The Greek shipbuilding industry is a sector that enters a new period of reconstruction and growth. This development is not coincidental. Geopolitical realignments, Europe’s increasing need for defense autonomy, the restructuring of global supply chains, and the search for new industrial drivers of growth are creating an environment in which Greece is seeking to reposition itself on the international shipbuilding map. (Cover photo: ONEX's shipyards in Syros).

At the center of this effort are the country’s three major shipbuilding hubs: ONEX’s shipyards in Elefsina and Syros, Skaramangas Shipyards, and Salamis Shipyards. A common feature of these initiatives is the development of strategic partnerships with major industrial groups from abroad, primarily from South Korea, Germany, and France, with the support of the United States within a broader strategic framework. These partnerships aim to strengthen the domestic industrial base, facilitate the transfer of expertise and know-how, promote the development of advanced technologies, and create a modern industrial ecosystem.

At Posidonia 2026, the ONEX Shipyards & Technologies Group presented its comprehensive vision for the future of the shipbuilding industry, energy, maritime infrastructure, and emerging technologies. At the center of the Group’s presence were new shipbuilding projects, energy developments, offshore energy production solutions, the serial production of ONEX RAstar 2800 tugboats, as well as the advanced repair, conversion, and technical support services provided by ONEX’s shipyards in Elefsina and Syros. (Source: https://www.facebook.com/OnexElefsisShipyardsSA/ )

The heads of the three shipyards, speaking to the Athens-Macedonian News Agency (ANA-MPA), describe a shared vision: transforming Greece into a regional hub for shipbuilding, defense manufacturing, ship repair and maintenance, and the construction of specialized high-value-added vessels. At the same time, they emphasize the importance of new investments in creating thousands of jobs, upgrading workforce skills, and strengthening the country’s industrial presence. At a time when Europe is seeking new production capabilities in the defense and industrial sectors, Greek shipyards are aiming to capitalize on the country’s comparative advantages: its maritime heritage, strategic geographic location, and extensive experience in one of the most important sectors of the Greek economy.

The common denominator across all three cases is that the revival of the Greek shipbuilding industry is no longer viewed as an isolated industrial initiative, but rather as part of a broader national strategy that integrates the economy, technology, defense, and international competitiveness. The international partnerships already underway are creating the conditions for Greek shipyards to regain a significant position on the global stage, transforming a traditional sector of the economy into a major driver of growth for the decades ahead.

ONEX’s shipyards in Elefsina and Syros

ONEX's shipyards in Elefsina (photo amna.gr)

ONEX's shipyards in Syros

The most ambitious investment plan is being presented by ONEX through Project Trident, a €1.35 billion program that aims to establish a fully integrated production line for warships and submarines, with Greek participation exceeding 70% of the total project value. At the heart of the initiative is a strategic partnership with South Korean company Hanwha Ocean to develop capabilities for constructing advanced submarines and frigates. According to the investment plan, the first customer to join the frigate production line would receive its first vessel in 2031, while delivery of the first submarine is projected for 2034.

According to Panos Xenokostas, Chairman of the ONEX Group, the objective is to transform the shipyards of Elefsina and Syros into the “southern pillar” of the European shipbuilding industry. As he told ANA-MPA, the next stage of development is closely tied to the introduction of automation, robotics, and artificial intelligence technologies, as well as the transfer of critical expertise that would enable Greece to acquire the capability to build submarines, frigates, and other complex naval vessels. At the same time, the program is expected to create up to 10,000 direct and indirect jobs, providing a significant boost to employment and domestic industrial production.

Skaramangas Shipyards

Skaramangas Shipyards (photo amna.gr)

Skaramangas Shipyards are also poised to play a significant role in the evolving landscape of the Greek shipbuilding industry. Within a short period following the resumption of their operations, the shipyards have expanded their activities in both the commercial and defense sectors. Particularly important are the partnerships with South Korea’s HD Hyundai Heavy Industries and Germany’s TKMS (ThyssenKrupp Marine Systems). The agreement with HD Hyundai Heavy Industries focuses on the design and construction of surface vessels and is expected to strengthen the participation of Greek industry in future shipbuilding programs through the transfer of expertise and best practices from one of the world’s largest shipbuilding groups. At the same time, the cooperation with TKMS is centered on the modernization of the Hellenic Navy’s submarine fleet, leveraging the German company’s extensive expertise in Type 214 submarines.

Within the framework of Posidonia 2026, a Memorandum of Understanding (MoU) was signed between Skaramangas Shipyards, represented by Miltiadis Varvitsiotis (right), and HD Hyundai Heavy Industries, represented by Kim Jae Rak (https://www.amna.gr/) 

The Chief Executive Officer of Skaramangas Shipyards, Miltiadis Varvitsiotis, told ANA-MPA that the shipyards’ trajectory serves as an example of how the revival of the Greek shipbuilding industry can be linked to the emerging needs of European defense and security. As he noted, Greece possesses the skilled workforce, geostrategic location, and maritime tradition required to play a leading role in the evolving European defense ecosystem. He added, the development of the shipyards is not solely about industrial production; it is also about creating expertise, generating added value, and fostering new employment opportunities that can have a multiplier effect on the Greek economy.

