Eastern Mediterranean Nations Forge Tech Ties

Greece's burgeoning startup ecosystem is attracting the attention of Israel, with experts predicting a surge in collaboration between the two eastern Mediterranean nations.

While Greece may be better known for its ancient history and idyllic beaches, its tech sector is undergoing a significant transformation. The country is rapidly becoming a hub for innovative startups, with a focus on areas like cybersecurity, fintech, and artificial intelligence. This newfound dynamism has not gone unnoticed by Israel, a global leader in technological development.

"Greece is part of the European Union, so they have to adhere to EU resolutions," said Cobi Bitton, CEO of the Israel-Greece Chamber of Commerce. "But for Israelis, it's one of the very few places around the world today where they feel safe and welcomed."

This sense of security, coupled with Greece's flourishing tech scene, is creating an ideal environment for Israeli companies and entrepreneurs. The thirst for both technological expertise and talent can be reciprocated, offering significant benefits for both nations.

"2024 is going to be a milestone year for the Greek startup market," Bitton enthusiastically declared. Buoyed by a recent study by the Chamber of Commerce, supported by local venture capitalists and banks, Greece's startup ecosystem is estimated to be valued at a staggering $8.2 billion as of 2022. This positions Greece as a clear leader in venture funding within the South Eastern European region.

Athens, the nation's capital, is unsurprisingly the epicenter of this burgeoning tech hub, followed closely by Thessaloniki, Greece's second-largest city. Investment in Greek startups is on a sharp upward trajectory, with over 70 companies receiving more than €485 million ($526 million) in funding in 2023 alone. Experts predict this figure to climb even higher in the coming years.

The burgeoning partnership between Israel and Greece is not merely driven by economic considerations. There's a growing recognition of the strategic importance of forging strong ties in the eastern Mediterranean region. By fostering collaboration in the tech sector, both nations can solidify their positions as innovation powerhouses, contributing to regional stability and economic prosperity.