Very few products are so linked with a place’s history and culture as olive oil and olive trees are regarding Greece’s cultural heritage. Endowed with strong symbolism through mythology and religion but also associated with gastronomy and a healthy diet, olive tree and its products are certainly a unique component of Greek and Mediterranean culture in general.

From the olive wreath -the olive leaf crown (kotinos) awarded to the ancient Olympic Games winners- to Plato’s olive tree, under which the famous Greek philosopher taught his students 2,400 years ago or to the healing properties of olive oil mentioned by Hippocrates, this sacred and eternal tree has been praised since antiquity. During war the messengers requesting truce were holding an olive branch as symbol of piece, while “iketes” citizens who had committed serious offences and who sought asylum at the altar of a particular god, carried also an olive branch.

The discovery of petrified olive leaves in Santorini of an estimated 50.000 to 60.000 years of age as well as archeological findings from the Minoan Palaces in Crete proving olive oil’s role in the Minoan civilization, illustrate the long-lasting role of this “blessed fruit” in the Greek civilization. The myth that Athenians chose goddess Athena over Poseidon because she offered them as a gift the olive tree, a source of life that would provide them with food is a well-known Greek ancient myth.

Greek olive oil is of supreme quality and its uniqueness lies, to a great extent, in the climate that the olives are cultivated in. Like wine, which absorbs the aromas from other elements it comes in contact with, the olive oil too is influenced by its surroundings. About 65% of Greece’s olive oil comes from the Peloponnese, while the rest is produced mainly in Crete, the Aegean and the Ionian Islands. Natural fertilizers are also considered to be a key ingredient. Olive trees can survive without constant irrigation, they complete their own growing cycle and are quite resilient to climate change.

The olive harvest process

The making of the olive oil in Greece is a fascinating process and the olive harvest is considered an important time of year. In the past but also nowadays olive harvest has been an activity mainly carried out by families as many olive groves are maintained for personal use. Of course, big agricultural units exist equally applying modern techniques, when it comes to olive harvest, production of olive oil and promotion activities.

Traditional harvest process begins with collecting olives by hand to ensure that no damage is done to the tree and to the olives after placing long nests on the ground around the trees. The olives are then placed in large sacks and transported to an olive press where they are laid on a conveyer belt, washed and separated from the leaves. In ancient and old times, the olive oil press consisted of two millstones, put in motion by large wooden handles pushed by men or donkeys, pressing the olives and turning them into paste and then into oil.

Today electrical machines are used to shake down the trees and the millstones have been replaced by modern mechanized presses, although some olive presses still use the stone-grinding method with the only difference that movement of the mills is now electricity powered. The pressed by stone is considered to create a more complex and healthier end product because this centrifugal action maintains the vitamins and the phyto-antioxidants.

Traditional olive harvest has also been included in agrotourism as it is a perfect interactive holiday choice and over the years olive harvest activities have become a popular trend in Greece for outdoor enthusiasts. This a perfect opportunity to witness the whole harvest process and to master age-old harvesting techniques. Visitors are participating in olive collection and they can watch the liquid gold tickle down the pipes harvesting the fruit of their labor.

Greece as an olive oil producing country

Greek olive oil products are considered top quality worldwide. They are cultivated in the country’s ideal climate and soil varieties. An 80% of Greece’s olive oil is extra virgin, which is the top-ranked classification category in the world. There are literally hundreds of local varieties and tastes, including a number of organic producers which are positioning in the global high-value market with specialty and luxury oils.

According to International Oil Council, estimates for the 2023/2024 period in terms of olive oil production, Greece ranks in fifth place worldwide and third at European level. There is still room for branded Greek olive oil to grow. As the fifth largest producer worldwide, Greece provides around 10% of global olive oil supply. And, yet, the country claims only 2-3% of the branded olive oil market internationally, with a large proportion of annual production exported in bulk. Industry experts estimate that exports of branded Greek oil could increase as much as 20% over the next 2-3 years.

