.2
Icon Group International, Inc. User Agreement Provisions
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1 1.1
INTRODUCTION & METHODOLOGY WHAT DOES THIS REPORT COVER?
The primary audience for this report is managers involved with the highest levels of the strategic planning process and consultants who help their clients with this task. The user will not only benefit from the hundreds of hours that went into the methodology and its application, but also from its alternative perspective on strategic planning relating to biofuel equipment and services in Greece. As the editor of this report, I am drawing on a methodology developed at INSEAD, an international business school (www.insead.edu). For any given industry or sector, including biofuel equipment and services, the methodology decomposes a country’s strategic potential along three key dimensions: (1) latent demand, (2) micro-accessibility, and (3) macroaccessibility. A country may have very high latent demand, yet have low accessibility, making it a less attractive market than many smaller potential countries having higher levels of accessibility. With this perspective, this report provides both a micro and a macro strategic profile of biofuel equipment and services in Greece. It does so by compiling published information that directly relates to latent demand and accessibility, either at the micro or macro level. The reader new to Greece can quickly understand where Greece fits into a firm’s strategic perspective. In Chapter 2, the report investigates latent demand and micro-accessibility for biofuel equipment and services in Greece. The report then considers macro-accessibility in Greece. Macro-accessibility is a general evaluation of investment and business conditions in Greece.
1.2
HOW TO STRATEGICALLY EVALUATE GREECE
Perhaps the most efficient way of evaluating Greece is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to biofuel equipment and services are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
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Introduction & Methodology
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Framework for Prioritizing Countries Demand/Market Potential Driven Firm
High
Highest Priority
High Priority Latent Demand
Moderate Priority Low Priority
Low
Lowest Priority Low
High Relative Accessibility
Accessibility/Supply Averse Firm High Highest Priority High Priority Latent Demand
Moderate Priority Low Priority
Lowest Priority Low High
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Introduction & Methodology
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In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market – neither a market-driven nor a costdriven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
1.3
LATENT DEMAND AND ACCESSIBILITY IN GREECE
This report provides a detailed overview of factors driving latent demand and accessibility for biofuel equipment and services in Greece. Latent demand is largely driven by economic fundamentals specific to biofuel equipment and services. This topic is discussed in Chapter 2 using work carried out in Greece on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for biofuel equipment and services in Greece. I use the term “micro” since the discussion is focused specifically on biofuel equipment and services. Chapter 3 deals with macro-accessibility and covers factors that go beyond biofuel equipment and services. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Greece: •
Openness to Trade in Greece
•
Openness to Direct Investment in Greece
•
Local Marketing and Entry Strategy Alternatives
•
Local Human Resources
•
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in Chapter 3, which is a general overview of investment and business conditions in Greece. Chapter 3 is also presented from the perspective of an American firm, though is equally applicable to most firms entering Greece. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier.
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2
BIOFUEL EQUIPMENT AND SERVICES IN GREECE
2.1
LATENT DEMAND AND ACCESSIBILITY: BACKGROUND
The prospects for the sales of U.S. biofuel equipment and services in Greece are excellent. The new Law, 3423/05, concerning the use of alternative fuels in Greece ratified by the Greek Parliament on November 30, 2005, according to EU Directive 2003/30/EC, is targeting an increase in the production of biofuel from the current 0.5% to upwards of 5.75% of total fuel consumption in Greece by the year 2010. To accomplish this goal, the Ministry of Development in cooperation with the Greek Regulatory for Energy (RAE) and other Ministries and Government controlled entities is in the process of issuing all necessary Ministerial Decrees and legal framework for the development of biofuel projects in Greece. Among the possible biofuels covered by the Directive 2003/30/EC, which can be used as automotive fuels, in pure form or in mixtures, the most promising for Greece are biodiesel and bioethanol. The amount of biodiesel required for year 2010, is around 148.000 tons per year and the one for bioethanol is around 390,000 tons per year. As such, this report analyzes the market conditions for U.S. business interests in the production of two biofuel subsectors, namely biodiesel and bioethanol. U.S. companies interested in pursuing these opportunities are advised to partner with a local Greek firm to facilitate access and expansion into the Greek market.
2.2
LATENT DEMAND: MARKET COMPOSITION
Directive 2003/30/EC of the European Parliament and the Council of 8 May 2003, aims at promoting the use of biofuels or other renewable fuels to replace diesel or gasoline for transport in each Member State, with a view to contributing to objectives such as meeting climate change commitments, as well as promoting environmentalfriendly security of supply and renewable energy sources. In this context, Member States should ensure that a minimum share of biofuels or other renewable fuels is placed on their markets and, to that effect, they shall set national indicative targets. In an effort to implement this Directive in the national legislation so that biofuels or other renewable fuels are introduced in the Greek transport fuel market, the Greek Ministry of Development has started in early 2005, an intensive elaboration with local stakeholders. Among them are the Ministry of Economy and Finance, General State Chemical Laboratory, refineries, fuel trade companies, companies interested in biofuels production, Ministry of Agriculture and Foods and other Ministries and Institutions that could be involved in this matter, as well as experts from other European countries and DG TREN of European Commission, assisted by the Laboratory of Fuel Technology and Lubricants of the National Technical University of Athens and the Center of Renewable Energy Sources (CRES). The main issues to be considered are the following: •
The current status of the biofuel market and the readiness of Greece to produce biofuels at local level and distribute them through the existing fuel market infrastructure.
•
The status of the current National Legislation regarding the use of transport fuels and additional legislative initiatives needed to promote biofuels.
•
The potential to produce biofuels from agricultural crops produced domestically, the measures needed for the promotion of biofuels including the assessment of various detaxation scenarios for the gradual introduction of biofuels in the local fuel market.
On November 30, 2005, the Greek Parliament approved the new Law, 3423/05, for the production and use of alternative fuels. The new Laws on Energy Deregulation and Alternative Fuels have resulted in considerable interest by U.S. and other foreign firms to assist Greece in transforming its energy and fuel production capabilities. The www.icongrouponline.com
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Biofuel Equipment and Services
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focus of this new deregulated environment is to enhance Greek energy independence and to aggressively expand the country’s renewable energy and alternative fuels production resources. The value of the expected investments in biofuel production plants is expected to exceed $1.2 billion dollars by the year 2010. In support of this new energy and fuels policy, the Greek Ministry of Development, in cooperation with the Ministries of Environment Town Planning (YPEHODE), Transportation and the Ministry of Agriculture, plans to spend over $2 billion on its 2006-2010 master energy development program. The Third Community Support Framework (IIICSF) program, unveiled by the Greek Minister of Development envisioned new investments totaling $80 million on the production, technologies and use of alternative fuels. This program is targeted at boosting the country’s energy efficiency, reducing its’ dependence on imported energy sources, and protecting the environment by providing investment capital for the alternative fuels. The Greek Public Power Corporation (PPC), in addition, has announced a program for the development of biofuel production by using the remains of the Kozani and Ptolemais power plants, a project which is included in the new PPC’s 10-year Development Plan. A final program aimed at advancing the prospects of alternative fuels in Greece is the European Commission’s recently prepared, ‘Community Strategy and Action Plan’, which aims to double the production of renewable energy and alternative fuels by member states by the year 2010. Third Community Support Framework and private sector funds will finance many of these alternative fuels production investments.
2.3
LATENT DEMAND: ASPECTS OF INTEREST
Greece is a developing market that has seen a rapid increase in living standards over the past two decades. As a result, Greece’s energy and fuel consumption has also increased substantially. Concern for the environment, combined with the threat of diminishing traditional energy/fuel sources, has made the need for developing alternative energy and fuel resources particularly acute in Greece. This report analyzes the market conditions for U.S. business interests in the production of two biofuel sub-sectors, namely biodiesel and bioethanol. The consumption of automotive fuels used for transport in Greece for year 2004 reached 2.125.000 tons for diesel, and 3.802.000 tons for total gasoline. The corresponding data for year 2005 are not yet available. Biofuel minimal impact to the environment, in combination with technological improvements in the production/cultivation of the so called “energy agricultural products”, has created a market where biofuels can now compete with conventional energy sources such as diesel fuel. The amount of biodiesel required to be produces for year 2005, in order to meet the indicative target of 2% (on a lower calorific value basis), is estimated to 47.000 tons, whereas for year 2010, it amounts to 148.000 tons for a corresponding indicative target of 5.75%. The relevant amount of bioethanol are estimated to 120.000 tons for 2005, whereas for year 2010, 390.000 tons. Biofuel equipment in Greece is currently estimated at $5 million. Although currently low in dollar volume, the value of this market sector is expected to increase rapidly as Greece begins to implement its new, deregulated energy and alternative fuel policy. As such, annual growth rates in excess of 200 to 400% can be expected for purchases of biofuel production equipment and services over the next 3 to 5 year time period. The Greek market for biofuel equipment is very small. Industry experts, however, estimate that the market for biofuel production in Greece will increase soon according to Greece’s EU obligations by the year.
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Biofuel Equipment and Services
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6
LATENT DEMAND: LEADING SEGMENTS
U.S. Suppliers of Biofuel Equipment enjoy an excellent reputation for quality and low maintenance in Greece. In particular, U.S. firms will find excellent sales opportunities for biofuel production equipment, automation systems, data lodging devices and controlling equipment. All products imported into Greece must be manufactured according to EU specifications and meet EU environmental and safety requirements.
Best Prospects EU Harmonized Code 84 85 37 10 60 00 85 37 10 30 10
Description Biofuel Production Equipment Motor Control Centers Electric Control Panels
U.S. firms will also find excellent market potential in consulting and engineering services for the design, construction and management of biofuel production systems and installations, financial consulting services, educational programs and services for end-users. Additional opportunities for the organization, installation, inspection, operation and maintenance of biofuel installations are available for U.S. firms. Agreements for the transfer of manufacturing technology for biofuel equipment and joint venture or licensing arrangements for the local production of that equipment including assembly, accessories, and automation instrumentation also have excellent sales prospects in Greece.
2.5
LATENT DEMAND: STATISTICAL PROFILE
Market for Biofuel Machinery Equipment, Products, and Parts, 2004-2006 (USD Millions) Total Market Domestic Production Exports Imports Imports from the U.S
2004 1 -
2005* 10 1 9 0.2
2006* 40 3 1 42 3
2005-2006 Avg Growth Rate 300 400% 200-300% 350-450% 1000-1500%
*Estimated Source: Industry reports, analysts and market experts
2.6
ACCESSIBILITY: LOCAL PRODUCTION
There are around 3,960,000 private cars, 715,000 light trucks, 231,000 heavy trucks, 27,000 buses and 755,000 motorbikes in Greece being fueled by 8,000 gas stations, 7,000 tank trucks. Around 2,000 Greek firms are involved in the fuel business in Greece with the consumption of automotive fuels used for transport in Greece for the year 2004 to be around 2.125.000 tons for diesel, and 3.802.000 tons for total gasoline.
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The most promising alternative fuel for Greece are biodiesel and bioethanol. There are several agricultural resources in Greece that could produce biodiesel and bioethanol. Biodiesel can easily be accommodated to the existing automotive diesel fuel infrastructure, since it presents no problems during transportation and handling. Bioethanol in mixtures with gasoline poses technical obstacles, the most important being separation in presence of water under cold conditions and high vapor pressure (RVP) mainly in summer-specification gasoline. For this reason, it is planned to convert in refineries bioethanol into ETBE (Ethyl Tertiary Butyl Ether) and use this as a blending component into gasoline, replacing MTBE (Methyl Tertiary Butyl Ether). The National Technical University of Athens conducted a study for the advantages of the use of biofuel in Greece with the following results for the period until 2010: •
Spend $187 million less for the import of oil.
•
Recover around $40 million from the decrease of CO2 pollution.
•
Create around 2,000 new jobs.
•
Cultivate new energy products making around $240 million additional income per year to the Greek farmers.
In addition, it is estimated that EU and the Greek State will assist new biofuel investments with grants equaling at around $25 million per year.
2.6.1
Biodiesel
The amount of biodiesel required for year 2006, in order to meet the indicative target of 2% (on a lower calorific value basis), is estimated to 47.000 tons, whereas for year 2010, it amounts to 148.000 tons for a corresponding indicative target of 5.75%. Two biodiesel production plants are in operation in Greece: •
The ELBY plant in Kilkis, estimated to cost about 2.6 million Euros, is under the Operational Program of Competitiveness of the Ministry of Development and is expected to begin producing 40,000 tons of bio-diesel in September 2005.
•
The Vertoil plant in Thessaloniki, with a production capacity of 20 to 25,000 tons/year of biofuel-started operation in August 2005.
Others are under construction in Volos, Larissa, Evros, Patras, specifically: •
ELINOIL is proceeding with a plant producing 40,000 tons/year in Volos.
•
Evros Prefecture project in cooperation with Lemna International (a U.S. Multinational Group) is in the process in developing a Biofuel plant with a 40,000 tons/years biofuel production.
•
Patras Prefecture in cooperation with Patras University is moving ahead with a 50,000-tons/year biofuel unit.
