Minister of Foreign Affairs George Gerapetritis’ address at the Athens Chamber of Commerce and Industry (Athens, 06.04.2026)

Dear friends, Dear Giannis, good evening.

It is truly a great pleasure to be here with you today. Being among people from the business community - who, at the end of the day, are the only ones with an actual insight into the economy and the society - is a welcome and bright interlude amid everything that is happening around us and at the Ministry of Foreign Affairs. It is a perspective reflected in citizens' daily lives, in entrepreneurship, and in competitiveness.

For me, it is important not only to share my thoughts with you - particularly those relating to geopolitical economy - but also to hear your views on how you perceive the progress of entrepreneurship at this moment in time, in an international environment which, as the President described, is extremely volatile. It is truly a stroke of good fortune - and I mean it - that Giannis Bratakos is at the helm of the Athens Chamber of Commerce and Industry (ACCI) . Beyond being an excellent entrepreneur, he is an outstanding individual, with remarkable insight into developments and an emotional intelligence that is uncommon for a businessperson. Fortunately, politics did not erode him, and he is here among you today, contributing in a valuable manner - unlike some who remained in politics.

Allow me to note that what characterizes today's international geopolitical landscape is the loss of established norms. The established norms upon which the international security architecture - and the broader geopolitical system - were built after the Second World War have now suffered a profound rupture. This rupture consists, on the one hand, in the effective erosion of the rules upon which the international system was founded - mainly what we broadly refer to as International Law - and, on the other, in the weakening of international multilateralism.

International organizations, which in reality served as the channels through which solutions to major global problems could be reached, appear to be receding. The vacuum these organizations - the United Nations, even the European Union, the World Trade Organization - leave behind is increasingly being filled by states that effectively replace international multilateralism with unilateral decision-making. Within this new environment, countries that were not traditionally powerful are also emerging.

One might recall how, in the past, the United States acted as the driving force behind a new school of thought on global matters, particularly for world peace and global development. Today, however, we are witnessing that mid-sized countries are also pursuing - through economic diplomacy - the expansion of their global reach, precisely by taking advantage of the prevailing volatility.

This brings us, in reality, to a new international environment in which, as the President correctly noted, predictability in short supply. In the past, the primary role of a Minister of Foreign Affairs was to anticipate developments in order to be prepared in time. That approach has now effectively been abandoned, both as a decision-making process and as a method of data analysis. What remains is the obligation for those at the helm of diplomacy to process all possible scenarios and to produce immediate solutions and possess rapid reflexes. The pace of developments and the unpredictability of events are such that there is neither the time nor the capacity to anticipate what tomorrow may bring.

You can already see how we manage developments on a daily basis. Each day is entirely different from the previous one, and no one can say with certainty what the next day will bring. We are already in the midst of three ongoing armed conflicts that have been raging for years, most recently the conflict in Iran and the Gulf. The conflict in Ukraine continues. The situation in the Middle East, in the narrow sense - Gaza, the West Bank and Lebanon - persists. And now, of course, there is this new front involving Iran and the Gulf countries, which has introduced new elements.

I had the opportunity to meet with the U. S. Secretary of State two days before the operations began, where we discussed upcoming developments. I am not referring to the timeline of the attack, but rather to the fact that talks were not progressing well. What I realized at that moment was that the belief we could exhaust every possibility for peaceful dialogue was overly optimistic. We all know the outcome.

I believe that, on the part of the United States, there may have been an underestimation of the global economic significance of a potential closure of the Strait of Hormuz. But what is interesting is that the Iranians themselves may also have underestimated its importance for the global economy. Their focus had always been on developing a nuclear program or an expanded ballistic capability with long-range reach. Yet their real "nuclear weapon" was the capacity to block the Strait of Hormuz - something that has already caused significant disruption and will cause far more if the conflict persists.

I would like to note that we are, of course, examining all possible scenarios. What we hope for is that the mediation efforts currently underway will bear fruit in the coming hours or days, leading initially to a ceasefire that will ultimately allow for discussions toward a lasting and viable peace in the region. This is not easy, as beyond the armed conflict in Iran, other conflicts have emerged, rooted in causes that go back decades, if not centuries - such as the conflict in Lebanon, which is deeply concerning.

Therefore, achieving even a transitional peace framework is difficult at the moment. We hope it will be achieved, for various reasons. In any case, we are prepared for all contingencies. As you know better than me, the economic consequences of a prolonged closure of the Strait of Hormuz would be devastating. These effects have not yet fully materialized across all markets. For the moment they are visible only in core sectors such as oil and its derivatives.