Τhe quality of Greek olive oils has consistently garnered international acclaim. At the 2024 NYIOOC World Olive Oil Competition, Greek producers earned 56 awards from 108 entries, despite facing the worst harvest in a decade. Produced mostly from small, family-owned olive groves, 80% of Greek olive oil is extra virgin and 17 regions of the country have PDO certification for their olive oil.. Its most notable varieties are Koroneiki and Kalamata, which produce oils with unique flavor profiles.

Many Greek producers still follow traditional production methods that have been passed down from generation to generation, such as harvesting olives by hand or cold pressing. Additionally, many of them have incorporated sustainable agricultural practices and ecological growing methods to preserve the land and the quality of their oils.

Looking ahead, Greek olive oil experts anticipate both challenges and opportunities. Factors such as climate change and evolving production and export models are expected to influence the sector. However, there is optimism that by focusing on high-quality production, Greek olive oil can continue to captivate consumers worldwide with its distinctive flavors.

Greek Olive oil and oleaginous products are amongst the most famous agricultural products of the country while the mainly small sized but dynamic Greek companies are investing time, effort, resources and creative thinking into making the best usage of their product. Using innovative farming techniques but also modern marketing tools reinforcing their product’s aesthetic appeal Greek companies are trying to gain their position in the global market. Τhe “Art of Greek Olive Oil” is gaining a lot of ground internationally, with remarkable reactions from consumers and businesses, but also with an array of awards won in international competitions for the quality of Greek products and their sophisticated packaging.

Apart from olive oil, olives themselves can be consumed as snack or be used in salads, breads, pies or sauces as table olives. In this case different varieties of olives such as black Kalamata olives or juicy Amfissas olives are used. Olive oil is also used in soap manufacture as base for soap, since the antiquity. Olive oils soap is very mild, long-lasting and helps retain moisture and elasticity even in the most sensitive skin type. Olive oil has also been used as a base for making perfumes due to its tendency to last longer on the skin.

Even the residues that are left after the olive oil extraction process in solid and liquid form like paste, pomace oil or kernel wood can be used as an animal feed supplement, natural organic fertilizer or solid biofuel for energy production. It is by no means accidental that olives are praised as a “blessed fruit”!

Mediterranean Diet

Greek olive oil is the basis of the Mediterranean Diet. As the main ingredient of every recipe found in Greek traditional cuisine, olive oil plays a dominant role in Greek nutritional habits. Greek olive oil is known worldwide for its purity, exceptional taste and high nutritional value. Besides, extra virgin olive oil is a superfood. Studies have shown that olive oil is the healthiest product among vegetable oils. It is loaded with antioxidants and protects from various diseases, therefore essential for a balanced diet! Many Greek olive oil products from various regions of the country have been registered as protected designation of origin (PDO) or protected geographical indication (PGI) the EU’s recognition system for high quality agricultural products.

Read more on GNA:

It’s a Fact: Greek Olive Oil is an Art
Taste the unique "Greek breakfast"
University of Athens Online Courses on Mediterranean Diet

I.E. 

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Maira Myrogianni was appointed as Secretary General for International Economic Affairs in the Greek Ministry of Foreign Affairs on July 2023. She is a graduate of the School of Law of the National and Kapodistrian University of Athens and of the Faculty of Law of the University of Lille II in France. She is also a PhD candidate at the Faculty of Social and Political Sciences of the University of Peloponnese, her scientific interests focusing on the fields of Human Rights and European Law.

Maira Myrogianni has a wide and diverse experience in public administration, having served for several years as a legal advisor for international relations to the Ministry of Foreign Affairs, the Ministry of Maritime Affairs, the Ministry of Culture & Sports, the Ministry of National Defense and the Ministry of Labor & Social Affairs.