Furthermore, several other companies have expressed their interest to build additional biodiesel plants in Greece. So far, the Ministry of Development received 6 more applications of Greek companies/consortia and Agro industrial Cooperatives, which are moving ahead on biodiesel projects. The major new investor is expected to be the Larissa region Agro Industrial Cooperative, which could guarantee around 1,7 million barrels per year of biodiesel from the use of the cotton remains cultivated in around one million square meters, in Larissa plain. In the Elassona region, near Larissa the local Cooperative is also moving ahead with another unit to produce biodiesel by using a locally
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raised plant. PPC is also examining the installation of a biodiesel unit in Kozani, northern Greece, which will start as a pilot unit with a capacity of 500 tons per year.
2.6.2
Bioethanol
The amount of bioethanol required for year 2006, in order to meet the indicative target of 2% (on a lower calorific value basis), is estimated to 120.000 tons, whereas for year 2010, it amounts to 390.000 tons for a corresponding indicative target of 5.75%. There is no indigenous bioethanol production, although Hellenic Sugar Industry (EBZ), which owns five factories in Greece, has recently informed the Ministry of Development for its intention to build an automotive bioethanol plant of a 100,000 cubic meters per year by using sugar beets. The German firm IPRO is the consulting engineer of EBZ for this project. There are no manufacturers or assembly facilities of biofuel equipment currently in Greece. To take advantage of the expected growth this market however, a number of Greek firms, already contacted U.S. CS Greece and requested assistance in order to locate U.S. firms manufacturers of biofuel equipment or consulting engineering firms for relevant projects. The Ministry of Development and the Ministry of Economy and Finance are currently evaluating various taxation scenarios. Full and partial detaxation of biofuels is considered, aiming to secure the biofuels penetration.
2.7
ACCESSIBILITY: FOREIGN ENTRANTS
So far, the Greek biofuel equipment, parts and machinery market is supplied from EU firms, mainly German and Italian, and is dominated by the local affiliates of Siemens, BP and Shell. Geographic proximity, product quality, well established marketing arrangements, and preferential tariff treatment have enabled the EU countries to acquire a control share of this segment of the Greek market.
2.8
ACCESSIBILITY: U.S. PRESENCE
Biofuel market is a newly established one and major U.S. biofuel equipment manufacturing companies including NorthPower Company, Lemna Int’l and Dresser Inc. are represented in Greece. Some of these firms, in cooperation with a Greek partner, have submitted proposals to develop biofuel production units in Greece, mainly in northern Greece. In addition, several major Greek companies/consortia involved in the energy sector have utilized the expertise of U.S. firms as consultants and equipment suppliers.
2.9
LATENT DEMAND: TARGET BUYERS
Greece has historically regarded the United States as the world leader in technology and looks to U.S. firms for innovative new products, services and equipment. U.S. energy machinery and equipment are known in Greece for high quality and durability and enjoy an excellent reputation. Consequently, there are opportunities for U.S. firms interested in technical collaboration or joint ventures to produce either fully completed systems or parts in Greece. U.S. firms adopting such an approach will have the best prospects for enhancing their market share.
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Major end users for biofuel in Greece are: Public (Bus) Transport Companies, Distribution Companies, Corporate fleets, Professional agricultural vehicles (i.e. tractors).
2.10
IMPORT CLIMATE
There are no restrictions or non-tariff barriers on imports of biofuel equipment in Greece. As a full member of the EU, Greece applies the common EU external tariff schedule to products imported from non-EU countries. Import duties for non-EU products are 3.5%. All products, regardless of origin, (foreign and domestic), are subject to the Value Added Tax, (VAT), of 19%. The VAT on non-EU products is applied to the total CIF value plus the import duty. All imported biofuel equipment, accessories, and parts must conform to EU standards. This means that biofuel equipment being shipped into Greece must have a CE mark certificate and conform to EU Regulations. UCL and TUV certificates are essential.
2.11
ACCESSIBILITY: FINANCING STRATEGIES
Credit and financing are critical to the success doing business in Greece. Fortunately, the import payment process is similar to that used in the rest of Europe, such as cash against documents, sight drafts, time drafts, and irrevocable letters of credit. Greek banks also have extensive correspondent relationships with U.S. banks. Citicorp, Bank of America, and American Express all have offices in Athens that can assist U.S. firms. U.S. exporters, however, should be aware that letters of credit are very expensive in Greece. Greek banks usually require the cash equivalent on deposit before issuing any guarantees. In a country where working capital loans carry high interest rates, this creates a heavy economic burden for the importer. Therefore, Greek businesses often seek extended credit terms of 60-90 days or longer from their suppliers. U.S. suppliers unfamiliar with these practices and expenses, or who require more stringent payment terms may make their U.S. products less competitive.
2.11.1
Incentive Policies
Greek policy concerning investment activity is governed by a number of laws, which establish a variety of financing mechanisms and incentives for investors in the public and private sectors. These incentives include: •
Third Community Support Framework Funds for energy.
•
Grants for new investments in energy.
•
Interest rate subsidies.
•
Tax-free allowances.
•
Extra depreciation rates.
•
Lower social security contributions.
•
Favorable tax rates.
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Tax incentives for corporate investments in biofuel production are provided as alternative choices to capital subsidies in recent versions of the National Development Law 2601/98. According to the law, investments and equipment related to biofuel production from energy products and sources can receive the following subsidy packages: •
Grants totaling 40% of the total PV investment cost.
•
Tax deduction subsidy: 75% of the interest paid on loans related to the PV systems investment.
2.11.2
Sources of Financing
Projects in biofuel research, development, demonstration and exploitation can, in principle, receive financial support from a number of specialized national programs that are not specifically targeted towards renewable energy production. In particular, the Ministries of Development, Agriculture and of Environment, Physical Planning and Public Works administer a variety of such programs. The Ministry of Development/General Secretariat for Research and Technology currently supports several R&Drelated national programs that are co-financed by the III CSF funding. These programs include: •
PAVE: Supports the development of industrial research and innovation in Greece.
•
PEPER: Supports pilot (demonstration) projects in two stages—Feasibility study and Realization of the pilot project.
•
SYN: A program of R&D co-financing.
•
PENED: Supports the development of the Greek research potential (academic institutions and laboratories).
The Ministry of Agriculture provides financial support, through the Greek IIICSF, to several projects in Greece, which involve alternate energy sources.
2.12 2.12.1
KEY CONTACTS Licenses
MINISTRY OF DEVELOPMENT General Directorate for Energy Directorate for Renewable Energies and Rational Use of Energy 119 Mesogion Avenue GR-101 92 Athens, Greece Tel: 30/210/696-9218 Fax: 30/210/696-9501 Contact: Mr. Nikos Stefanou, Secretary General E-mail:
[email protected] REGULATORY AUTHORITY FOR ENERGY (RAE) 69 Panepistimiou Street GR-104 30 Athens, Greece Tel: 30/210/325-2748 Fax: 30/210/325-5460 Contact: Mr. Michalis Thomadakis, Vice President E-mail:
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HELLENIC ELECTRICITY SYSTEM OPERATOR (DESMHE) 11 Amphitheas Street GR-171 22 Nea Smyrni, Greece Tel: 30/210/946-6789 Fax: 30/210/948-3221 Contact: Mr. John Theodorakopoulos, Managing Director E-mail:
[email protected] PUBLIC POWER CORPORATION 10 Navarinou Street GR-106 73 Athens, Greece Tel: 30/210/362-1531 Fax: 30/210/361-4709 Contact: Mr. Avraam Mizan, General Manager E-mail:
[email protected] MINISTRY OF NATIONAL ECONOMY Syntagma Square GR-106 71 Athens, Greece Tel: 30/210/333-2492 Fax: 30/210/333-2499 Contact: Mr. George Mergos, Secretary General E-mail:
[email protected] MINISTRY OF ENVIRONMENT, TOWN PLANNING AND PUBLIC WORKS Deputy Minister of Agriculture 2 Acharnon Street GR-106 76 Athens, Greece Tel: 30/210/212 4231 Fax 30/210/524 5482 Contact: Mr. Themistocles Xanthopoulos, Deputy Minister E-mail:
[email protected]
2.12.2
Trade Organizations
HELLENIC ASSOCIATION OF RENEWABLE ENERGY SOURCES INVESTORS c/o Network S.A. 45 Michalakopoulou Avenue GR-115 28 Athens, Greece Tel: 30/210725-5165 Fax: 30/210/725-5167 Contact: Mr. Savvas Seimanidis, Advisor E-mail:
[email protected] FEDERATION OF GREEK INDUSTRIES 13 Xenophontos Street GR-106 71 Athens, Greece Tel: 30/210/323-7325-9 Fax: 30/210/323-7245 Contact: Mr. Ulyses Kyriakopoulos, President E-mail:
[email protected] www.icongrouponline.com
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Biofuel Equipment and Services
2.12.3
12
Specialized Publications
ENERGIA Monthly Technical Review Monthly magazine published by Delos Communications Ltd. 3 Alexandrou Soutsou Street GR-106 71 Athens, Greece Tel: 30/210/362-8457 Fax: 30/210/364-6144. Contact: Mr. Costis Stambolis, Administrator E-mail:
[email protected] Mechanical Engineers Monthly Technical Review Monthly magazine, published by the Association of Mechanical Engineers 49 Vouliagmenis Street GR-116 36 Athens, Greece Tel: 30/210/923-5487 Fax: 30/210/922-2743. Contact: Mr. Vaios Selountos, President E-mail:
[email protected] Technical Chamber of Greece Bulletin Weekly magazine, published by the Technical Chamber of Greece 4 Karagiorgi Servias Street GR-106 71 Athens, Greece Tel: 30/210/329-1200 Fax: 30/210/322-1772. E-mail:
[email protected]
2.12.4
Trade Events
Greek business representatives frequently visit major trade shows held in the United States and Europe. In addition, the following events in the Greek market offer U.S. exhibitors good opportunities to promote their products. However, before making any commitments to potential partners in the Greek market, U.S. firms are advised to obtain background information, such as credit reports, providing reliable information about a prospective business partner.
CLIMATHERM 2008 January 30-February 3, 2008 PROJECT Ltd. 71 Egeou Street GR-174 45 Athens, Greece Tel: 30/210/935-6110, 935-5073 Fax: 30/210/935-6110 Contact: Mrs. Soula Kyveri, Director E-mail:
[email protected] Air conditioning, heating, refrigeration, and renewable energy equipment and products fair. This event takes place in Athens every other year, the last week of January.
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3 3.1
MACRO-ACCESSIBILITY IN GREECE EXECUTIVE SUMMARY
Greece is an import dependent economy, and as such, represents excellent marketing opportunities for U.S. goods, products, equipment, services and technology. This is especially true since U.S. suppliers are very highly regarded in Greece for superior quality and consistency. Moreover, there are no significant non-tariff barriers to U.S. exports. Among agricultural products, the best U.S. prospects are in nursery products, planting seeds, tree nuts, wood products and frozen seafood. Services represent the largest and fastest growing sectors of the Greek economy. Trade, banking, insurance, transportation and shipping, communications, healthcare, education, and tourism are the largest service sub-sectors. Greece’s food industry is expanding rapidly to support new markets in neighboring countries. Greece is a surplus producer of vegetables and fruits. Its largest export items include fresh and processed fruits and vegetables, especially canned peaches and tomato products, olive oil, wheat, and tobacco. American suppliers and manufacturers face their stiffest competition from Greece’s traditional EU trading partners, namely Italy, Germany, France, the UK and the Netherlands. In addition to duty-free status, EU suppliers enjoy the advantages of proximity to the Greek market, which translates into lower transportation costs and faster service. Greece is a full member of the EU. Moreover, Greece has a relatively good record in the implementation of EU directives. The application of uniform EU standards and certificates makes it easier for U.S. firms already experienced in doing business in Europe to expand their business interests to Greece. On the other hand, the Greek market has its own peculiarities, particularly when it comes to bids on government tenders. Lack of familiarity with regulations and lack of experience in dealing with the bureaucracy can lead to frustration and delays in contract negotiations. A competent local representative is invaluable. Similarly, U.S. firms considering investing in Greece should review the relevant regulations with legal, tax and other business experts in order to avoid potential problems. The quasi-governmental Hellenic Center for Investment (ELKE) is able to provide assistance in dealing with Greek Government institutions. At present, there are over 100 U.S. firms with subsidiaries in Greece; hundreds more sell through agents and distributors. Total U.S. direct and indirect investment in Greece is estimated at roughly $2 billion, about one-third of all foreign investment in Greece. A number of U.S. companies have taken advantage of Greece’s on-going privatization efforts, which include such companies as Olympic Airways, (OA) and the Hellenic Telecommunication Organization, (OTE), and a number of state-controlled banks. De-regulation of Greece’s energy sector, for example, attracted a number of U.S. firms to participate in energy projects with Greek partners, most notably in the renewable energy field. However, Greece offers many opportunities as well for U.S. business interests in the electricity, gas, refinery and related energy sectors. Greece’s proximity to other countries in Southeastern Europe, and the traditional trade ties of Greek businessmen with these neighboring countries, offer a variety of additional opportunities for U.S. business. Greece, particularly through its northern port city of Thessaloniki, is a logical gateway to the Balkan countries. Greek business relations in Albania and the Former Yugoslav Republic of Macedonia, (FYROM), have played a key role in enhancing not only Greece’s relations with these countries, but also the expansion of business in these markets. Greek firms enjoy good commercial ties to central and eastern European markets as well, including the Black Sea region. U.S. firms may wish to target these markets from a base in Greece or to explore three-way arrangements with Greek companies or partners.
