HACCI: Greece and Australia Strengthen Bilateral Trade and Investment in 2025

In a groundbreaking virtual meeting organized by the Hellenic Australian Chamber of Commerce and Industry (HACCI) National Federation, key stakeholders from Greece and Australia convened to explore the burgeoning opportunities in trade and investment between the two nations. Chaired by Dr. Elena Limnios from Perth, Western Australia, the event marked a historic first, bringing together representatives from nine chambers and trade organizations across both countries. With distinguished guests, including Australia’s Ambassador to Greece, Alison Duncan, and Greece’s Ambassador to Australia, Stavros Venizelos, the summit provided a platform for direct dialogue on fostering economic collaboration.

A Growing Economic Partnership

The virtual summit highlighted the significant growth in trade between Greece and Australia, with bilateral trade reaching just over €1 billion in 2024. Dr. Limnios noted that Greece exports approximately €220 million in goods to Australia, primarily in pharmaceuticals and food and beverage products, while Australia exports around €97 million, with oilseed and scrap metal as key contributors. However, the lion’s share of the trade balance—approximately €700 million annually—stems from services, particularly maritime freight and tourism. With around 300,000 Australian tourists visiting Greece each year and Greek merchant vessels serving the region, these sectors highlight the strong economic ties between the two nations.

The event also highlighted emerging industries that are driving this partnership forward. Renewable energy, technology, and real estate are gaining traction, with significant investments already underway. Notably, Australia’s Macquarie Bank made headlines with a €2 billion investment in 2021 for a 49% stake in the privatization of Greece’s former electricity network operator, followed by further investments in green energy projects. These developments signal a promising future for collaboration in high-growth sectors.

At HACCI, we’re deeply committed to helping Greek and Australian businesses find the right partners, navigate new markets, and unlock their potential through trusted networks

Key Sectors for Investment

Ambassador Alison Duncan outlined several sectors ripe for Australian investment in Greece. Renewable energy stands out, with Greece ranked as a top global destination for such investments. The country aims to achieve 28 gigawatts of renewable capacity by 2030, offering opportunities in solar, wind, hydro, biomass, and energy storage solutions. Australian companies, such as Macquarie Bank, are already capitalizing on these prospects, with investments in Greece’s electricity network and renewable projects totaling €3.6 billion.

Tourism, a cornerstone of Greece’s economy, accounts for approximately 20% of its GDP. Ambassador Venizelos highlighted a 158% surge in Australian tourists visiting Greece in 2023, with early indicators for 2025 showing even stronger growth. Opportunities abound in luxury tourism complexes, ecotourism, wellness retreats, and the privatization of state-owned assets, such as marinas and regional airports. Real estate, particularly through Greece’s Golden Visa program, also presents diverse prospects for residential and commercial investments, with the added benefit of visa-free Schengen travel and access to Greek healthcare and education.

The technology sector in Greece is experiencing rapid growth, with a projected 50% expansion for 2024. Major players, such as Microsoft and Amazon, are investing in data centers and R&D hubs, creating opportunities for Australian businesses to collaborate on innovation. Agriculture and food processing offer further potential with the modernization of farming techniques and the development of value-added products such as olive oil and wine. Greece’s position as the world’s leading merchant navy also opens doors in maritime logistics and shipbuilding, where Australia’s expertise in distribution networks could prove invaluable.

Incentives for Investors

To attract foreign investment, Greece offers a robust suite of incentives. Ambassador Venizelos emphasized the Greek Golden Visa program, which provides EU residency through investments in real estate, government bonds, or startups. The EU Recovery and Resilience Facility will inject €31.16 billion into Greece by 2026, targeting green transition, digital transformation, and private investments, potentially boosting GDP by up to 6.9%. Tax incentives include a non-domicile tax regime, a 7% rate on foreign income, a 50% income tax exemption for relocating employees, and significant deductions for angel investors and research and development (R&D) activities. Greece’s corporate tax rate of 22%, coupled with modernized investment laws and fast-track licensing for renewable energy projects, further enhances its appeal.

