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Economy

United Group Telecoms Investing $2 Billion in Greece, Fiber Optics

September 9, 2022

The Balkan telecommunications and media company United Group said it would put 2 billion euros ($2 billion) in investments into projects in Greece to upgrade the country’s telecoms infrastructure.

Prime Minister Kyriakos Mitsotakis’ office said that the company, whose majority is owned by private equity firm BC Partners, will install a 10-gigabit fiber optics network to service 4.5 million customers, Reuters reported.

Greece’s Internet and telecoms services break up intermittently, a problem for the New Democracy government that wants to attract technologically-skilled digital nomads who need reliable service.

The government in this case that the company’s expertise will help speed the further digitalization of public services with a long reputation for inefficiency, being sluggish and relying on paper records stacked up.

Mitsotakis, who met with United Group representatives in Athens, said he expected 2022 would be “a record year for Greece in terms of attracting foreign investment,” the report added.

“Your decision is proof of the confidence shown by both domestic and international investors in Greece’s prospects,” he reportedly said during the meeting as he’s trying to lure more Foreign Direct Investment (FDI.)

United Group CEO Victoriya Boklag said the company was seeking a long-term relationship with Greece that is trying to accelerate its push setting up online platforms for government services.

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