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Macro-Accessibility
3.2
14
POLITICAL RISKS
Greece is a parliamentary democracy and one of 15 members of the European Union. Despite EU-mandated devolution to regional and local authorities, political and economic decision-making remains highly concentrated in Athens, with elected district governors dependent for funding on the central government. Greece achieved a significant success with Greece’s entry into the EU’s Economic and Monetary Union (EMU) in 2000. The United States and Greece are partners in the North Atlantic Treaty Organization (NATO) with shared concerns for the stability of southeastern Europe. The two countries enjoy excellent bilateral relations. Common strong democratic traditions and a large and active Greek-American community further strengthen ties between the countries.
3.2.1
Political Issues Affecting the Business Climate
•
The continuing operation of indigenous terrorist groups -- although attenuated to a strong degree by last year’s arrest of several 17 November members --opposed to U.S./NATO policies, globalization, and privatization;
•
Instability in the Balkans, where Greek companies are highly active;
•
Intra-PASOK resistance to efforts to privatize/trim a bloated state sector;
•
Labor movement insistence that the government and companies make the major contribution to saving problematic pension funds, and strong resistance to liberalizing rigid labor markets;
•
Dependence by politicians on media groups with strong ties to business interests;
•
A politicized, anti-globalization environmental movement increasingly sophisticated in using the courts and the EU to block large projects.
3.3 3.3.1
MARKETING STRATEGIES Distribution Channel Options
It is estimated that over 80 percent of Greece’s import trade is handled through sales agents or distributors. Agency agreements are not required to be exclusive and can be signed for any period of time. Distributors operate on wholesale (and in some cases, retail) basis with exclusive sales rights for certain districts or for the entire country. Importers usually maintain offices in Athens, Piraeus, or Thessaloniki with branch offices, subagents, and traveling sales staff covering the rest of the country. There are instances of small importers joining together to form cooperatives. Sales agents representing foreign nationals are required to obtain an operating license from a special committee of the local Chamber of Commerce. The issuance of the license is subject to verification that Greek nationals are accorded reciprocal treatment in the applicant’s country of residence. Reciprocity must be proven through a certificate from a Greek consular officer stationed in the applicant’s country. Prospective sales agents are screened on the basis of reputation, experience and financial standing.
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Retail and wholesale trade is mostly characterized by small, family-owned and operated businesses, each of which deals in a narrow range of goods. There are over 300,000 trading establishments in Greece. There are 7,700 corporations and limited liability companies engaged in wholesale trade and 3,200 corporations and limited liability companies handling retail trade. There are a handful of department stores and several supermarket chains. Some department stores have closed, due to failure to adjust to new shopping trends. Those that remain in business tend to operate like small shopping centers where the “shop-in-shop” concept is applied. A considerable volume of retail sales is still made by small, specialized shops. Direct marketing is increasing in Greece, but the relatively limited use of personal checks and credit cards, in comparison with the rest of Europe, has inhibited its development. There are a few small mail or telephone order services in Greece. Door-to-door selling exists on a limited scale. Franchising is becoming increasingly popular in Greece, with most of the franchises in fast food. There is no special law governing franchising in Greece.
3.3.2
Licensing Options
Licensing agreements have to be filed with the Industrial Property Organization and Greek tax authorities. All procedures for payment and transfer of royalties to EU and non-EU residents are handled by commercial banks operating in Greece. No foreign exchange regulations apply to royalties. The Ministry of National Economy and the Bank of Greece intervene only when a foreign firm requests an unusually high royalty percentage. Rates over 10 percent are considered exorbitant and are not permitted.
3.3.3
Agents and Distributors
The key to success in the Greek market is to have an experienced agent or joint venture partner with suitable experience and an extensive sales network. The ability to offer full after-sales support to the end-user, along with spare parts is also crucial. As the Greek Government accounts for most major purchases, it is also essential that local agents or joint venture partners have the knowledge and experience to participate in government tenders on behalf of U.S. suppliers. The decisive factor in government purchases is low price and strict adherence to specifications. Private sector purchasers are more likely to weigh price in relation to the quality and after sales support of the goods or services being purchased. Before making a commitment to prospective agents or joint venture partners, U.S. firms are advised to obtain background information and credit reports.
3.3.4
Creating a Sales Office
In order to establish any type of business office in Greece, a certified true copy of the company’s articles and relevant agreements must be filed with the Court of Misdemeanors. Then, the local tax office must receive a copy of these documents in order to record the newly established entity with the local Merchants’ Social Insurance system. Finally, the local Chamber of Commerce issues the license number under which company will operate in Greece.
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All traditional types of business organizations exist in Greece along with some more clearly defined subtypes. These include the following: •
Corporation
•
Limited liability company
•
General or common partnership
•
Limited partnership
•
Sole proprietorship or individual enterprise
•
Cooperative
•
Joint venture or consortium
Under Greek law, joint ventures and consortia are not recognized as different kinds of legal entities. The law governing joint ventures has been developed through decisions of the courts and directives issued by the Ministry of Finance. In general, each participant in a joint venture is liable for his share of the total debt, including taxes. Current tax law recognizes the existence and special nature of joint ventures and provides specific rules as to how their accounting records should be maintained. Foreign enterprises may establish operations in Greece under any of the categories listed. In the case of industrial projects, the foreign investor is generally required to organize a Greek corporation in order to enjoy the full benefits of Law 2687 (which covers foreign productive investment) and other incentives provided by the Greek Government. If none of the above forms is appropriate, foreign firms may establish branch offices. This requires the written approval of the Ministry of Development. Such approvals are issued on the basis of a power of attorney that designates a person who permanently resides in Greece to act as the foreign corporation’s legal representative in the country.
3.3.5
Selling Strategies
The selling factors and techniques that are applicable to Greece are generally the same as those in other western European countries and the United States.
3.3.6
Advertising Options
Advertising and sales promotion are usually handled by one of many local advertising companies. Advertising companies use all types of media to reach target groups. The mass media in Greece includes four state-run and over fifty private TV channels and more than five hundred radio stations. There are also eight major national daily newspapers and a large number of general and specialized interest magazines, most of which target young age groups. International press is also available in major cities and tourist destinations.
3.3.7
Pricing Issues
Greece has no price controls, except for pharmaceutical and agricultural products. When pricing a product, firms should consider payment and credit terms. Orders are usually small, and Greek importers will request special consideration if a U.S. supplier requires large orders.
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Greek importers generally expect a C.I.F. quotation, except when the purchasing company does a large amount of direct buying and provides its own insurance. American firms should be prepared to quote prices on whatever basis is preferred by the prospective buyer.
3.3.8
Credit
U.S. exporters should bear in mind that letters of credit and drafts in amounts generally required by small businesses are very expensive in Greece. Banks require the cash equivalent to be deposited before issuing any guarantees. Working capital loans are relatively expensive, and to avoid extra costs, Greek firms often seek cash against documents or extended credit terms of 30-60 days (or longer) from their suppliers. Nevertheless, U.S. banks and firms should exercise caution when extending credit to Greek businesses. It is important to obtain full credit background information on any prospective recipient of liberal financing terms. Greek firms with an unhealthy debt/equity ratio are very vulnerable to changing interest rates. It is advisable to run periodic credit checks, even on businesses that have good payment records. There are no debt collection agencies in Greece. Only courts are empowered to collect debts, through a legal process that is usually long and expensive. There are a large number of bilingual law firms in Greece, which practice business law.
3.3.9
Government Procurement
Purchases by the Greek Government of capital equipment and supplies play an important role in the country’s commercial environment. Greece is a member of the European Union and a signatory of the GATT Government Procurement Code, and adheres to the polices on government procurement of those organizations. The Ministry of Development controls the procurement of almost all-public sector entities such as ministries, and state organizations and agencies. It is a standard requirement for all bidders to post a bond, usually 5 percent of the bid value, for all tenders issued by the Greek Government and quasi-governmental agencies. Bids not accompanied by bonds are invalid. Bonds are returned to unsuccessful bidders within 5 days of the award of a contract. After a bid is approved, the successful bidder is invited to sign a contract that incorporates the terms and conditions of the bid, subject to any negotiated additions or amendments. At that time, the firm must post, a performance bond, usually equal to 10 percent of the bid value. Bids for the construction of public works are governed by special legislation. Construction bids are normally only open to local firms. However, when projects are complex and require a high degree of technical expertise, or when externally financed, international bids are welcomed. If a local firm can supply a particular commodity or service, the tender may be limited to local firms. Another means of directing purchases to local firms is to stipulate that foreign bidders must submit their offers in joint ventures with local enterprises. In major projects, the utilization of local resources (engineering services, manpower supplies, manufacturing, or assembly) is an important factor in bid evaluations. Foreign as well as local bidders must quote and accept payment in Euros, unless otherwise specified in the tender documents.
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Special legislation also governs military construction projects and the purchase of defense items. Most military tenders for defense equipment require offsets. Procurement sponsored by the North Atlantic Treaty Organization (NATO) is open to international competitive bidding in accordance with NATO bidding procedures.
3.3.10
E-Commerce
Whether Business to Consumer or Business to Business, E-Commerce has been very slow to mature in Greece, even in comparison to lesser-developed countries. In Greece, relatively few companies opt to use the Internet as a platform for their communication requirements, as compared to the European (EU) example as a whole. Although competition among Internet Service Providers contributes to the lowering of prices, a marketing presence on the Internet nevertheless constitutes an expensive exercise for many Greek companies. This is reflected in the small number of leased lines that Internet Service Providers have managed to secure. Thus, E-Commerce is proceeding at an experimental level in Greece, with many Greek firms concluding that there are few immediate, tangible benefits and considerable costs in exploring the capabilities of the international network. The Greek Government has adopted all EU regulations concerning E-Commerce and its applications, and is looking at E-Commerce as a positive factor of economic development, encouraging Greek business and government entities to explore its potential. Currently, however, Internet users in Greece number approximately 600,000 out of a total population of about 11 million. As such, Internet penetration in Greece remains relatively low, reaching less than 10%, while other EU countries range from 13% in Spain up to 40% in Finland. of the 600,000 Internet users in Greece, only 8% have ever engaged in any type of E-Commerce transaction.
3.4 3.4.1
IMPORT AND EXPORT REGULATION RISKS Trade Barrier Risks
Greece is member of the WTO and the EU. The Euro replaced the drachma as of January 1, 2002. Greece maintains nationality restrictions on a number of professional and business services, including legal advice. These restrictions do not apply to EU citizens, and U.S. companies generally circumvent these barriers by partnering with Greek or EU businesses. The transitional period for de-monopolization of the Greek audit industry officially ended on July 1, 1997. Numerous attempts to reserve a portion of the market for the former state audit monopoly during the transition period (1994-97) were blocked by the European Commission and peer review in the OECD. However, in November 1997, the Greek Government issued a presidential decree that reduced the competitiveness of multi-national auditing firms. The decree established minimum fees for audits, and imposed restrictions on utilization of different types of personnel in audits. It also prohibited audit firms from doing multiple tasks for a client, thus raising the cost of audit work. The government has defended these regulations as necessary to ensure the quality and objectivity of audits. In practical effect, the decree constitutes a step back from deregulation of the industry. Under the “Open Skies” aviation agreements that the U.S. has with most EU member states, there are no restrictions on bilateral routes, capacity or pricing. Greece is one of several member states without an Open Skies agreement, and where the U.S.-Greece bilateral aviation relationship still reflects some limitations.
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Greek film production is subsidized by a 12 percent admissions tax on all motion pictures. Enforcement of Greek laws protecting intellectual property rights for film, software, music, and books has been is problematic, but has considerably improved in the last few years. Greece has not been responsive to applications for introduction of bioengineered (genetically modified) seeds for field tests despite support for such tests by Greek farmers and Greece’s agricultural science community. Greek testing methods for karnal bunt disease in U.S. wheat, which initially resulted in a high incidence of false positive results, have been improved to the point that they are no longer an obstacle to importation of U.S. wheat. Imports of U.S. wheat, however, have not recovered and are close to nil.
3.4.2
Valuations on Imports
As a member of the European Union, Greece subscribes to the EU’s common external tariff, common agricultural policy, joint transportation policy, and to directives on the free movement of goods, labor and capital. Trade between EU members is duty-free. Import duties on products from non-EU countries, (including the U.S.), is 5 - 7 percent for most manufactured products. In general, duties are lower on most raw materials and higher on some other product categories, such as textiles. Import duties are applied on C.I.F., ad valorem basis. In addition to import duties, imports are subject to other minor surcharges totaling less than 1 percent. Agricultural products from non-EU countries are subject to a complicated protection system administered by the EU. The system includes surcharges that make non-EU agricultural products non-competitive in price. Greece occasionally bans imports of some types of agricultural products that compete with similar domestically produced ones. Greece also sometimes prevents or delays customs clearance on the grounds of phytosanitary problems. Commodity imports into Greece are generally free and no import licenses are required. The EU applies certain quota restrictions on products from low-cost countries. U.S. businessmen wishing to market products manufactured in low-cost countries, such as China, are advised to review the quota system with their importers. Banks require one original invoice from the foreign supplier in order to carry out a transaction. Temporary duty relief can be granted for raw materials imported into Greece for processing and re-exportation to non-EU countries. Goods imported into Greece for demonstration, such as at a trade event, can be imported under a carnet, which can be issued by most U.S. Chambers of Commerce. All products, regardless of origin, (foreign or domestic), are subject to the Value Added Tax, (VAT), generally 18%. On non-EU products, the VAT is applied to the total CIF value, plus the import duty, and payable in full upon import. Payment of the VAT on EU-origin products is deferred until point of sale, making the import less costly than a shipment from the United States.