Salamis Shipyards

At the third pillar of the Greek shipbuilding industry, Salamis Shipyards are pursuing a strategy focused on specialization and participation in international defense supply chains. The company has already developed significant activity in supporting high-technology defense programs and is actively involved in the production of sections and components for naval vessels serving international customers. A notable example is its partnership with Naval Group under the FDI Frigate Program. Through this collaboration, Salamis Shipyards manufactures critical steel structures and ship sections for vessels destined for both the French Navy and the Hellenic Navy.

The Chairman and Chief Executive Officer of Salamis Shipyards, George Koros, believes that the Greek shipbuilding industry is facing a historic opportunity, driven both by geopolitical developments and by Europe’s efforts to strengthen its strategic autonomy. As he emphasizes, the objective is not mass production but the development of high-value-added vessels for specialized markets. Within this framework, Salamis Shipyards are exploring the expansion of their activities into the construction of next-generation commercial vessels, with particular emphasis on LNG carriers and high-specification dry cargo ships. This strategy is directly linked to the energy transition and the growing global demand for more efficient and environmentally friendly vessels—a sector in which Greek industry is seeking to establish a stronger presence.

He further stresses that Greece today possesses all the necessary prerequisites to transform its maritime strength and geostrategic position into industrial value creation, with the shipbuilding industry evolving into one of the key pillars of the country's economic development.

Salamis Shipyards - FDI Frigate Formion Blocks Construction

(Source: “Greek Shipyards Invest in International Partnerships and Seek a Role in the European Defense Ecosystem” by Thanassis Papadis, https://www.amna.gr/ )

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The pharmaceutical sector in Greece has a strong financial footprint and is among the most dynamic sectors in the country in terms of growth. Greece’s pharmaceutical market is forecast to grow by 8.2%: from $7.5 billion in 2022, to $7.8 billion in 2023. By 2027, the market is predicted to reach $9.8 billion.

According to the report  “The Pharmaceutical Market in Greece: Facts and Figures 2022” compiled by  the Foundation for Economic and Industrial Research (IOBE) in cooperation with the Hellenic Association of Pharmaceutical Companies (SfEE), the pharmaceutical sector spends on Research & Development (R&D) 8% of the overall R&D expenditure in Greece. In addition, domestic medicinal products’ manufacturing has a 6.4% share in the manufacturing sector.  According to recent IOBE estimates regarding the financial footprint of the pharmaceutical sector on Greek economy, its total contribution in GDP terms is estimated at €6.2 billion. (3.4% of GDP) in 2021. In employment terms, the overall contribution of the sector is estimated at 108 thousand jobs (2.8% of total employment).

Equally important is the role of the pharmaceutical sector in the overall external trade, with pharmaceutical product exports amounting to €2.6 billion in 2021, representing 4.7% of the total Greek commodities’ exports for 2022 to main export destinations, such as Germany, France and the UK. Right now, 10% of all generic medicine production in Europe comes from Greece.

On the occasion of the celebration of the 90th anniversary of the Pan-Hellenic Association of Pharmaceutical Industries (PEF), its vice-president Dimitris Demos surveyed the Greek pharmaceutical industry’s footprint in Greece and Europe as well as the sector’s dynamic for further growth in the years to come.

According to Mr. Demos, the Greek pharmaceutical industry is stronger than ever, but it is vital that it remains receptive to messages from the international market.  One fist such message was the coronavirus pandemic, which led to a collapse of the supply chain and to significant shortages in essential medicines in Europe. That was due, according to Mr. Demos, to the existing European strategy that promoted the purchase generics from third countries; this had led to the closure of many European production units and the transfer of their operations to countries outside the EU.

Greece, having maintained its strong local pharmaceutical industry, not only did not face the shortage problem that the rest of Europe had, but what is more, supported the health systems of the rest of the European countries with the necessary pharmaceuticals.  

The second strong signal for a change in the European strategy for pharmaceuticals came from the war in Ukraine, which, once again, left Europe facing lack of access not only to natural resources, such as natural gas and grain, but also to the raw materials that Russia supplied for industrial activities, such as ammonia for the production of fertilizers. According to Mr. Demos, 60% of the raw materials for drug production come from China, so one can only imagine the immensity of the problem for Europe if access to those materials became difficult, or even impossible.

Incentives for a European production of pharmaceuticals

Today, the E.U. is concerned about its production sufficiency in pharmaceuticals, and it is expected that incentives will be given for the production of raw materials for pharmaceuticals in Europe, as well as for the purchase pharmaceuticals of that are produced locally.

