The prospects and challenges of industry in Greece, in a global environment of major reorganizations, are analysed in an extensive study jointly prepared by EY Greece and SEV, the association of enterprises and industries.

The report entitled "Building the Future for an Even Stronger Industry" analyses the trends and challenges facing industry at the global, European, and national level, focusing specifically on the transformation initiatives that Greek industrial enterprises will have to undertake in order to once again become the growth spearhead of the economy, at the heart of a new production model. Industry in Greece has shown resilience to crises and, in recent years, has been expanding its economic footprint and its contribution to the Greek economy.

In 2022, the wider industry generated 14.4% of Greece's GDP, provided a significant number of well-paid jobs (117,000 new jobs have been created in the last 10 years, 3,500 researchers work exclusively in it, compared to 1,900 in 2011, while the total receives 32% higher average wages compared to the rest of the economy), was a source of innovation and technological leadership, generated 90% of goods exports, and almost tripled the contribution of industrial exports to GDP (23.6% vs. 8%). At the same time, it is a key investment pillar of the national economy, with total investments since 2010 exceeding €38 billion. 

12+1 CONDITIONS 

The study by EY Greece and SEV concludes with a set of recommendations along the following lines:

1. Investing in environmentally friendly forms of energy and energy efficiency solutions, aiming to reduce operating costs
2. Putting people at the heart of the fourth and fifth industrial revolutions
3. Continuous investment in health and safety at work, with a view to eliminating occupational accidents
4. Increasing the resilience of supply chains to cope with unforeseen events
5. Developing ecosystems and building strategic partnerships to enhance competitiveness and effectively navigate through ongoing crises
6. Embedding industrial excellence in the DNA of businesses through specific and holistic programmes
7. Adopting the servant leadership model as a driving force for the successful implementation of industrial excellence programmes
8. Early and widespread adoption of AI solutions is a key driver for increasing the international competitiveness of Greek industry
9. Design and implementation of an integrated digital transformation programme for industries
10. Shielding of industrial enterprises in terms of cyber security
11. Wider promotion of sustainable development at ecosystem level, including the entire value chain
12. Growth of Greek industrial enterprises, through investments, mergers and acquisitions, partnerships and alliances
13. Public policies to create a friendly investment and business environment

Mr. Thanos Mavros, EY Greece Partner and Head of EY's Supply Chain and Intercompany Operations in Greece and the Central, Eastern, Southeastern Europe and Central Asia (CESA) region, said: "In the new production model that the country needs to achieve sustainable, high growth rates, industry must have a dominant position. An industry, however, with an eye on tomorrow, that will systematically invest in innovation, produce internationally marketable products with high technological content, and claim its rightful place in the global market. In order for Greek industry to play its critical role and act as a catalyst for the growth of the economy, industrial enterprises will need to invest in industrial excellence, the promotion of digital transformation for the transition to the factory of the future, and sustainable development that will create long-term value for the enterprises themselves, but also for the environment, consumers, and society."

Mr. Efthimios Vidalis, Chairman of the Executive Committee of SEV, commented: "Despite the successive crises in Greece and Europe, Greek industry has endured, evolved, and supports the country's growth dynamics, offering stable jobs and higher average wages than the rest of the economy. At a challenging time when the threat of de-industrialization is becoming increasingly visible in the EU, there is no room for complacency. Digital transformation, sustainable growth, and industrial excellence are critical success factors in seizing the opportunities triggered by the reorganisation of international production networks. SEV, in cooperation with EY, is recording the dynamics of industry in the context of the systematic effort to strengthen the domestic production base and address existential challenges such as high energy costs, the climate crisis, the exploitation of AI, corporate growth, and human resources development."