3.4.3
Labeling Issues
Labeling and marking requirements are in accord with EU requirements. Labels must be in Greek. The Greek labels can be attached to the product between clearing customs and being offered for sale. If this presents a problem, U.S. manufacturers should consult with their Greek importers.
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Macro-Accessibility
3.4.4
20
Local Standards
Greece follows standards requirements according to guidelines set by the EU. ISO 9000 is accepted and used by many local firms and is a requirement for many government procurement contracts.
3.4.5
Additional Trade Issues
Pharmaceutical imports require special approval that is granted by the National Pharmaceutical Organization. Newto-market food products require similar approval by the General State Laboratory. Products complying with the Food Code do not require a special permit to be imported and marketed in Greece, with the exception of seeds, meat and poultry products, nuts, and dairy products. In order for a seed variety to be imported into Greece it should be listed in the European Variety Catalog. If not, it must be registered in the national Catalog of Greece, which requires tests taking 2-3 years, depending on variety and species. Seed shipments must be accompanied by certain certificates required by the EU. Imports of meat and poultry and their by-products from third countries into Greece are allowed only from EU approved plants. Imports of poultry products into Greece from the U.S. were suspended due to failure of the U.S.E.U. Veterinary Equivalency agreement to include poultry. Imported nuts are subject to an aflatoxin test performed by the Supreme Chemical Laboratory. Imports of dairy products (i.e., ice cream and frozen yogurt) of U.S. origin should be from plants included in the list of EU approved plants.
3.4.6
Free Trade Zone Options
Greece has three free-trade zones, located at the Piraeus, Thessaloniki, and Heraklion port areas. Goods of foreign origin may be brought into these zones without payment of customs duties or other taxes and remain free of all duties and taxes if subsequently transshipped or re-exported. Similarly, documents pertaining to the receipt, storage or transfer of goods within the zones are free from stamp taxes. Handling operations are carried out according to EU regulations 2504/88 and 2562/90. Transit goods may be held in the zones free of bond. The zones also may be used for re-packing, sorting, and re-labeling operations. Assembly and manufacture of goods are carried out on a small scale in the Thessaloniki Free Zone. Storage time is unlimited, as long as warehouse charges are promptly paid every six months.
3.5 3.5.1
INVESTMENT CLIMATE Openness to Foreign Investment
Greece, a member of the European Union, provides a reasonably hospitable climate for foreign investment. Greece’s membership in the EU’s Economic and Monetary Union offers currency stability. www.icongrouponline.com
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The Greek Government encourages private foreign investment as a matter of policy. Investments are screened only when the investor wants to take advantage of government provided tax and investment incentives. In such cases, foreign and domestic investors face the same screening criteria. Greece, which restricted foreign and domestic private investment in public utilities, has opened its telecommunications market and has plans to gradually liberalize its energy sector. Restrictions exist on land purchases in border regions and on certain islands (on national security grounds). Also U.S. and other non-EU investors receive less advantageous treatment than domestic or EU investors in the banking, mining, broadcasting, maritime, and air transport sectors (these sectors were opened to EU citizens due to EU single market rules).
Major Investment Laws •
Legislative Decree 2687 of 1953 which, in conjunction with Article 112 of the Constitution, gives approved foreign “productive investments” (basically manufacturing and tourism enterprises) property rights, preferential tax treatment, work permits for foreign managerial and technical staff, and permission for the export of capital, dividends, interest, and other current payments. The Decree also provides a constitutional guarantee against unilateral changes in the terms of a foreign investor’s agreement with the Greek Government, but the guarantee does not cover changes in the tax regime.
•
Law 2601/98 revised the investment incentives regime replacing Law 1892/90 and its subsequent amendment 2234/94. Under the new law, new businesses (with less than five years of operation) may choose either of the following combinations of incentives: a) grants and interest subsidies as well as subsidies for leasing equipment, or b) tax exemptions and interest subsidies. The emphasis of the new law is on assistance for large projects, mergers of small and medium size manufacturing companies and on the development of new products. Law 2601/98 is about to be revised. The new investment incentives bill will reportedly include higher tax-free reserves for re-investment and creation of new jobs and will simplify the existing tax regime for foreign investment.
•
Laws 89/67, 378/68, 27/75 and 814/78 provide special benefits (such as tax and import duty exemptions) for offshore operations of foreign companies established in Greece.
•
Law 468/76 governs oil exploration and development in Greece. Law 2289/95, amending this legislation, allows private participation in oil exploration and development.
•
Law 2773/99 opened up 34 percent of the Greek energy market in compliance with EU Directive 96/92 concerning the regulation of the internal electricity market.
•
Law 2246/94 and supporting amendments opened gradually Greece’s telecommunications market.
3.5.2
Conversion and Transfer Policies
Greece’s foreign exchange market is in line with EU rules on free movement of capital. Receipts from productive investments can be repatriated freely at market exchange rates. Remittance of investment returns is made without delays or limitations. As of January 1, 2001, Greece became a member of the European Monetary Union.
3.5.3
Expropriation and Compensation
Private property may be expropriated for public purposes, but only in a nondiscriminatory manner and with prompt, adequate and effective compensation. Due process and transparency are mandatory, and investors and lenders receive compensation in accordance with international norms. There have been no expropriatory actions involving the real property of foreign investments in recent history.
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Macro-Accessibility
3.5.4
22
Dispute Settlement
A dispute between the Greek Public Gas Corporation and GAZPROM, the Russian supplier of natural gas, over the price of gas went to international arbitration but the two sides reached a friendly settlement before the final ruling. Greece accepts binding international arbitration of investment disputes between foreign investors and the Greek State. International arbitration as well as European Court of Justice judgments supersede local court decisions. Greece has an independent judiciary. The court system is a highly time-consuming means for enforcing property and contractual rights. Foreign companies report that Greek courts do not always provide unbiased and effective recourse. Although an investment agreement could be made subject to foreign legal jurisdiction, this is highly uncommon, particularly if one of the contracting parties is the Greek State. Foreign court judgments are accepted and enforced, albeit slowly, by the local courts. Commercial and bankruptcy laws in Greece are in accordance with international norms. Under Greek bankruptcy law, private creditors receive compensation after claims from the state and insurance funds have been satisfied. Monetary judgments are usually made in local currency unless explicitly stipulated otherwise. Greece has a reliable system of recording security interests in property. Greece is a member of both the International Center for the Settlement of Investment Disputes and the New York Conv ention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards.
3.5.5
Performance Requirements and Incentives
Greece is in compliance with WTO TRIMS Notification. Investment incentives are available on an equal basis for both foreign and domestic investors in productive enterprises. The monetary value of an incentive is inversely proportional to the level of development of a given region; in other words, the less developed the region where the investment will occur, the more generous the incentive. Under the Investment Incentives Law 2601/98, new businesses (with less than five years of operation) may choose either of the following combinations of incentives: •
Grants and interest subsidies, as well as subsidies for leasing equipment.
•
Tax exemptions and interest subsidies.
Businesses with more than five years of operation qualify only for interest subsidies and tax exemptions. Additional tax incentives are extended to foreign investors if they establish export-oriented businesses, or if they save foreign exchange through import substitution (Law 2687/53). The Hellenic Center for Investment (ELKE), a quasi-state entity established as a one-stop shop for assisting investors, is responsible for reviewing projects valued over 8.8 million euros ($8.3 million), or 3 million euros ($2.8 million) if there is at least 50 percent foreign participation, for which government incentives are sought. There are no performance requirements for establishing, maintaining, or expanding an investment. However, performance requirements come into play when an investor wants to take advantage of tax and/or investment incentives. Local content, import substitution, exports orientation, and technology transfers are considered by the Greek authorities in evaluating applications for investment incentives. Companies that fail to meet the specified performance requirements may be forced to give up the incentives they were initially granted. All information transmitted to the government for the approval process is treated confidentially. U.S. and other foreign firms may participate in government-financed and/or subsidized research and development programs. Foreign investors do not face discriminatory or other de jure inhibiting requirements. However, many potential and actual foreign investors assert that the complexity of Greek regulations, the need to deal with many layers of bureaucracy, and the involvement of various government agencies discourage investment. www.icongrouponline.com
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Foreigners from EU countries may freely work in Greece. Foreigners from non-EU countries may work in Greece after receiving residency and work permits. There are no discriminatory or preferential export/import policies affecting foreign investors, as EU regulations govern import and export policy, and increasingly, many other aspects of investment in Greece.
3.5.6
Right to Private Ownership and Establishment
Foreign and domestic private entities have the right to establish and own business enterprises. They may engage in all forms of remunerative activity, including the right to establish, acquire, and dispose of interests in businesses. Private enterprises enjoy the same treatment as public enterprises with respect to access to markets and other business operations, such as licenses and supplies. Access to credit has traditionally been easier for public enterprises, which could borrow easily from state-controlled banks. Liberalization of the banking system and increased compliance with EU norms, however, have gradually forced state banks to operate in a more marketoriented manner, making it easier for the private sector to obtain credit.
3.5.7
Intellectual Property Risks
Greek laws extend protection of property rights to both foreign and Greek nationals. The Greek legal system protects and facilitates acquisition and disposition of all property rights. As for intellectual property, Greece is a member of the Paris Convention for the Protection of Industrial Property, the European Patent Convention, the World Intellectual Property Organization, the Washington Patent Cooperation Treaty, and the Bern Copyright Convention. As a member of the EU, Greece has harmonized its legislation with EU rules and regulations. The WTO-TRIPS agreement has been incorporated into Greek legislation as of February 28, 1995 (Law 2290/95). Greece’s legal framework for copyright protection is contained in Law 2121 of 1993 on copyrights and Law 2328 of 1995 on media. In September 2002, Greece became the first EU country to implement the European Copyright Directive. Greek laws extend equal protection on patents and trademarks to both foreign and Greek nationals. Greece is a member of the Paris Convention for the Protection of Intellectual Property, the European Patent Convention, the World Industrial Property Organization, and the Berne Copyright Convention. Greek legislation is also in harmony with EU rules and regulations on the subject. Intellectual property appears to be adequately protected in the field of patents. Patents are available for all areas of technology. Compulsory licensing is not used. The law protects patents and trade secrets for a period of twenty years. There is a potential problem concerning the protection of test data relating to non-patented products. Violations of trade secrets and semiconductor chip layout design are not problems in Greece. Another problem is the absence of protection of trademarked products in the apparel sector. Although Greek trademark legislation is fully harmonized with that of the EU, claims by U.S. companies of counterfeiting are still increasing. U.S. companies report that smuggling of counterfeit apparel from Asia for distribution throughout Europe continues, but businessmen also report that Greek customs officials have raised their awareness of the problem. Although there is adequate legislation which covers the protection of patents, copyrights and trademarks, enforcement of the law is insufficient, and piracy of copyrighted products and trademarks still exists.
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Transparency of the Regulatory System
As an EU member, Greece is required to have transparent policies and laws for fostering competition. Foreign companies, however, report that they have encountered cases where there are multiple laws covering the same issue, resulting in confusion over which law applies in which situation. Foreign companies consider the complexity of government regulations and procedures -- and the perceived inconsistent implementation by the Greek civil administration -- to be the greatest impediment to investing and operating in Greece. In order to simplify and expedite the investment process, a quasi-state investment promotion agency, the Hellenic Center for Investment (ELKE), was established in 1996. ELKE functions as a one-stop shop for assisting investors in cutting through red tape and acquiring the numerous permits needed to proceed with investments. It also advises the government on ways to streamline the investment process and to generally improve investment climate in Greece. Greek labor laws limit working hours, penalize overtime, restrict part-time employment, and are restrictive regarding the dismissal of personnel. Under current regulations, both private and public companies are prohibited from firing or laying-off more than 2 percent of their total workforce per month without government authorization. Foreign investors often complain about frequent changes in tax policies (the government usually introduces new tax legislation annually). Tax laws sometimes include discriminatory provisions, e.g., the 1998 tax bill increased the corporate tax rate from 35 to 40 percent for all corporations that have registered shares but do not trade them on the Athens Stock Exchange (ASE). Though in principle this change would not violate Most Favored Nation or National Treatment obligations, one practical result is to provide a tax subsidy to Greek firms based on their utilization of the ASE.
3.5.9
Capital Market Risks
Greece has a reasonably efficient capital market that offers the private sector a wide variety of credit instruments. Credit is allocated by private banks -- and increasingly by public ones too -- on market terms prevailing in the Eurozone and credits are equally accessible by private Greek and foreign investors. Three American banks operate in Greece (Citibank, American Express and Bank of America), serving both the local and international business communities. An independent regulatory body, the Capital Market Committee, supervises the Athens Stock Exchange and encourages and facilitates portfolio investments. Both owner-registered and bearer bonds and shares are traded on the Athens Stock Exchange which was promoted in 2001 from “emerging market” to “developed country” status by key western investment firms. It is mandatory for the shares of banking, insurance and public utility companies to be registered. Greek corporations listed on the Athens Stock Exchange that are also state contractors are required to have all their shares registered. A few state-controlled banks dominate the Greek banking industry. Private Greek and foreign banks do, however, comprise an increasingly competitive and generally profitable private sector, holding about 51 percent of the banking system’s assets. Private banks in Greece are in good financial health and are expanding their market share. State banks have a large exposure to public enterprises of questionable financial health. Total combined assets of the five largest banks are estimated at 128 billion dollars. There are a limited number of cross-shareholding arrangements in the Greek market. To date, the objective of such arrangements has not been to restrict foreign investment. The same applies to hostile takeovers (a practice which has been recently introduced in the Greek market). Generally, in sectors open to private investment, foreign investment is not prohibited or restricted, either by law or regulation or by private sector efforts or practices.