The plan for the return of the production of generics in Europe is now a fact, emphasized Mr. Demos. A few weeks ago, a law was passed in Germany, obliging, for certain categories of drugs, insurance funds to purchase 50% of their quantities from European producers. A first estimate shows at least a doubling of market size for European producers within the next 3-5 years .

In addition to the aforementioned important changes in the European strategy and the pan-European problem of interest rates and rising production costs, the Greek pharmaceutical industry has also two additional challenges to face: firstly, the loss of ten years of research into cutting-edge pharmaceutical technologies due to the economic crisis, and secondly, the ensuing brain drain.

 The answer to whether the Greek pharmaceutical industry can rise to the global market challenges, is according to Mr. Demos, a resounding yes: "As a country we may represent only 2% of the European population, but today we own 10% of Europe's generic production pharmaceutical units. In the last 3 years, through the very successful cooperation between the state and the pharmaceutical industry and the clawback liquidation law, the Greek pharmaceutical industry has been making investments, to such an extent had not been done in the last 30 years."

Growth of pharmaceutical investment in Greece

By the end of 2025, the number of production units and research centers in Greece is expected to increase from 72 and 27 respectively, to 107 production units and 41 research centers. This expansion will result in a 35% growth in the sector's footprint and the creation of 5,500 new jobs.

In financial terms, the pharmaceutical industry has already planned investments totaling 1.2 billion euros since 2022. With the new announcement cycle expected for the years 2024-2025, the total investment amount is projected to increase to 1.5 billion euros. Furthermore, the geographical expansion of the sector's investments will generate employment opportunities across the country, spanning from Sappes, Halkidiki, Thessaloniki, and Ioannina, to Trikala and Lamia, as well as the Northern and Eastern sectors of Attica, and extending to Corinth, Patras, and Tripoli.

These investments will establish a new industrial sector in Greece, that of the production of raw materials for pharmaceuticals. Additionally, the 14 new research centers established by the pharmaceutical industry can serve as incubators for university researchers and mark the start of the industry’s biotechnology journey.  The hope is that these substantial investments in biotechnology will create conditions conducive for brilliant Greek scientists to return to the country.

In addition, the Pan-Hellenic Association of Pharmaceutical Industries has started implementing training programs for young scientists, while at the same time planning vocational orientation programs for high school students, programs throughout the country and especially in the areas where new factories are being built.

Mr. Demos concludes that the Greek pharmaceutical industry is experiencing an unprecedented growth trajectory. It is operating at a startup pace, swiftly overcoming the challenges of the past decade's crisis, while seizing opportunities presented by the global market. Its ambition is to emerge as the leading pharmaceutical industry in Europe.

The pharmaceutical industry: An overview

According to Enterprise Greece, with a highly skilled workforce and an established R&D and manufacturing capability, the Greek Life Sciences and Pharmaceuticals industry exhibits significant growth potential both in serving the internal market, as well as in expanding its reach beyond national borders.

In the Pharmaceuticals sector, the manufacturing of generics has the potential to spur growth and GVA, improving the efficiency of the Greek healthcare system and also fueling exports and growth for the Greek pharmaceuticals industry.

International pharmaceutical spending trends in recent years have highlighted the significance of lower-cost alternatives to off-patent drugs, particularly in the form of generics. This continuing trend towards generics has fueled a global industry of generic drug manufacturers that have expanded through strategic acquisitions and have developed extensive marketing and distribution networks throughout the world.

The Greek pharmaceutical sector has traditionally been a strong contributor to the Greek economy, focusing mainly on local consumption. However, this shift towards generics can provide a very strong opportunity for the sector to leverage its know-how and capabilities, focusing first on the Greek market where cost pressures are forcing a major shift towards generic drug consumption, but also on European and other markets.

There are several Greek companies already competing successfully in the international pharmaceutical markets, with a strong shift towards R&D, innovation and marketing so that they can become competitive.

Why Invest in the pharmaceutical industry Greece

Regional market potential for generic pharmaceuticals – The CEE market is expected to almost double in size over the next few years, exhibiting more than twice the annual growth rate of the rest of Europe. Greek companies are very well-positioned to tap into these markets, thanks to lower transportation costs and strong sales and distribution networks

Regional Hub for Clinical Trials: Greece has established itself as a regional hub for clinical trials and most major international pharmaceutical companies conduct clinical trials in Greece. The new legislation for clinical trials creates the platform for attracting more R&D investment in Greece.

R&D and Development know-how – Life sciences research and pharmaceuticals manufacturing have been well-established in Greece and exhibit extensive know-how and world-class collaborations.

Skilled medical personnel – Greece has a significant quantity and quality of expert physicians, who are sought after in several countries and whose expertise is a strong competitive strength.

Medical tourism market potential – The development of new medical tourism products combining healthcare and holidays is expected to dramatically increase based on the combined competitive advantages of Greece in the two sectors of tourism and healthcare, especially for the Middle East markets which have direct access to Greece.

I.L.

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