Since presenting his credentials to the President of the Hellenic Republic on May 10, 2022, United States Ambassador to the Hellenic Republic George James Tsunis has demonstrated a strong commitment to his mission and a proactive disposition, not only representing the interests and policies of the United States in Greece but also working closely with the Greek leadership and other stakeholders to advance our two nations’ shared goals for peace and prosperity. Business Partners reached out to talk about the Greek economy, Greece as an investment destination, and how to really tap into the country’s potential.
Amb Tsunis with shipyard workers at Elefsina for the DFC Announcement on November 6
It has been a year and a half since you stepped into your role as US Ambassador to Greece—a year during which you have been very active and present, working with the Greek government to advance mutual goals and interests. What has this experience been like so far?
Serving as US Ambassador to Greece has been the honor of a lifetime—and more rewarding than I ever dreamed it could be. Our countries have a strong bilateral relationship grounded in shared democratic values, and put simply, Greeks are fantastic partners. I am proud of the work we’ve done to support Greece’s economic growth and the progress that has been made, especially within three areas: US investments in the Greek maritime sector, the strides Greece has made toward becoming an energy security leader and regional energy hub for Southeast Europe, and the continued strengthening of our bilateral military partnership.
The US-Greek relationship serves as a stabilizing partnership in a critically important region
First, in the maritime sector, we recently celebrated the US International Development Finance Corporation’s (DFC) $125 million investment and ONEX’s revitalization of the Elefsina Shipyards. Since 2017, the US has partnered with the Greek government to find a productive path forward for Elefsina, the Syros Neorion shipyards, and other critical infrastructure assets in Greece.
The DFC-ONEX financing agreement at Elefsina is good for Greece and the region. This transparent, high-quality investment will create up to 1,000 jobs for Greek workers. Expanding the shipyard’s capacity to service liquified natural gas (LNG) ships will provide Greece with greater energy independence at a critical time when Greece is developing the infrastructure it needs to promote regional energy security and lead the green transition. I’m proud of the commitments made by ONEX and the governments of Greece and the United States to make the dream of revitalizing the Elefsina Shipyards a reality. Beyond Elefsina, DFC continues to explore new partners and projects to help Greece meet its clean energy transition goals. I know the best is yet to come for our investment partnerships in Greece.
My team and I are committed to not just supporting but further expanding our bilateral trade and investment relationship
Second, the strides Greece has made to become a regional energy security leader have been crucial in increasing Southern Europe’s energy independence. The soon-to-be-completed Floating Storage Regassification Unit in Alexandropouli and plans to export natural gas through the Greece-Bulgaria interconnector will provide the region with crucial energy infrastructure. The upcoming Greece-North Macedonia gas interconnector will also bring greater economic cooperation between Greece and its neighbor.
Additionally, Greece’s commitment to install 28 gigawatts of renewable energy by 2030 and reduce carbon emissions by more than half will lead to a cleaner environment for everyone. Plans to build transmission lines carrying green electricity from Egypt to Greece and the recently named “Green Aegean Interconnector,” which will transport green electricity from Greece to central Europe, will benefit all like-minded nations in the region seeking energy security and a cleaner tomorrow.
Lastly, in light of events in the Middle East, we are grateful for Greece’s partnership in promoting regional stability. Our interests and strategic objectives are not only aligned, they are anchored in our Strategic Dialogue and the Mutual Defense Cooperation Agreement (MDCA). During the US-Greek Strategic Dialogue in Washington in October 2021, our countries signed an update to our MDCA, a framework that has strengthened and advanced our shared defense and strategic interests for more than three decades.
The US-Greek relationship serves as a stabilizing partnership in a critically important region, and the US has and will continue to view Greece as a key NATO ally.
Amb Tsunis at the USAID MOU signing on Nov 13 with Aristotelis Aivaliotis, Secretary General for Energy and Mineral Resources of the Hellenic Ministry of Environment and Energy (MoEE) and Maria (Maira) Myrogianni, Secretary General for International Economic Affairs of the Hellenic Ministry of Foreign Affairs (MFA)
Over the past couple of years, Greece has emerged changed, with a stronger economy, a new can-do attitude, and plans for further reforms across a number of key areas. Focusing on foreign direct investment, it’s fair to say that Greece has really come into its own as an attractive investment destination, attracting numerous US heavyweights. What are your thoughts on the course of the Greek economy, the investment climate in the country, and the prospects for further US investment?
Greece’s return to an investment-grade sovereign debt credit rating is an excellent achievement that will boost market confidence in the Greek economy and continue to attract more foreign investments. Maintaining a strong primary budget surplus was key to this achievement. The United States has been one of the largest sources of foreign direct investment in Greece in the last ten years. Companies like Amazon, Cisco, Deloitte, Digital Realty, Google, Meta, Microsoft, Chubb, and Pfizer, along with many others have made landmark investments in this country. My team and I are committed to not just supporting but further expanding our bilateral trade and investment relationship.
Having had a chance to get to know the landscape and how things work, what are some things that you believe can be further improved upon to enhance Greece’s competitiveness and unleash its potential on the world stage?
Greece has implemented transformative reforms including improved tax collection, public- and private-sector digitalization efforts, improved banking sector stability, and a guaranteed influx of EU fiscal stimulus through 2026. These measures will help to ensure the economy’s overall longterm health. There are still bureaucratic hurdles, including delays in issuing permits and the overall pace of the judiciary system, but Greece is making significant progress. One further key reform is the implementation of an investment screening mechanism that will ensure a competitive, level playing field to invest in Greece. This mechanism will further unleash Greece’s economic potential by preventing untrusted vendors from taking advantage of opportunities to invest in Greece.
Since arriving in Athens, you’ve worked diligently to foster good contact with the country’s business community and have participated actively in a wide range of AmCham Greece’s events and initiatives. Talk to us about your experience with the Chamber; how do you see its work, its collaborations with the US Embassy in Greece, and its contribution to business in the country?
The US-Greek bilateral relationship is stronger than ever, and the American Hellenic Chamber of Commerce is an invaluable partner in these efforts. Cooperation was excellent before I started, and I believe together our teams are bringing this to even greater heights. Our collaboration on various initiatives and events has brought tangible results throughout the years that have created even more opportunities for US and Greek firms alike. Our cooperation in the annual Southeast Europe Energy Forum (SEEF), where energy experts and regional leaders come together to discuss strategies to strengthen the energy sector in the wider Southeast Europe region and address geopolitical developments and critical technological advancements, has been particularly impactful. Likewise, the annual HealthWorld Conference created a forum for US firms to offer themselves as partners to the Greek government as it seeks to reform and upgrade the nation’s healthcare system. Our engagements continue to be constructive, respectful, and aimed at collaborating to develop solutions to solve problems.
You’ve always been outspoken about your Greek heritage and how your parents immigrated to the US. Reflecting on this legacy of Greeks leaving their villages—and in the brain drain era, the country in general—to seek opportunity abroad, what do you think can be done to help boost rural development in Greece and potentially even bring home Greeks who have settled abroad?
Greece is on the right track. It’s a beautiful place with endless potential. We have seen several US companies investing in Greece take advantage of new incentives to encourage brain gain, the return of highly skilled Greeks back to jobs in their homeland. By keeping on the reform path and affording more bureaucratic flexibility, the country can make it even easier for Greeks who have moved abroad to relocate back to Greece.