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25
Political Violence
Greece is a stable parliamentary democracy currently governed by a pro-EU socialist government. Several terrorist groups have been active in Greece since the restoration of democracy in 1974, including the “17 November” and the “ELA” organizations. U.S. and Western government and commercial interests, as well as prominent Greek businessmen, journalists and politicians have at times been targeted by these groups.
3.5.11
Corruption
Bribery is considered a criminal act and the law provides severe penalties for infractions. The law is impartially applied; diligent implementation and enforcement of the law remains an issue. The problem is most acute in the area of government procurement. Political influence and other considerations, such as loyalty to old suppliers are widely believed to play a significant role in the evaluation of bids. Bribery cannot be deducted from taxes. As a signatory of the OECD Convention on Combating Bribery of Foreign Government Officials and all relevant EU-mandated anticorruption agreements, the Greek Government is committed to penalizing those who commit bribery in Greece or abroad. The OECD Convention was ratified by the Greek Parliament on November 5, 1998 and implementation began as of February 15, 1999. The Greek Government has tried to fight corruption in public administration. A number of inspection bodies have been established to check out complaints and investigate cases of corruption in the entire spectrum of public administration, including local authorities. The main authority for these inspections is the Public Administration’s Inspectors and Auditors Unit, established in 1997, at the Ministry of Interior. Besides this main body of general inspectors, independent inspection divisions exist at various Ministries and in the Greek Police and the Hellenic Coast Guard. Investigation procedures and preliminary inquiries on financial crimes come under the jurisdiction of a special unit in the Ministry of Economy and Finance, the Financial and Economic Crimes Unit (Greek acronym: SDOE). The responsibility for the prosecution of bribery cases lies with the Ministry of Justice. In cases where politicians are involved, the Greek Parliament decides whether parliamentary immunity should be lifted to allow a special court action to follow. In recent years, there have been a number of investigations of alleged corruption; there was even a special court action against politicians, including the then Prime Minister, in 1989. While private bankers were convicted, no government official has been convicted to date. The Greek Chapter of Transparency International closely follows developments to press for investigation and prosecution of corruption cases.
3.5.12
Bilateral Investment Agreements
Greece has bilateral investment protection agreements with Albania, Algeria, Argentina, Armenia, Bosnia, Bulgaria, Chile, China, Croatia, Cuba, Cyprus, Czech Republic, Egypt, Estonia, Georgia, Hungary, Kazakhstan, Korea, Latvia, Lebanon, Lithuania, Mexico, Moldova, Morocco, Poland, Romania, Russia, Serbia, Slovenia, South Africa, Tunisia, Turkey, Ukraine, Uzbekistan, and Zaire. Investments by EU member states are governed and protected by EU regulations. Greece and the United States signed the 1954 Treaty of Friendship, Commerce and Navigation, which covers a few investment protection issues, such as acquisition and protection of property and impairment of legally acquired rights or interests. Also, Greece and the United States signed the 1950 Treaty for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.
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OPIC and Other Investment Insurance
Full OPIC insurance coverage for U.S. investment in Greece is currently available only on an exceptional basis. OPIC and the Greek Export Credit Insurance Organization signed an agreement in April 1994 to exchange information relating to private investment, particularly in the Balkans. Other insurance programs that also offer coverage for investments in Greece include the German investment guarantee program HERMES, the French agency COFACE, the Swedish Export Credits Guarantee Board (EKN), the British Export Credits Guarantee Facility (ECGF), and the Austrian Kontrollbank (OKB). Greece became a member of the Multilateral Investment Guarantee Agency (MIGA) in 1989. For the purposes of OPIC Currency Inconvertibility insurance, it should be noted that since the Greek drachma was included in the European Union’s Exchange Rate Mechanism (ERM) on March 16, 1998, currency inconvertibility is no longer an issue. Greece is part of the eurozone as of January 1, 2001.
3.5.14
Labor
There is an adequate supply of skilled, semi-skilled, and unskilled labor in Greece, although some highly technical skills may be lacking. Illegal immigrants predominate in the unskilled labor sector in many urban areas (total number of illegal immigrants estimated as high as 800,000). About 350,000 illegal immigrants took advantage of a recent government program to legalize their residence and work status. Labor-management relations in the private sector are generally good, but difficulties exist in the public sector, as evidenced by the higher level of strikes, labor stoppages, and related job actions by public sector employees. Greece has ratified ILO Conventions protecting workers’ rights. Specific legislation provides for the right of association and the right to strike, organize, and bargain collectively. Greek labor laws prohibit forced or compulsory labor, set a minimum age (15) for the employment of children and determine acceptable work conditions and minimum occupational health and safety standards.
3.5.15
Free Trade Zones and Free Ports
Greece has three free-trade zones, located at Piraeus, Thessaloniki and Heraklion port areas. Greek and foreignowned firms enjoy the same advantages in these areas. Goods of foreign origin may be brought into these zones without payment of customs duties or other taxes and remain free of all duties and taxes if subsequently transshipped or re-exported. Similarly, documents pertaining to the receipt, storage, or transfer of goods within the zones are free from stamp taxes. Handling operations are carried out according to EU regulations 2504/88 and 2562/90. Transit goods may be held in the zones free of bond. The zones also may be used for repackaging, sorting and re-labeling operations. Assembly and manufacture of goods are carried out on a small scale in the Thessaloniki Free Zone. Storage time is unlimited, as long as warehouse charges are promptly paid every six months.
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TRADE AND PROJECT FINANCING The Banking System
The banking and financial sectors have been liberalized considerably since 1987, primarily because of directives from the EU, and are now basically free of state interference. The Greek banking system consists of a Central Bank (The Bank of Greece), 34 commercial banks, 4 investment banks, 1 specialized bank (Agricultural Bank of Greece), 9 local cooperative banks and the Postal Savings Bank. Eighteen of the commercial banks are foreign, including three American banks. of the Greek commercial banks, the largest is the National Bank of Greece, which accounts for about one-fourth of the country’s banking business. State-controlled banks and specialized financial institutions together control about 51 percent of deposits and 43 percent of loans. Foreign-owned banks (including other EU-based banks) control about 12 percent of deposits and 14 percent of loans. Greek-owned private banks retain control of the remaining 37 percent of deposits and 43 percent of loans. As of January 1, 2001, the Bank of Greece, the Central Bank, is a member of the Eurosystem and implements the single monetary policy in Greece. The Eurosystem comprises the European Central Bank and the national central banks of the member States of the European Union that have adopted the euro. The Bank of Greece also acts as the depository for government accounts. It also supervises the commercial banks and other financial institutions and approves the establishment of a foreign bank in Greece.
3.6.2
Foreign Exchange Control Risks
Greece’s foreign exchange market conforms with EU rules on the free movement of capital. Some controls still exist to facilitate the enforcement of money laundering laws and tax collection. As of January 1, 2001, Greece has been part of the Eurozone. As of March 1, 2002 all transactions are conducted in euros.
3.6.3
General Financing Availability
Greek capital markets allocate credit on market terms, and while a sound business may have no problem with financing availability, interest rates are high, ranging from 6 to 17 percent. Banks constitute the main source of financing. The bond market has been developing steadily. The Greek Government introduced legislation to encourage the development of a venture capital market. Capital-market growth has been hampered by the predominance of small, family-owned firms, which tend either to invest in real estate and government bonds or to hold savings in bank deposits. Checks are predominately used for commercial transactions. Credit cards are widely available, but not as frequently used for retail transactions as in other EU markets. Most of the liabilities of the commercial banks are in the form of savings deposits. The majority of bank loans are short-and medium-term; only one-fifth of bank loans are long-term.
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Financing Export Strategies
No special terms govern export financing. Methods of payment are subject to individual agreements. Credit institutions may freely determine interest rates. The Bank of Greece no longer determines interest rates, as Greece is part of the Eurozone. EXIMBANK’s exposure in Greece is extremely limited. OPIC has not been very active in Greece but it signed in 1994 an agreement with its Greek counterpart (Greek Export Credit Insurance Organization) for the creation of a joint fund for risk insurance in the Balkans and Central and Eastern Europe.
3.6.5
U.S. Banks in Greece
Three U.S. banks have branches in Greece: Citibank (full range of banking services), American Express (lending services) and Bank of America (lending services).
3.7
TRAVEL RISKS
U.S. citizens may enter Greece with a valid U.S. passport and may stay for up to 3 months. No visas or other formalities are required. Should visitors wish to remain longer, they must submit an application to the immigration authorities at least 20 days before the end of the initial 3-month stay. Greek citizens are required to obtain a nonimmigrant visa in order to travel to the United States. Used personal effects of foreigners residing permanently abroad may be imported duty free. Included in the duty free allowance are up to 200 cigarettes, 50 cigars and one liter of liquor. One each of the following articles may also be brought in duty free, provided they are re-exported, that is, for the traveler’s personal use, and then taken out again upon departure, still and movie cameras, with suitable film; binoculars; portable radios; record players; typewriters, CD players and lap tops. Travelers must get special permission from Greek police authorities before bringing firearms and ammunition into the country. Flower bulbs, plants, and fresh fruit may not be brought into the country by travelers. Foreign currency in any amount can be imported freely. However, travelers carrying bank notes or personal checks (including travelers’ checks) exceeding the equivalent of 10,000 euros must declare it upon entry. The export of foreign exchange was liberalized in May 1994. Greek and foreign travelers, however, have to declare any amount exceeding the equivalent of 2,000 euros upon their departure. Greek residents need a certificate from the tax authorities confirming that they have no outstanding tax obligations in order to export foreign currency exceeding the equivalent of 10,000 Euros. Mailing Greek currency, foreign exchange, or checks abroad is forbidden. The Greek business community observes a long, uninterrupted hiatus beginning in late June, throughout July and August, and does not resume until after the Thessaloniki International Fair in September. Business appointments are impossible to obtain during this period, and even basic business information is difficult if not impossible to come by. No commitments or consideration of business proposals should be expected during this time. U.S. business visitors are advised to avoid Greece for business purposes during the period.
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Infrastructure for Conducting Business
Greek inland surface transportation is via road and railroad network. Main streets and highways are paved, while secondary roads are generally rough. Most roads are two-lane, except the parts of the National Road which have four lanes. The road network is considered to be good, and is being constantly expanded. The Athens Spata International Airport started operation on March 28, 2001. The length of the railroad network is 2,500 kilometers. Of this, 1,500 kilometers is of standard gauge and connects Greece with the former Yugoslavia Republic of Macedonia and Western Europe in the north, and with Turkey and the Middle East in the east. The remainder consists of narrow gauge tracks used for national routes. The bulk of Greek industry is located around 20 seaports. The largest ports are in Athens (Piraeus), Thessaloniki, and Patras. Patras and Igoumenitsa, a port in the northwest of Greece, became major gateways for ferrying road traffic between Greece and Italy, due to the war in Yugoslavia. Almost no direct passenger ship service is available between the U.S. and Greece. Cargo services from the United States are provided by American Export Lines, Farrell Lines, Prudential, and Sea Land Service on a regularly scheduled basis with port calls at Piraeus and Thessaloniki, and Patras. Seaborne cargo shipped from the East Coast of the United States reaches Greece in 11 or 12 days. Airline connections to Greece and to other points in Europe and the rest of the world are excellent. Athens is served by 50 airlines. American international air service to Greece is provided by Delta Airlines. Delta added a new direct flight from Atlanta to Athens in June 1999. Olympic Airways, the government-owned national carrier, no longer enjoys its full monopoly. Private Greek-owned companies can now operate non-regular, charter flights, (passenger and cargo), domestically and internationally. EU liberalization has also opened the Greek domestic market to EU carriers, though non-Greek airlines are still barred from serving the Greek islands. Greek telecommunications are being upgraded. Digital service and cellular telephony are available, providing direct telephone service to 88 countries. Modern and comfortable accommodations can be found in most areas that an American business traveler is likely to visit. Growing tourist travel makes advance hotel reservations advisable, particularly beginning in late spring and summer. Prices for accommodations compare favorably with those in other Western European countries. Athens has several general hospitals and clinics, including specialized pediatric and maternity hospitals. The level of care at these facilities is good, but the level of support care is considered only fair. Most hospitals, particularly private facilities, are equipped with modern diagnostic equipment and trained technicians. General hospitalization, emergency, and most routine surgery can be handled at local facilities. Athens has many English-speaking doctors and dentists trained in the U.S. or Western Europe, who practice in all specialized fields. Local restaurants and tavernas are safe and good places to eat, though the enforcement of regulations concerning the storage and sale of food is less strict than in the U.S. Local fruits and vegetables are excellent and do not require any special preparation beyond cleaning or cooking. Most types of meats can be procured locally and are safe. Pasteurized milk is safe for consumption. The water in cities throughout Greece is potable. Bottled water is recommended in small villages and the islands, as the water source may be limited and not well treated.