Australia, too, is rolling out initiatives to facilitate investment. Ambassador Duncan highlighted the “Future Made in Australia” program, which offers regulatory facilitation, production tax incentives for green hydrogen and critical minerals, and a $1.7 billion fund for innovation and commercialization in priority sectors. Australia’s proximity to Asian markets, bolstered by free trade agreements, positions it as an ideal hub for manufacturing and exporting to the region.

Addressing Trade Barriers

Despite the trade growth, challenges persist. Ambassador Venizelos pointed to the geographic distance between Greece and Australia, which increases logistical costs and complexity. Australia’s strict biosecurity regulations have historically posed non-tariff barriers, particularly for Greek products like yogurt, ice cream, and fresh produce. However, in a significant development, Ambassador Duncan announced that Greece is now eligible to export bovine dairy products to Australia, following updated regulations that no longer require dairy to come from countries free of lumpy skin disease. This breakthrough paves the way for iconic Greek products to enter the Australian market, provided they meet the specified import requirements.

To hear that Greek yogurt can now be exported to Australia is truly a breakthrough. These are the kinds of tangible outcomes that events like today’s make possible.

Both ambassadors expressed optimism about the potential EU-Australia Free Trade Agreement (FTA), which could simplify customs procedures, reduce tariffs, and streamline phytosanitary requirements. Negotiations, which were paused in 2023, are set to resume, with both sides eager to secure a deal that enhances market access. Additionally, discussions on a bilateral double taxation agreement, which were paused in 2022, aim to reduce barriers for businesses and individuals with assets in both countries.

Distance is no longer a barrier when collaboration is this strong. Our Federation brings together chambers, exporters, investors and governments to make business between our nations simpler and stronger.

The Role of Chambers and Trade Delegations

The summit highlighted the crucial role of chambers of commerce in promoting trade. The strategic agreement signed last year between HACCI and major Greek chambers, including those in Athens and Thessaloniki, has laid the groundwork for enhanced collaboration. Ambassador Duncan praised this initiative and suggested establishing a bilateral business chamber in Greece to mirror HACCI’s efforts in Australia. Such a chamber could provide targeted support, including market information, introductions, and networking opportunities.

Trade delegations were identified as a key strategy for deepening ties. Ambassador Duncan advised Greek businesses to align their missions with high-level visits or major trade events, such as the Fine Food Australia Expo or the EU-Australia Hydrogen Supply Chain Conference, both of which are held in September. Ambassador Venizelos highlighted Greek festivals in Australian cities as ideal platforms for promoting products and networking with the influential Greek-Australian business community. He also suggested exploring opportunities in Australia’s mining sector and infrastructure projects tied to the 2032 Brisbane Olympics, drawing on Greece’s experience from the 2004 Athens Games.

A Call for Direct Flights

A recurring theme was the need for direct flights between Greece and Australia to boost business and tourism. Dr. Limnios noted HACCI’s advocacy for this initiative, with Ambassador Duncan encouraging stakeholders to maintain pressure on airlines like Qantas to demonstrate demand. She plans to discuss the issue further during her upcoming visit to Australia, underscoring its potential to transform bilateral connectivity.

HACCI was proud to initiate the push for a direct flight between Australia and Greece — a vision that both Ambassadors reinforced as vital during today’s event. This air link will not only strengthen business ties, expand tourism, and connect our people like never before but also open new frontiers of cultural and economic exchange between our two nations.

Looking Ahead

The HACCI summit marked a pivotal moment in Greece-Australia relations, showcasing the potential for deepened economic ties. With robust trade growth, new investment opportunities in high-growth sectors, and a commitment to addressing barriers, both nations are poised for a dynamic partnership. The event’s success, facilitated by technology and collaboration across chambers, sets a precedent for future dialogues that bring businesses and diplomats together.

As Dr. Limnios concluded,

This event is a testament to how we can leverage technology to bring senior diplomats and businesses together, fostering direct and impactful collaboration.

For businesses eager to explore these opportunities, resources are available through the Australian Department of Agriculture, Fisheries and Forestry (agriculture.gov.au) and Greece’s Enterprise Greece. The future of Greece-Australia trade is promising, with renewable energy, tourism, and technology driving growth.

 This event, with both Ambassadors joining us live, is a testament to the power of dialogue. We’re proud to lead the way in facilitating conversations that drive real outcomes for trade and investment.