ATHENS – Greek-German economic ties strengthened during the last two years despite the challenges and the turmoil caused by the pandemic in 2020, with economic relations rising in 2021, gradually returning to normality, a report by the Foundation for Economic and Industrial Research IOBE said on Wednesday.

The report, conducted for the Greek-German Chamber of Commerce and Industry, said that amid the pandemic crisis Germany preserved and in several cases enhanced its position as one of the biggest trade and investment parters of Greece. The report said that the accumulated contribution of members of the Greek-German Chamber on the Greek economy is estimated at 3.9% of GDP (6.4 billion euros), up from 3.3% of GDP in 2019.

Greek Deputy Foreign Minister Costas Fragogiannis, addressing the event during which the report was presented, referred to the prospects of further boosting the already strong Greek-German trade and investment relations.

Constantinos Maragos, president of the Chamber, addressing the event said one of the main characteristics of the German investment footprint on the Greek economy was its multi-dimensional nature.

Professor Nikos Vettas, managing director of IOBE, stressed that both German investments in Greece and Greek exports to Germany were critical to the Greek economy because of their medium- and long-term nature.