Secretary General Myrogianni spoke to Greek News Agenda* on Greece’s comparative advantages and why it attracts foreign investments at such high rate; the Greek economy’s more competitive sectors and its openness to international trade and markets; the importance of reforms outlined in the National Strategic Plan for Extroversion; how Greece has established itself as a digital innovation hub as well as an energy hub for Southeastern Europe, and is among the more climate-ambitious EU member states. Finally, the Secretary General spoke on the goals and initiatives of Enterprise Greece, the national state agency responsible for attracting foreign direct investment and promoting Greek exports.

What do you think are Greece's comparative advantages? Why should someone invest in our country?

Our country is now considered a leading investment destination attracting large-scale investments. It's not just momentum and favorable conditions that contribute to this, but other important factors as well, such as the improvement of the macroeconomic environment and the brave reforms promoted by the government, including rapid digital transformation, the reform of the tax system and the expansion of  available financing tools (National Recovery and Resiliency Plan - Greece 2.0). At the same time, more than 1,500 public services were digitized, which contributed to speeding up the necessary administrative procedures for making an investment.

One of the country’s main comparative advantages is the availability of professionals  that are highly trained, academically qualified, and proficient in multiple languages, while, according to recent data from the Ernst & Young “European Investment Monitor,”  most prominent among the country's appealing factors are: quality of life (75%), transport infrastructures and logistics (73%), telecommunications infrastructure / digital infrastructure (72%), Greece’s internal market (72%), and, as mentioned, skilled human resources (70%).

It is also worth bringing up the reform of investment incentives, both with the promotion of the new Development Law in 2022 that offers competitive investment incentives in the form of tax breaks, grants, wage and other subsidies, as well as with the substantial improvement of the framework for strategic investments, where investors can also enjoy an extremely wide range of incentives.

What are the most competitive productive sectors of the Greek economy and the most important markets for Greek exports? Are they venturing into new markets and if so, which ones?

Tourism, shipping, and agriculture by tradition comprise the Greek economy’s competitive sectors, while other strong productive sectors include the food and agri-food industry, energy production, management and conservation, construction and building materials, information and communication technologies (ICT).

In 2022, 55.1% of the country's total exports was directed to the European Union, demonstrating the bloc’s special significance for Greek foreign trade, while other very important markets include geographically distant countries, such as the United States of America, China, Canada, and the United Arab Emirates.

In addition, there are ventures into new markets in Southeast Asia and Sub-Saharan Africa. For example, I recently visited Jakarta where I participated in the Indonesia-Europe Business Forum 2023 and presented on the occasion the opportunities that our country offers, especially in the areas of shipping, transport & interconnectivity, energy transition & Renewable Energy Sources and tourism. While in Jakarta, I also had the chance to discuss the promotion of bilateral economic and trade relations between Greece and Indonesia with political leaders and businesses entities.

Could one say that Greece has built a brand name in the investment sector, for example as a hub for technological/green investments or as a bridge between Europe and Asia in the framework of the National Strategic plan for Extroversion?

It is clear that the Greek success story has attracted investors to Greece, but also that Greek companies have become more extroverted, thanks also to the reforms outlined in the National Strategic Plan for Extroversion. The creation of a Greek brand name in the investment sector is now something tangible.

In recent years, Greece has been promoted as a digital innovation hub, with significant strategic investments in the field of IT and digital technology. What’s more, our country has been successfully positioned internationally as an energy hub in the wider region of Southeast Europe, thanks to its key geo-strategic position but also to the design and implementation of high-potential international connections, both in the electricity and natural gas markets.

Moreover, Greece is among the more climate-ambitious EU member states, supporting the goal of reducing emissions by at least 55% (as compared to 1990) by 2030, with the ultimate goal of achieving climate neutrality by 2050. The ambitious National Climate and Energy Plan (NECP) and the National Climate Adaptation Strategy (establishment of a National Council and preparation of regional adaptation plans), are fully consistent with ecological and other EU priorities, and in particular with the European Green Deal.