3.7.2
Country Data
Population: •
11.0 million
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Population growth rate: •
0.2 percent
Religion: •
Greek Orthodox: 95-97 percent
•
Muslim: 1.5 percent
Government system: •
Presidential Parliamentary Republic
Languages: •
Greek
Work Week: •
Monday - Friday
3.8 3.8.1
KEY CONTACTS Greek Government
Ministry of Agriculture Mr. Andreas Korakas Secretary General for Agricultural Policy & Int’l Relations 2 Aharnon Street GR-101 76 Athens Tel: [30] (210) 212-5586, 212-5584, 212-5596 Fax: [30] (210) 524-0955 E-mail:
[email protected] Ministry of Culture Professor Costantinos Cartalis Secretary General for the Olympic Games 2004 7 Kifissias Avenue GR-115 23 Athens Tel: [30] (210) 649-7065, 649-7060 Fax: [30] (210) 649-6610 E-mail:
[email protected] Ministry of Culture Ms. Lina Mendoni Secretary General for Culture 20 Bouboulinas Street GR-106 82 Athens Tel: [30] (210) 820-1645 Fax: [30] (210) 820-1379 E-mail:
[email protected]
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Ministry of Defense Mr. Spyros Travlos Secretary General for Economic Planning and Defense Investments 227-231 Mesoghion Avenue GR-154 51 Holargos, Athens Tel: [30] (210) 659-8263, 659-8266 Fax: [30] (210) 654-8443 E-mail:
[email protected] Ministry of Development Mrs. Mariliza Xenogiannakopoulou Secretary General for Commerce 20 Kaningos Street GR-101 81 Athens Tel: [30] (210) 380-8664, 380-0566 Fax: [30] (210) 380-3422 E-mail:
[email protected] Ministry of Development Mr. George Agrafiotis Secretary General for Energy 80 Michalakopoulou Street GR-101 92 Athens Tel: [30] (210) 748-2762-4 Fax: [30] (210) 777-2485 E-mail:
[email protected] Ministry of Development Mr. Dimitris Deniozos Secretary General for Research and Technology 14-18 Messoghion Avenue GR-115 10 Athens Tel: [30] (210) 775-3834 Fax: [30] (210) 775-3872 E-mail:
[email protected] Ministry of Development Mr. Ioannis Kaloghirou Secretary General for Industry 80 Michalakopoulou Street GR-115 28 Athens Tel: [30] (210) 775-2904 Fax: [30] (210) 770-4898 E-mail:
[email protected] Ministry of Economy and Finance Mr. Minas Stavrakakis Secretary General for International Economic Matters Ermou & 1 Kornarou Street GR-105 63 Athens Tel: [30] (210) 328-6012 Fax: [30] (210) 328-6017 E-mail:
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Ministry of Economy and Finance Mr. George Zanias Secretary General of the Ministry of Economy and Finance 5 Nikis Street, Syntagma Square GR-101 80 Athens Tel: [30] (210) 333-2492 Fax: [30] (210) 333-2499 E-mail:
[email protected] Ministry of Economy and Finance Mr. Costas Theos Secretary General for Investment & Development 5 Nikis Street, Syntagma Square GR-101 80 Athens Tel: [30] (210) 333-2402-6 Fax: [30] (210) 333-2449 E-mail:
[email protected] Ministry of Economy and Finance Mr. George Kanelopoulos Secretary General for Finance 10 Karagiorgi Servias Street GR-101 84 Athens Tel: [30] (210) 323-8549 Fax: [30] (210) 322-4071 E-mail:
[email protected] Ministry of Economy and Finance Dr. Ioannis Kousoulakos Secretary General for Fiscal Policy 37 Panepistimiou Street GR-101 65 Athens Tel: [30] (210) 333-8447 Fax: [30] (210) 323-9980 E-mail:
[email protected] Ministry of Environment, Town Planning and Public Works Mr. Stavros Kambelis Secretary General for Environment 17 Amaliados Street GR-115 23 Ambelokipi, Athens Tel: [30] (210) 642-4910, 644-9291 Fax: [30] (210) 642-5300 E-mail:
[email protected] Ministry of Environment, Town Planning and Public Works Mr. George Ganotis Secretary General for Self-Financed Projects 17 Amaliados Street GR-115 23 Ambelokipi, Athens Tel: [30] (210) 646-1898 Fax: [30] (210) 646-1617 E-mail:
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Ministry of Environment, Town Planning and Public Works Mr. Panagiotis Vassiliou Secretary General for Public Works 182 Charilaou Trikoupi Street GR-101 78 Athens Tel: [30] (210) 642-6158, 641-0741 Fax: [30] (210) 642-6836 E-mail:
[email protected] Ministry of Health and Welfare Mr. Charalambos Sofianos Secretary General for Health 17 Aristotelous Street GR-101 87 Athens Tel: [30] (210) 523-9710, 523-6878 Fax: [30] (210) 523-0529 E-mail:
[email protected] Ministry of Health and Welfare Mrs. Maria Beldekou Secretary General for Welfare 17 Aristotelous Street GR-101 87 Athens Tel: [30] (210) 523-0839 Fax: [30] (210) 523-1329 E-mail:
[email protected] Ministry of Merchant Marine Mr. Lambros Lambropoulos Secretary General 150 Grigoriou Lambraki Street GR-185 18 Piraeus Tel: [30] (210) 419-1242 Fax: [30] (210) 422-0774 E-mail:
[email protected] Ministry of Merchant Marine Mr. Nikolaos Thomopoulos Secretary General for Ports 102 Praxitelous Street GR 185 35 Piraeus Tel: [30] (210) 419-1512, 422-0540 Fax: [30] (210) 417-6067 E-mail:
[email protected] Ministry of Public Order Mr. Dimitrios Efstathiadis Secretary General 4 Kanellopoulou Street GR-101 77 Athens Tel: [30] (210) 691-9695, 692-9430 Fax: [30] (210) 691-5388 E-mail: N/A www.icongrouponline.com
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Ministry of Transport & Communications Prof. Ioannis Constantinidis Secretary General for Transport 2 Anastaseos & Tsigande Street GR-101 91 Papagos, Athens Tel: [30] (210) 650-8765 Fax: [30] (210) 650-8097 E-mail:
[email protected] Ministry of Transport & Communications Mr. Panagiotis E. Poulis Secretary General for Communications 2 Anastaseos & Tsigande Street GR-101 91 Papagos, Athens Tel: [30] (210) 650-8891 Fax: [30] (210) 650-8023 E-mail:
[email protected] Supreme Chemical Laboratory Dr. Assimina Papathanasiou Director, Food SectionGeneral Manager 16 Anastasiou Tsoha Street GR-115 21 Athens Tel: [30] (210) 647-9000 Fax: [30] (210) 646-6229 E-mail:
[email protected] Hellenic Civil Aviation Authority (HCAA) Mr. Athanassios Tzoganis Governor 1 Vassileos Georgiou Street GR-166 10 Glyfada, Athens Tel: [30] (210) 894-4263, 894-4243 Fax: [30] (210) 894-4279 E-mail:
[email protected] Public Power Corporation (PPC) Mr. Dimitrios Papoulias President 30 Chalkokondyli Street GR-104 32 Athens Tel: [30] (210) 523-1508 Fax: [30] (210) 523-9906 E-mail:
[email protected],
[email protected] Hellenic Center for Investment (ELKE) Dr. Stratos Papadimitriou Chairman of the Board 3 Mitropoleos Street GR-105 57, Athens Tel: [30] (210) 324-2070 Fax: [30] (210) 324-2079 E-mail:
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Hellenic Petroleum (ELPE S.A.) Mr. George Moraitis President 17th km Athinon-Corinthou GR-193 00 Aspropyrgos Tel: [30] (210) 553-3000 Fax: [30] (210) 553-9289 E-mail:
[email protected] Public Gas Corporation (D.E.P.A.) Mr. Dimitrios Sotirlis Managing Director 207 Messogion Avenue GR-115 25 Neo Pyschiko, Athens Tel: [30] (210) 679-3500 Fax: [30] (210) 674-9504 E-mail:
[email protected] Hellenic Telecommunications Organization (OTE) Mr. Lefteris Antonakopoulos Chairman & Managing Director OTE Building 99 Kifissias Avenue GR-151 81 Amaroussion, Athens Tel: [30] (210) 611-5161 Fax: [30] (210) 611-8455 E-mail:
[email protected] Dimokritos National Research Center Professor Dionyssios S. Ithakissios President EKEFE Dimokritos GR-153 10 Aghia Paraskevi, Athens Tel: [30] (210) 651-3021 Fax: [30] (210) 651-0594 E-mail:
[email protected] Hellenic Railways Organization (OSE) Professor Andreas Lambrinopoulos President 1 Karolou Street GR-104 37 Athens Tel: [30] (210) 524-2205, 524-8710 Fax: [30] (210) 524-2119 E-mail:
[email protected]
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Piraeus Port Authority (OLP) Mr. Sotiris Theofanis President and CEO 10 Akti Miaouli Street GR-185 38 Piraeus Tel: [30] (210) 452-0912-9 Fax: [30] (210) 428-0050 E-mail:
[email protected] Thessaloniki Port Authority (OLTH) Mr. Apostolos Genitsaris President P.O. Box 10467 GR-541 10 Thessaloniki Tel: [30] (2310) 593-180-1 Fax: [30] (2310) 593-197 E-mail:
[email protected] DEPANOM (Greek government agency within the Ministry of Health, responsible for the development of new state hospitals, and the upgrade or expansion of current state hospitals) Mr. Dimitris Sarafoglou President 120 Vasilissis Sophias Avenue GR-115 26 Athens Tel: [30] (210) 775-0240 Fax: [30] (210) 779-9944 E-mail:
[email protected] Institute of Social Insurance (IKA) Mr. Nektarios Miltiades Governor 8 Aghiou Constantinou Street GR-104 31 Athens Tel: [30] (210) 524-9397, 522-4861 Fax: [30] (210) 522-9180 E-mail:
[email protected] Hellenic Industrial Development Bank (ETVA) Mr. Iakovos Georganas Governor 87 Syngrou Avenue GR- 117 45 Athens Tel: [30] (210) 929-4972, 924-1780 Fax: [30] (210) 924-1773 E-mail:
[email protected]
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Hellenic Radio-Television (ET-1) Mr. Angelos Stangos President 432 Messoghion Avenue GR-153 42 Athens Tel: [30] (210) 606-6000, 779-7776 Fax: [30] (210) 600-9325 E-mail:
[email protected] New Greek Television (NET) Mr. Angelos Stangos President 432 Messoghion Avenue GR-153 42 Aghia Paraskevi, Athens Tel: [30] (210) 606-6000 Fax: [30] (210) 608-0823 E-mail:
[email protected] Hellenic Air Force General Staff Colonel Ilias Ritsoudis Director Procurement Office 40 Dimitriou Soutsou Street GR-115 21 Athens Tel: [30] (210) 644-4650 Fax: [30] (210) 644-7738 E-mail: N/A Greek Standards Organization (ELOT) Mr. Zaharias Mavroukas Managing Director 313 Aharnon Street GR-111 45 Athens Tel: [30] (210) 212-0418, 212-0420 Fax: [30] (210) 228-3034 E-mail:
[email protected] The National Pharmaceutical Organization (EOF) Professor Mihael Maragoudakis President 284 Messoghion Avenue GR-155 62 Halandri, Athens Tel: [30] (210) 650-7210 Fax: [30] (210) 654-9586 E-mail:
[email protected]
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38
Trade and Industry Associations
American-Hellenic Chamber of Commerce Mr. Alexandros Lamnidis Executive Director Politia Business Center 109-111 Messoghion Street GR-115 26 Athens Tel: [30] (210) 699-3559 Fax: [30] (210) 698.5686-7 E-mail:
[email protected] American-Hellenic Chamber of Commerce (Thessaloniki) Mr. Argyris Argyropoulos Director 47 Vasileos Irakleiou Street GR-546 23 Thessaloniki Tel: [30] (2310) 286-453 Fax: [30] (2310) 225-162 E-mail:
[email protected] The Propelller Club of the United States Mr. John Veymos Executive Director 6 Sinopis Street GR-115 27 Athens Tel: [30] (210) 748-5209 Fax: [30] (210) 748-8721 E-mail:
[email protected] Association of Pharmaceutical Companies of Greece (SFEE) Mr. Leonidas Crassaris President 30 Vas. Georgiou & Mikras Asias Streets GR-152 33 Halandri, Athens Tel: [30] (210) 689-1101 Fax: [30] (210) 689-1060 E-mail:
[email protected] Athens Association of Commercial Agents Mr. Paul Yiannacopoulos President 15 Voulis Street GR-105 63 Athens Tel: [30] (210) 323-2622 Fax: [30] (210) 323-8378 E-mail:
[email protected]
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Athens Chamber of Commerce and Industry Mr. Drakoulis Foudoukakos President 7 Academias Street GR-106 71 Athens Tel: [30] (210) 362-4280 Fax: [30] (210) 364-5803 E-mail:
[email protected] Federation of Greek Food Industries (SEVT) Mr. Dimitrios Daskalopoulos President 69 Ethnikis Antistaseos & 2 Eptanisou Streets GR-152 31 Halandri, Athens Tel: [30] (210) 671-1177, 672-3215 Fax: [30] (210) 671-1080 E-mail:
[email protected] Federation of Greek Industries (SEV) Mr. Odysseas Kyriacopoulos President 373 Konstantinoupoleos Avenue & Ag. Meletiou GR-104 43 Athens Tel: [30] (210) 323-7083 Fax: [30] (210) 322-2929 E-mail:
[email protected] Hellenic Central Union of Chambers of Commerce and Industry Mr. George Kassimatis President 7 Academias Street GR-106 71, Athens Tel: [30] (210) 363-2702, 362-5630, 338-7104-5-6 Fax: [30] (210) 362-2320 E-mail:
[email protected] Pharmaceutical Research and Manufacturers of American (PHARMA) Dr. Leonidas Crassaris President 2 Aftocratoros Nikolaou Street GR-176 71 Kallithea, Athens Tel: [30] (210) 900-1605 Fax: [30] (210) 924-9129 E-mail:
[email protected] Piraeus Chamber of Commerce and Industry Mr. George Kassimatis President 1 Loudovikou Street, Rousvelt Square GR-185 31 Piraeus Tel: [30] (210) 417-7241, 417-9480 Fax: [30] (210) 417-8680, 427-4084 E-mail:
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Technical Chamber of Greece (TEE) Mr. Constantinos Panagiotopoulos President 4 Karagiorgi Servias Street GR-102 48, Athens Tel: [30] (210) 329-1200 Fax: [30] (210) 322-2504 E-mail:
[email protected] Thessaloniki Chamber of Commerce and Industry Mr. Dimitris Bakatselos President 29 Tsimiski Street GR-546 24, Thessaloniki Tel: [30] (310) 275-341, 276-016, 220-920 Fax: [30] (310) 230-237, 279-026 E-mail:
[email protected] Union of Greek Shipowners Mr. John Lyras President 85 Akti Miaouli Street GR-185 38, Pireaus Tel: [30] (210) 429-1159 Fax: [30] (210) 429-0107, 429-1166 E-mail:
[email protected]
3.8.3
Market Research Firms
A.C. Nielsen Hellas Ltd. Mrs. George Glykos General Manager 2 Charokopou Street & 196 Syngrou Avenue GR-176 71 Kallithea, Athens Tel: [30] (210) 950-0300 Fax: [30] (210) 959-8294 E-mail:
[email protected] Deloitte & Touche S.A. Mr. Michael Hadjipavlou Managing Director 250-254 Kifissias Avenue GR-152 31, Halandri Tel: [30] (210) 678-1100 Fax: [30] (210) 677-6190 E-mail:
[email protected]
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Delos S.A. Mr. Costis Stambolis Director 3 Alexandrou Soutsou Street GR-106 71, Athens Tel: [30] (210) 362-8457 Fax: [30] (210) 364-6144 E-mail:
[email protected] Ernst & Young (Hellas) S.A. Mr. Christos Glavanis Managing Director 3-5 Ilission Street GR-115 28, Athens Tel: [30] (210) 748-8610 Fax: [30] (210) 772-7815 E-mail:
[email protected] ICAP Hellas S.A. Mr. Dimitrios Maniatakis Managing Director 64 Vas. Sophias Avenue GR-115 28, Athens Tel: [30] (210) 720-0000 Fax: [30] (210) 722-0815 E-mail:
[email protected] Kantor S.A. Mr. Costas Mitropoulos President 4 Vasilissis Sophias Avenue GR-106 71, Athens Tel: [30] (210) 729-7500 Fax: [30] (210) 724-9528 E-mail:
[email protected] KPMG Certified Auditors Kyriacou Mr. Marios Kyriacou President 3 Stratigou Tombra Street GR-153 42 Agia Paraskevi, Athens Tel: [30] (210) 606-2100-10 Fax: [30] (210) 606-2111 E-mail:
[email protected] LDK S.A. Mr. Leonidas Damianides Managing Director 21 Parodos Thivaúdos Street GR-145 64 Kifissia, Athens Tel: [30] (210) 819-6700 Fax: [30] (210) 819-6709 E-mail:
[email protected] www.icongrouponline.com
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Market Analysis Mr. Antony May General Director 190 Ymitou Street GR-116 36, Athens Tel: [30] (210) 726-4704, 756-4688, 756-4689 Fax: [30] (210) 701-9355, 726-1081 E-mail:
[email protected] Marketing Research Center Hellas Ltd. (KEME) Mr. Andreas Zahariou Managing Director 24 Ippodamou Street GR-116 35, Athens Tel: [30] (210) 701-8082, 701-6965, 701-1373 Fax: [30] (210) 701-7837 E-mail:
[email protected] MRB Hellas Mr. Dimitrios Mavros Managing Director 74 Panormou Street GR-115 23, Athens Tel: [30] (210) 697-1000 Fax: [30] (210) 698-5813 E-mail:
[email protected] Price Waterhouse Coopers / Price Waterhouse Business Solutions Mr. Christos Siatis President 268 Kifissias Avenue GR-152 32 Halandri, Athens Tel: [30] (210) 687-4400 Fax: [30] (210) 687-4444 E-mail:
[email protected] Research International Hellas S.A. Mrs. Nicki Eleni Lambropoulou President 8-12 Halkidonos Street GR-115 27, Athens Tel: [30] (210) 775-3001-2 Fax: [30] (210) 779-5886 E-mail:
[email protected] Trek Ltd. Mr. Thomas Papapolizos President 125-127 Kifissias Avenue GR-115 24, Athens Tel: [30] (210) 699-6157, 699-6411 Fax: [30] (210) 699-5450 E-mail:
[email protected]
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43
National Dailies and Business Magazines
4 Wheels (Monthly automotive magazine) Published by Technical Press 2-4 Ilioupoleos & Saranta Eklission Streets GR-172 37, Imitos Tel: [30] (210) 979-2500 Fax: [30] (210) 979-2528 E-mail:
[email protected] Amyntika Themata (Defense Matters) (Greek monthly military review) Published by Nemesis S.A. 10 Panepistimiou Street GR-106 71, Athens Tel: [30] (210) 258-4000 Fax: [30] (210) 258-4047 E-mail:
[email protected] Business and Tourism (Monthly magazine) Published by Naftemporiki Newspaper 205 Lenorman Street GR-104 42, Athens Tel: [30] (210) 519-8000 Fax: [30] (210) 513-9905 E-mail:
[email protected] Business Partners (Bi-monthly business magazine) Published by the American-Hellenic Chamber of Commerce Mr. Raymond Matera, Editor Politia Business Center 109-111 Messogion Avenue GR-115 26, Athens Tel: [30] (210) 699-3559 Fax: [30] (210) 698-5686-7 E-mail:
[email protected] Economic and Industrial Review (Monthly financial and trade magazine) Kerkyra Publications Ltd. 6-8 Vlahava Street GR-105 51, Athens Tel: [30] (210) 331-4714 Fax: [30] (210) 325-2283 E-mail:
[email protected] Economikos Tachidromos (Weekly financial magazine) Published by Lambrakis Press Mr. Stavros Psicharis, Publisher 3 Christou Lada Street GR-102 37, Athens Tel: [30] (210) 333-3555 Fax: [30] (210) 323-8740 E-mail:
[email protected] www.icongrouponline.com
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ELNAVI Monthly Shipping Review (Monthly maritime magazine) Published by Millennium Elnavi Ltd. 62 Iroon Polytechniou Street GR-185 35, Piraeus Tel: [30] (210) 452-2100 Fax: [30] (210) 428-2467 E-mail:
[email protected] Ependytis (Weekly financial newspaper) Published by Clever Hellas Ltd. Mr. Nikos Felekis, Director 58 Katehaki Street GR-115 25, Athens Tel: [30] (210) 678-0400 Fax: [30] (210) 678-0430 E-mail:
[email protected] Ergotaxiaka Themata (Monthly magazine on construction and building products) Published by Technoekdotiki S.A. 3 Pentelis Avenue & Pileos Streets GR-152 35, Vrilissia Tel: [30] (210) 680-0470 Fax: [30] (210) 680-0476 E-mail:
[email protected] Express (Daily financial newspaper) Mr. Aristides Zevgitis, Chief Editor 39 Amaroussiou Halandriou Street GR-151 25 Maroussi, Athens Tel: [30] (210) 619-9400 Fax: [30] (210) 619-9422-1 E-mail:
[email protected] Franchise Business (Quarterly magazine) Published by META Management Services “Vergina” Commercial Center 53 Ag. Ioannou Street GR-153 42, Ag. Paraskevi Tel: [30] (210) 600-0635 Fax: [30] (210) 608-4834 E-mail:
[email protected] Franchise Success (Quarterly magazine) Published by TFC Ltd. 84A Ethnikis Antistaseos GR-152 31, Halandri Tel: [30] (210) 675-6200 Fax: [30] (210) 675-2864 E-mail:
[email protected]
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Hellenic Association of Pharmaceutical Companies (Monthly) Published by the Hellenic Association of Pharmaceutical Companies 30 Vasileos Georgiou Avenue & Mikras Asias Street GR-152 33, Halandri Tel: [30] (210) 689-1101 Fax: [30] (210) 689-1060 E-mail:
[email protected] Kathimerini (Daily newspaper) Mr. Antonis Karakousis, Director 2 Ethnarhou Makariou & Dimitriou Falireous Streets GR-185 47 Neo Faliro, Athens Tel: [30] (210) 480-8000 Fax: [30] (210) 480-8055 E-mail:
[email protected] Kefaleo (Monthly financial and business magazine) Published by Attika Publishing Mr. Theocharis Fillipopoulos, President & Managing Director 40 Kifissias Street GR-151 25 Amaroussion, Athens Tel: [30] (210) 619-9080 Fax: [30] (210) 610-7741 E-mail:
[email protected] Kerdos (Daily financial newspaper) Mr. Vassilis Valamvanos, General Director and Publisher 178 Kifissias Avenue GR-152 31 Halandri, Athens Tel: [30] (210) 674-3384-7 Fax: [30] (210) 674-2003 E-mail:
[email protected] Money and Tourism (Monthly magazine) Published by Kappa Sigma Delta S.A. 24 Peston Street GR-113 62, Athens Tel: [30] (210) 825-4084 Fax: [30] (210) 825-2229 E-mail:
[email protected] Naftiliaki (Shipping magazine published three times a year) Published by Diorama Publishers Ltd. 14 Skouze Street GR-185 36, Piraeus Tel: [30] (210) 428-2788 Fax: [30] (210) 428-3193 E-mail:
[email protected]
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Peripolos (Patrol) (Monthly) Published by “Communications” S.A. 10 Messogion Avenue GR-115 27, Athens Tel: [30] (210) 748-9941 Fax: [30] (210) 748-8367 E-mail:
[email protected] Stratigiki (Strategy) (Monthly) Published by “Communications” S.A. 10 Messogion Avenue GR-115 27, Athens Tel: [30] (210) 748-9941 Fax: [30] (210) 748-8367 E-mail:
[email protected] Technica (Monthly Technical Magazine) Published by Kormos Ltd. 16 Solomou Street GR-106 83, Athens Tel: [30] (210) 383-6432 Fax: [30] (210) 381-3244 E-mail:
[email protected] Technical Chamber of Greece Bulletin (Monthly) Published by the Technical Chamber of Greece 4 Karageorgi Servias Street GR-102 48, Athens Tel: [30] (210) 325-4590 Fax: [30] (210) 322-1772 E-mail:
[email protected] Trofima kai Pota (Food and Beverages) (Monthly magazine) 110 Syngrou Avenue GR-117 41, Athens Tel. [30] (210) 924-0748 Fax: [30] (210) 921-9891, 924-2650 Contact: Mr. Alexandros Korovilas, Managing Director E-mail:
[email protected] Troxoi kai TIR (Wheels and TIR) (Monthly commercial transportation magazine) Published by Emmanuel X. Agrimanakis 91 Ippokratous Street GR-106 80, Athens Tel: [30] (210) 360-9848, 360-2326 Fax: [30] (210) 360-8131 E-mail: www.troxoikaitir.gr
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SHIPPING International Monthly Review (Monthly magazine) Published by Letta Demopoulou-Makki 9 Sotiros Dios Street GR-185 35, Piraeus Tel: [30] (210) 422-6486 Fax: [30] (210) 422-6487 E-mail:
[email protected]
3.8.5
Commercial Banks
Agricultural Bank of Greece Mr. Petros Lambrou Governor 23 Panepistimiou Street GR-102 21, Athens Tel: [30] (210) 329-8441, 329-8364 Fax: [30] (210) 329-8754 E-mail:
[email protected] American Express Bank Ltd Mr. Gus Kostakis General Manager 31 Panepistimiou Street GR-102 26, Athens Tel: [30] (210) 322-8805 Fax: [30] (210) 323-0495 E-mail: N/A Bank of America Mr. Konstantinos Vousvounis General Manager 35 Panepistimiou Street GR-105 64, Athens Tel: [30] (210) 325-1900-1 Fax: [30] (210) 324-5637 E-mail:
[email protected] Citibank NA Mr. Christos Sorotos General Manager 8 Othonos Street GR-105 57, Athens Tel: [30] (210) 329-2300, 329-2301 Fax: [30] (210) 324-2535 E-mail:
[email protected]
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Commercial Bank of Greece Mr. Ioannis Stournaras Chairman and Managing Director 11 Sofokleous Street GR-102 35, Athens Tel: [30] (210) 324-4436 Fax: [30] (210) 324-3508 E-mail:
[email protected] Alpha Bank Mr. Yannis Costopoulos President 40 Stadiou Street GR-102 52, Athens Tel: [30] (210) 326-0000 Fax: [30] (210) 326-5438 E-mail:
[email protected] Eurobank-Ergasias Mr. Xenofon Nikitas President 8 Othonos Street GR-105 57, Athens Tel: [30] (210) 323-8904-5, 333-7896 Fax: [30] (210) 333-7110 E-mail:
[email protected],
[email protected] General Hellenic Bank Mr. Anthony Hassiontis President 109-111 Messoghion Street GR-115 26, Athens Tel: [30] (210) 697-5000 Fax: [30] (210) 697-5917 E-mail:
[email protected] National Bank of Greece Mr. Theodore Karatzas Governor 86 Eolou Street GR-102 32, Athens Tel: [30] (210) 334-1002, 334-1001, 334-1010 Fax: [30] (210) 334-1003 E-mail:
[email protected]
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49
U.S. Government Contacts
A list of bilingual attorneys specializing in commercial, corporate and tax law is available upon request from: The American Business Information Center Tel: [30] (210) 720-2329, 720-2334 Fax: [30] (210) 721-8660 Contact: Mrs. Heleni Gerali, Commercial Assistant E-mail:
[email protected] The American Embassy in Athens is located at: 91 Vasilissis Sofias Avenue GR-101 60 Athens, Greece Tel: [30] (210) 721-2951 Fax: [30] (210) 645-6282 E-mail:
[email protected] The mailing address from the United States is: U.S. Embassy Athens PSC #108, Box 30 APO AE 09842 Commercial Affairs Walter Hage Tel: [30] (210) 720-2303 Fax: [30] (210) 721-8660 E-mail:
[email protected] Brad Harker Tel: [30] (210) 720-2303 Fax: [30] (210) 721-8660 E-mail:
[email protected] Agricultural Affairs Stamatis Sekleziotis Tel: [30] (210) 720-2233 Fax: [30] (210) 721-5264 E-mail:
[email protected] Danai Synodinou Tel: [30] (210) 720-2233 Fax: [30] (210) 721-5264 E-mail:
[email protected] Economic Affairs John Stepanchuk Tel: [30] (210) 720-2312 Fax: [30] (210) 729-4312 E-mail:
[email protected]
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The U.S. Consulate General in Thessaloniki is located at: Alex Maley, Consul General 43 Tsimiski, 7/F GR-546 22, Thessaloniki Tel: [30] (2310) 242-905 Fax: [30] (2310) 242-927 E-mail:
[email protected] The mailing address from the United States is: U.S. Consulate General - Thessaloniki PSC #108, Box 37 APO AE 09842
U.S. Government Contacts in Washington D.C. U.S. Department of Commerce Mr. Jason Gomberg Greek Desk Officer MAC/EUR, Rm H3044 Washington, D.C. 20230 Tel: (202) 482-3945 Fax: (202) 482-2897 E-mail:
[email protected] Trade Information Center (TIC) U.S. Department of Commerce Tel: 1-(800) USA-TRADE Fax: (202) 482-4473 E-mail:
[email protected] Websites: www.usatrade.gov and www.ita.doc.gov The Advocacy Center U.S. Department of Commerce Room 3814A Washington, D.C. 20230 Tel: (202) 482-3896 Fax: (202) 482-3508 Website: www.ita.doc.gov/advocacy/question.html U.S. Department of State Mr. Jerry Howard Senior Country Officer for Greece EUR/SE, Rm 5511 2201 C Street N.W. Washington, D.C. 20520 Tel: (202) 647-6113 Fax: (202) 647-5087 E-mail:
[email protected]
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U.S. Department of Agriculture Mr. Dan Berman Director USDA Ag Export Service Division 1400 Independence Avenue, S.W. Washington, D.C. 20250-1052 Tel: (202) 720-0159 Fax: (202) 690-0193 E-mail:
[email protected],
[email protected]
3.8.7
U.S.-Based Multipliers
Embassy of Greece Office of the Economic Commercial Minister Mr. Theodoros Hatzopoulos 2211 Massachusetts Avenue, N.W. Washington, D.C. 20008 Tel: (202) 332-2844/5 Fax: (202) 328-3105 E-mail:
[email protected] Embassy of Greece Offices of the Military and Defense Attaches Colonel Panagiotis Grannopoulos 2228 Massachusetts Avenue, N.W. Washington, D.C. 20008 Tel: (202) 234-5695 Fax: (202) 232-2605 Greek Consulate General Trade Commission Alexander Mitrogogos, Senior Trade Commissioner 150 East 58th Street, Suite 1701, 17th Floor New York, New York 10022 Tel: (212) 751-2404, 5, 6 Fax: (212) 593-2278 E-mail:
[email protected] Greek Consulate General Mr. Dimitris Platis, Consul General 69 East 79th Street New York, New York 10021 Tel: (212) 988-5500 Fax: (212) 734-8492
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Greek Consulate General Mr. Gabriel Coptsidis, Consul General 650 North St. Clair Street Chicago, Illinois 60611 Tel: (312) 335-3915, 335-3916, 335-3917 Fax: (312) 335-3958 E-mail:
[email protected] Greek Consulate General Mr. Dimitrios Touloupas 2441 Gough Street San Francisco, California 94123 Tel: (415) 775-2102 Fax: (415) 776-6815 E-mail:
[email protected] Greek Consulate General Mr. Konstantinos Bikas, Consul General 86 Beacon Street Boston, Massachusetts 02108-3304 Tel: (617) 523-0100 Fax: (617) 523-0511 E-mail: N/A Greek Consulate Mr. Phoevos Angeletos 520 Post Oak Boulevard, Suite #310 Houston, Texas 77027 Tel: (713) 840-7522 Fax: (713) 840-0614 E-mail:
[email protected] Greek Consulate General Mr. Dimitrios Zevelakis, Consul General 11835 West Olympic Boulevard, Suite 405 Los Angeles, California 90064 Tel: (310) 914-3434 Fax: (310) 914-4577 E-mail:
[email protected] Greek Consulate General Mr. Dimitrios Macrynicolas, Consul Tower Place, Suite 1670 3340 Peachtree Road, NE Atlanta, Georgia 30326 Tel: (404) 261-3391/3313 Fax: (404) 262-2798 E-mail:
[email protected]
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Greek Consulate Mr. Theodor Economou-Kamarinos, Consul World Trade Center 2 Canal Street, Suite 2318 New Orleans, Louisiana 70130 Tel: (504) 523-1167 Fax: (504) 524-5610 Greek National Tourist Organization Mr. George Tambakis, Director Olympic Tower 645 Fifth Avenue, Suite 903 New York, New York 10022 Tel: (212) 421-5777 Fax: (212) 826-6940
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4 4.1
DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS DISCLAIMERS & SAFE HARBOR
Summary Disclaimer. This publication ("Report") does not constitute legal, valuation, tax, or financial consulting advice. Nor is it a statement on the performance, management capability or future potential (good or bad) of the company(ies), industry(ies), product(s), region(s), city(ies) or country(ies) discussed. It is offered as an information service to clients, associates, and academicians. Those interested in specific guidance for legal, strategic, and/or financial or accounting matters should seek competent professional assistance from their own advisors. Information was furnished to Icon Group International, Inc. ("Icon Group"), and its subsidiaries, by its internal researchers and/or extracted from public filings, or sources available within the public domain, including other information providers (e.g. EDGAR filings, national organizations and international organizations). Icon Group does not promise or warrant that we will obtain information from any particular independent source. Published regularly by Icon Group, this and similar reports provide analysis on cities, countries, industries, and/or foreign and domestic companies which may or may not be publicly traded. Icon Group reports are used by various companies and persons including consulting firms, investment officers, pension fund managers, registered representatives, and other financial service professionals. Any commentary, observations or discussion by Icon Group about a country, city, region, industry or company does not constitute a recommendation to buy or sell company shares or make investment decisions. Further, the financial condition or outlook for each industry, city, country, or company may change after the date of the publication, and Icon Group does not warrant, promise or represent that it will provide report users with notice of that change, nor will Icon Group promise updates on the information presented. Safe Harbor for Forward-Looking Statements. Icon Group reports, including the present report, make numerous forward-looking statements which should be treated as such. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995, and similar local laws. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's, city's, country's or industry's actual results or outlook in future periods to differ materially from those forecasted. These risks and uncertainties include, among other things, product price volatility, exchange rate volatility, regulation volatility, product demand volatility, data inaccuracies, computer- or software-generated calculation inaccuracies, market competition, changes in management style, changes in corporate strategy, and risks inherent in international and corporate operations. Forward-looking statements can be identified in statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate,'' "estimate," "expect,'' "project,'' "intend,'' "plan,'' "feel", "think", "hear," "guess," "forecast," "believe," and other words and terms of similar meaning in connection with any discussion of future operating, economic or financial performance. This equally applies to all statements relating to an industry, city, country, region, economic variable, or company financial situation. Icon Group recommends that the reader follow the advice of Nancy M. Smith, Director of SEC's Office of Investor Education and Assistance, who has been quoted to say, "Never, ever, make an investment based solely on what you read in an online newsletter or Internet bulletin board, especially if the investment involves a small, thinly-traded company that isn't well known … Assume that the information about these companies is not trustworthy unless you can prove otherwise through your own independent research." Similar recommendations apply to decisions relating to industry studies, product category studies, corporate strategies discussions and country evaluations. In the case of Icon Group reports, many factors can affect the actual outcome of the period discussed, including exchange rate volatility, changes in accounting standards, the lack of oversight or comparability in accounting standards, changes in economic conditions, changes in competition, changes in the global economy, changes in source data quality, changes in reported data quality, changes in methodology and similar factors. Information Accuracy. Although the statements in this report are derived from or based upon various information sources and/or econometric models that Icon Group believes to be reliable, we do not guarantee their accuracy, reliability, quality, and any such information, or resulting analyses, may be incomplete, rounded, inaccurate or condensed. All estimates included in this report are subject to change without notice. This report is for informational purposes only and is not intended as a recommendation to invest in a city, country, industry or product area, or an offer or solicitation with respect to the purchase or sale of a security, stock, or financial instrument. This report does not take into account the investment
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objectives, financial situation or particular needs of any particular person or legal entity. With respect to any specific company, city, country, region, or industry that might be discussed in this report, investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the information in this report. Investing in either U.S. or non-U.S. securities or markets entails inherent risks. In addition, exchange rate movements may have an effect on the reliability of the estimates provided in this report. Icon Group is not a registered Investment Adviser or a Broker/Dealer.
4.2
ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS
Ownership. User agrees that Icon Group International, Inc. ("Icon Group") and its subsidiaries retain all rights, title and interests, including copyright and other proprietary rights, in this report and all material, including but not limited to text, images, and other multimedia data, provided or made available as part of this report ("Report"). Restrictions on Use. User agrees that it will not copy nor license, sell, transfer, make available or otherwise distribute the Report to any entity or person, except that User may (a) make available to its employees electronic copies of Report, (b) allow its employees to store, manipulate, and reformat Report, and (c) allow its employees to make paper copies of Report, provided that such electronic and paper copies are used solely internally and are not distributed to any third parties. In all cases the User agrees to fully inform and distribute to other internal users all discussions covering the methodology of this Report and the disclaimers and caveats associated with this Report. User shall use its best efforts to stop any unauthorized copying or distribution immediately after such unauthorized use becomes known. The provisions of this paragraph are for the benefit of Icon Group and its information resellers, each of which shall have the right to enforce its rights hereunder directly and on its own behalf. No Warranty. The Report is provided on an "AS IS" basis. ICON GROUP DISCLAIMS ANY AND ALL WARRANTIES, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, RELATING TO THIS AGREEMENT, PERFORMANCE UNDER THIS AGREEMENT, THE REPORT. Icon Group makes no warranties regarding the completeness, accuracy or availability of the Report. Limitation of Liability. In no event shall Icon Group, its employees or its agent, resellers and distributors be liable to User or any other person or entity for any direct, indirect, special, exemplary, punitive, or consequential damages, including lost profits, based on breach of warranty, contract, negligence, strict liability or otherwise, arising from the use of the report or under this Agreement or any performance under this Agreement, whether or not they or it had any knowledge, actual or constructive, that such damages might be incurred. Indemnification. User shall indemnify and hold harmless Icon Group and its resellers, distributors and information providers against any claim, damages, loss, liability or expense arising out of User's use of the Report in any way contrary to this Agreement. © Icon Group International, Inc., 2007. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and will result in prosecution. Text, graphics, and HTML or other computer code are protected by U.S. and International Copyright Laws, and may not be copied, reprinted, published, translated, hosted, or otherwise distributed by any means without explicit permission. Permission is granted to quote small portions of this report with proper attribution. Media quotations with source attributions are encouraged. Reporters requesting additional information or editorial comments should contact Icon Group via email at
[email protected]. Sources: This report was prepared from a variety of sources including excerpts from documents and official reports or databases published by the World Bank, the U.S. Department of Commerce, the U.S. State Department, various national agencies, the International Monetary Fund, the Central Intelligence Agency, and Icon Group International, Inc.
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Disclaimers, Warrantees, and User Agreement Provisions
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