Why Greek-American tech cooperation matters
The world is changing. Technology is becoming a sine qua non parameter that defines the characteristics of the international system. There is no better example than the discovery of new generation vaccines. MRNA vaccines are playing a catalytic role in bringing the Covid-19 pandemic to an end and in generating optimism about the fight against other diseases such as cancer.
Technological progress has acquired special significance in the modern era of interconnectivity. The vast amount of data that scientists can access empowers the quantitative nature of their research and then yields impressive results in term of qualitative findings. Artificial intelligence techniques make the difference and are extensively employed by labs, companies, startups and individuals. In the last 20 years, the US geopolitical, economic and soft power has been interwoven into the success of Silicon Valley, a model the EU has not managed to replicate on the Old Continent.
Greek-American bilateral relations could not but benefit by the existing reality. While attention is naturally directed towards the strength of defense ties, especially the implications of those ties on NATO’s response to the war in Ukraine and on Turkey’s provocative policies in the Eastern Mediterranean, American investments in Greece are similarly important. A recent Hellenic Foundation for European and Foreign Policy (ELIAMEP) study that was carried out by the author with the support of the US Embassy in Athens has aimed at elaborating on this theme. Data exhibit an upward trend in the stock of US foreign direct investments in Greece from €838 million in 2018 to €1.107 billion in 2019, and €1.289 billion in 2021. Subsequently, the bilateral trade volume has also increased, from $$2.6 billion in 2018, to $2.9 billion in 2019, and $3.2 billion in 2021. A hiatus recorded in the rise of both the stock of investments and bilateral trade due to the pandemic was temporary. In tandem with the 2021 situation, provisionary data from the first eight months of 2022 are encouraging.
The nature of the Greek-American economic partnership is multifaceted and encompasses sectors such as shipbuilding, real estate, energy, education etc. Within this context, the engagement of colossi such as Amazon, Cisco, Digital Realty, Microsoft, Pfizer and more recently Google has the capacity to further unleash innovation in Greece. As a result, jobs are created and new tech-labs are built, often with Washington’s support. Greece’s digital transformation is thus strengthened and has the potential of evolving as a hub for the Balkans.
In tandem with economic benefits, Greece’s advantage of being close to the world’s technology leader extends into the political sphere. The EU is accelerating efforts to create a new legislative framework that will arguably better respond to challenges. Athens is gradually gaining expertise that can shape and improve its contribution to the complex nature of ongoing conversations, including at the Transatlantic Trade and Technology Council.
Dr George N. Tzogopoulos is a lecturer at the European Institute of Nice (CIFE), and a senior fellow at the Hellenic Foundation for European and Foreign Policy (ELIAMEP) and at the Begin Sadat Center for Strategic Studies in Israel.