In this reality of international volatility, Greece holds an exceptionally stable position, which has established it as a highly reliable interlocutor and an ally of principles. It is exceedingly difficult - and I say this with full awareness - to pursue a policy that is both realistic and based on principles. The reason is that the number of competing interests is so great that balancing them becomes extremely challenging. Those who attempted a more transactional approach, trying to walk a tightrope between opposing interests, only to find themselves suspended in mid-air, have ultimately realized - over the medium term - that such a strategy is harmful and that they will pay the price on all fronts.

On the contrary. What has been our rationale over the past three years? First, that we address the major gaps that had existed for decades - our long-standing, historical burdens. The issue of a sustainable, functional relationship with Türkiye is not a single, isolated matter arising merely from our geographical proximity. It clearly relates to the economy. It relates to the international geopolitical landscape. But it also relates to an additional factor.

The "calm waters", as it has been described over the past three years, have given the country the opportunity to regain ground that was lost during the economic crisis - a period marked by severely weakened defense, by international relations that had severely deteriorated both due to entrenched stereotypes and due to the fact that Greece lacked the means to assert itself on the international arena. Greece lost a great deal of time during the economic crisis. This is what we are now recovering. Defense has been significantly strengthened, economy has been stabilized, and diplomacy has advanced.

Today, Greece may be a small to lower mid-sized country, yet its international footprint is far greater than its size and population would suggest. Greece is not merely at the core of the European Union - it is a producer of EU policy. One need only consider how many Greek initiatives over the past seven years have been rendered European policies. Greece is actually a co-shaper of international security, particularly through its participation in the UN Security Council, at the most difficult moment since the Second World War, where we are called upon daily to take difficult and consequential decisions for the future of the global framework.

At the same time, we have consciously developed, in recent years, a network of alliances that effectively positions Greece as a hub of political influence. Presently, we maintain a major strategic partnership with the United States, a strategic relationship with Israel, a strategic partnership with the Gulf countries, and a strategic relationship with India. This forms an expansive arc which, in effect, multiplies our geopolitical weight, creates new framework for interconnectivity, and establishes Greece as an equal partner and interlocutor with all of these countries. As a result, Greece now holds key positions in nearly all major international organizations and is increasingly regarded as a producer and exporter of security - even to countries that were traditionally either more powerful or oriented toward other competing countries.

Therefore, at present, Greece constitutes, in my view, a model of consistency toward its partners and allies, making it a country, others can rely on. And I emphasize consistency because the credibility of an economy is intrinsically linked to the credibility of its coutry's diplomacy. When a country finds itself in a state of ambiguity and inconsistency, a high level of risk inevitably affects all business activity and investment. Conversely, when a clear and internationally recognized diplomatic capital exists, this directly reinforces the strength and prospects of investments made by that country's citizens.

Especially in this rapidly evolving environment. It also is crucial to examine the positions developed within the European Union. Under the pressure of current events, the European Union has been compelled to undertake two major actions, which affect significantly the business community.

The first - though less directly relevant to you - is the strengthening of the Union's collective defense capacity. For the first time, huge resources - 800 billion euros - are being directed toward European defense, with the aim of achieving what we describe as Europe's strategic autonomy. This has occurred under pressure from both NATO and the United States, albeit pressure that also reflects a reasonable call for burden-sharing. Fortunately, Greece has faced no difficulty in adapting, as defense investment has consistently remained high as a percentage of GDP. Most importantly, however, we are at the core of this discussion.

The second important EU policy - also accelerated by transatlantic dynamics - is the EU's systematic effort to address, for the first time, its own competitiveness in realistic terms. European competitiveness has always been a complex concept, largely because it has traditionally been filtered through a cultural lens shaped by European values.

As a result, competitiveness itself was never at the forefront of the EU policies. This is clearly demonstrated by the Draghi and Letta reports, which highlight long-standing systemic weaknesses of the European Union. In this context, first, the European Union has decided to invest in its competitiveness, and discussions are currently underway regarding the multi-annual financial framework, in which competitiveness will, for the first time, play a central and stand-alone part.

Also, under the pressure of developments, the European Union has decided to expand its reach into regions and markets that were previously either unfamiliar or approached with considerable caution. I am referring in particular - though not exclusively - to two major multilateral agreements: the EU-MERCOSUR trade agreement with Latin America, and the Free Trade Agreement with India, a market of 1.5 billion people. We are therefore at a critical transitional period for the world, and especially for Europe, which is seeking a new identity and entrepreneurship within this framework - one in which it has a major part to play. What are we doing for entrepreneurship?