The National Strategy for Extroversion is a necessary tool for coordinating the country's extroversion initiatives, but also an important tool for identifying and classifying target markets, actions and priority sectors for the Greek government and Greek enterprises, with the aim of supporting extroverted businesses and the organized promotion of the country's international position and image. This is the road map for Greece's extroversion actions.

Out of the 779 initiatives in total included in the 2023 National Strategic Plan for Extroversion, 130 concern the energy, environment and technology sectors, while the majority of initiatives (470) focus on the countries of Europe, the Balkans and the Middle East.

Could you briefly describe the goals Enterprise Greece? What initiatives has the organization planned for 2024 to attract new investments and reinforce the extroversion of Greek businesses and foreign trade?

Enterprise Greece, as the national state agency responsible for attracting foreign direct investment and promoting Greek exports, takes care every year to formulate the appropriate strategy relating to target markets, promotion sectors and types of business activities, depending on both the country’s needs and international conditions. We have laid the foundations for a new development model, which favors domestic entrepreneurship as well as direct foreign investments. The pillars of our development strategy focus on digital and green economy, but also on promoting social equity and long-term sustainability.

For 2024, our business planning includes a series of actions, such as holding targeted investment seminars or forums; organizing national participation in important sectoral investment exhibitions abroad; preparing and planning one-on-one meetings with international investors and organizing trade missions. At the same time, we continue to maintain and update an extensive portfolio of investment opportunities which currently includes 419 projects in various sectors of the economy.

Regarding the export sector, Enterprise Greece has designed and provides to export-oriented businesses an integrated, coherent program of services, actions and tools. The program focuses on providing three types of services: Networking, Training & Empowerment and Consulting & Information. It is also worth mentioning that Enterprise Greece has recently launched a new service for Greek exporters and potential export companies, the Export Help Desk, an innovative online platform offering daily updates to exporters on issues and procedures of foreign trade, as well as on the implementation of training programs.

Given the increase in foreign investment, as well as the new wave of investment expected following the recent recovery of Greece’s investment grade, in which areas does Enterprise Greece expect interest to be focused on in 2024?

It is a fact that Greece’s performance as regards direct foreign investment in recent years has been impressive. Greek exports have recorded a historic high: During the 3-year period 2020-2022, exports of goods increased by 77.6%, reaching a momentous 55 billion euro in 2022 (from 30.8 billion euro in 2020). These achievements of the Greek economy are expected to lead to a new investment wave, not only in its traditionally strong sectors like tourism, shipping and agriculture, but  also  in knowledge-intensive sectors, such as technology, research and development, health sciences, interdisciplinary innovation and start-up entrepreneurship.

We have already seen the first important instances of this, both with the dynamic investment entry into Greece of large multinationals corporations such as Microsoft, Google, Pfizer Cisco, HP, Digital Realty, Accenture and Deloitte in the fields of research, development and innovation, as well as with the significant investment wave attracted by the rapidly growing startup ecosystem in the country. It is worth noting that in 2021, the startup ecosystem attracted investments amounting to 540 million euro, while in 2022 the corresponding amount exceeded 325 million euro. It is worth noting that the vast majority (73%) of these investments were from abroad. In terms of target sectors, our operational action plan for 2024 aims at countries with significant investment potential –according  to official data from the OECD and the Bank of Greece–  while emphasizing sectors where Greece has a comparative advantage and in which significant investment mobility is observed, as for instance in tourism and real estate, IT and communication technologies, health sciences, agri-food, smart manufacturing, energy (RES, but also thermal production, electricity and natural gas networks, hydrocarbon research and development), environmental technologies, supply chain, business service centers and audiovisual productions.

* Interview to Ioulia Livaditi | Translation from Greek to English: Ioulia Livaditi; Editing: Magda Hatzopoulou

The post Maira Myrogianni, Secretary General for International Economic Affairs: “the creation of a Greek brand name in the investment sector is tangible” appeared first on Greek News Agenda.