Mr. President, I apologize for taking up so much time - I fear there will be little left for discussion, so I will be brief from here onwards. As you know, economic diplomacy is within the responsibility of the Ministry of Foreign Affairs. The Prime Minister's decision, prior to the assumption of political leadership in 2019, to transfer this major part of economic diplomacy to the Ministry of Foreign Affairs was a wise one.

It is truly remarkable that in every country I visit - regardless of size, power, or geography - the one topic that consistently arises in conversations is economic cooperation based on private-sector entrepreneurship. This is always among the first items on any bilateral agenda. I too came to appreciate - fortunately quite early - the importance of effectively promoting our country's economic capital abroad. For me, this is a powerful diplomatic asset.

We are highlighting the fact that our country is a safe country, the resilience of our economy, and above all, our entrepreneurial strength. As you know, our exports have increased significantly, we are now at approximately 50 billion euros. We have also seen an increase in foreign direct investment. You are aware that Parliament has recently adopted legislation on the screening of foreign direct investments, so that such investments are also assessed on the basis of their substance and their geopolitical dimensions.

At the same time, we are developing an ambitious five-year strategic extroversion plan, under which we will target specific markets and countries. In essence, we will prioritize those countries that offer investment opportunities - whether due to their economies, due to them being emerging markets, due to the momentum of our bilateral relations, or for geopolitical reasons - within the 2026-2030 period. The objective is that you, as entrepreneurs, will have full clarity regarding priorities, both in terms of sectors - energy, artificial intelligence, innovation, research, logistics, environment, infrastructure - and in terms of countries.

It is worth noting that in 2025 we carried out 12 business missions to target-countries such as the United Arab Emirates, Israel, Saudi Arabia, and Iraq, but also to traditional European partners such as Italy and the United Kingdom, where we tend to run trade deficits, largely because we had not previously placed sufficient emphasis on these countries. In total, around 200 Greek companies participated in these missions and concluded approximately 1,300 bilateral agreements. These companies are already active across these countries. Last week, I traveled to Benghazi - a very challenging country, yet our closest neighboring country in the Mediterranean - where major Greek enterprises are already developing activities across multiple sectors, both in Eastern and Western Libya.

All these activities have been supported by the Greek state and Enterprise Greece, notably by facilitating the participation of Greek companies in international trade fairs. In total, approximately 1,350 Greek companies participated in more than 65 international trade fairs in 202.

I would also like to highlight the role of Enterprise Greece, the national Trade & Investment Agency, a private-law entity under the Ministry of Foreign Affairs. It operates as a one-stop shop: supporting exports, showcasing country-specific opportunities, assisting with logistics, and effectively providing a framework of direct support for Greek exporters.

In addition, there is the national Export Credit Agency, Export Credit Greece, also a private-law entity under the Ministry of Foreign Affairs, which provides direct support in the form of guarantees for Greek exports. Within April-May, two subsidiaries will be established - one focusing on factoring and the other on short-term export credit insurance - so as to ensure that all necessary instruments are available. Through state-backed guarantees, this will create even stronger incentives for export activity.

The National Strategic Plan for Extroversion 2026-2030 includes targeted actions. For 2026 alone, there are 600 specific actions, which will be communicated to you through the Board of Directors so that you are fully informed. Let me, however, strongly encourage you to become even more active and more ambitious, particularly regarding exports.

The state will do what it must. You heard Giannis speak about the importance of political stability. Let me underline something that is quite striking, though often overlooked. Among the EU countries which do not have a presidential system, Greece - alongside Malta - is the only one governed by a single-party government. This is a significant comparative advantage, though we cannot predict how long it will last. What matters is that it creates a solid foundation of political security. This is a considerable advantage and it is widely recognized.

I hope that whenever the next elections take place, they will produce a stable and strong government. A strong government is of great importance for the country's economic and entrepreneurial footprint. In 2026 and 2027, more than half of the European countries will hold elections. In such a volatile environment, with the rise of the far right - for reasons you are all aware of - and with pressures coming from multiple directions, including hybrid threats aimed at undermining democratic processes, you can all appreciate the importance of strong institutions, a resilient economy, and robust entrepreneurship.

We will do our part. I encourage you to be as active and as bold as possible, so that together we can advance our country towards prosperity.

Thank you very much.

April 6, 2026