Business Partners | September-October 2013

bponline.amcham.gr

SEPTEMBER-OCTOBER 2013 Vol. XII | No. 68

Thought Leaders

What’s the Big Idea

BUSINESS INTELLIGENCE

ABACUS ABS— EXPERTISE, EXPERIENCE, & EXCELLENCE ▼

HEALTHCARE

PHARMACEUTICAL INNOVATION AS A VEHICLE FOR GROWTH ▼

ALBA BUSINESS REVIEW

MICROMULTINATIONALS: A GROWTH ENGINE FOR GREECE ▼

PLUS TRENDS & TRADE MAKERS START-UP VIEWPOINT

AMERICAN-HELLENIC CHAMBER OF COMMERCE www.amcham.gr

Putting People First

Nikos Kefalas, Theodoros Liakopoulos, and Makis Kosmatos of the Johnson & Johnson Group of Companies

VOLUME XII | NUMBER 68

CHAMBER.PRESS ISSN 1109-4990 CODE: 6526

CHAMBER.PRESS

CONTENTS

AMERICAN-HELLENIC CHAMBER OF COMMERCE BPONLINE.AMCHAM.GR

AMERICAN-HELLENIC CHAMBER OF COMMERCE

4 THE BOARD 6 CHAMBER NEWS 8 START-UP

24

What About Your Childhood Dreams? What About Growth?

BY CHRIS ATTIKOS, MANAGER, MANAGEMENT CONSULTING, ACCENTURE GREECE

1 0 ALBA BUSINESS REVIEW

Nikos Kefalas, Theodoros Liakopoulos, and Makis Kosmatos of the Johnson & Johnson Group of Companies discuss the challenges of doing business in Greece today—and the outlook for tomorrow.

Micro-Multionationals: A Growth Engine for Greece

BY KOSTAS AXARLOGLOU, ASSOCIATE DEAN FOR EXECUTIVE EDUCATION, ALBA GRADUATE BUSINESS SCHOOL

1 1 HEALTHCARE

Pharmaceutical Innovation as a Vehicle for Growth

BY DR. MATYAS LAKATOS, GENERAL MANAGER, AMGEN GREECE & CYPRUS

1 2 MARKETWATCH Rolling a Hard Six?

BY JOHN KALANTZIS, SENIOR DIRECTOR, HEAD OF EQUITY RESEARCH, EUROBANK EQUITIES SA

1 4 NAMES & FACES IN THE NEWS 1 6 COLLABORATION@WORK

18

On Leadership: Three Rules

BY STAVROS MESSINIS

Theodoros Psaros, Senior Partner of Abacus Audit & Business Solutions, on domicile, M&A, taxation and legal planning

18

20

BUSINESS INTELLIGENCE

Abacus ABS—Expertise, Experience, & Excellence in Business Advice with Theodoros Psaros

LEADERSHIP TODAY

Your Vision Quest

BY GEORGIA KARTSANIS, CEO, CEO CLUBS OF GREECE 21

THE WORLD OF WORK

Randstad Outplacement Survey—Measuring Benefits and Costs

2 2 TRAVEL USA

11

Discover America—Massachusetts

2 4 THE INTERVIEW

Dr. Matyas Lakatos, General Manager of Amgen Greece & Cyprus, on pharmaceutical innovation as a vehicle for growth

Nikos Kefalas, Theodoros Liakopoulos, and Makis Kosmatos of the Johnson & Johnson Group of Companies

2 8 THOUGHT LEADERS What’s the Big Idea?

3 6 GREEK INVESTMENT FORUM

Seizing The Opportunities—The Athens Exchange and The American-Hellenic Chamber of Commerce in New York

BUSI N ES S PART N ERS I S THE B IMON THLY MAGA Z IN E O F T HE A M ER I CA N - H EL L EN IC CHA MB ER OF COMMERCE DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr

PUBLISHER & EDITOR Raymond Matera raymond@materamiller.com PLEASE RECYCLE

ADVERTISING Alexandra Loli alexandra@materamiller.com

OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr

BRANCH OFFICE 47 Vassileos Irakleiou Street DESIGN 546 23 Thessaloniki snack• Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 PRINTING & BINDING Northern Greece Publishing S.A. E-mail: n.tsavdaroglou@amcham.gr

4 0 GREECE TODAY

Innovation, Education, and Entrepreneurship— The Game Changers

BY LITSA PANAYOTOPOULOS

4 2 GLOBAL GREECE

The Trans-European Transport Network (TEN-T)—Transforming Greece

BY MEP GEORGIOS KOUMOUTSAKOS

4 4 MARKETPLACE

Build Your Brand, Convey Your Values

BY MARY SPILLANE

4 6 TRENDS & TREND MAKERS 4 8 VIEWPOINT Greek Products in the USA

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 1

DIRECTOR’S DESK

The latest results regarding examinations for entering higher education institutions in Greece should alarm us all. Lowering standards to accommodate changing “tastes” is a step in the wrong direction that will have negative effects on Greece for years to come.

The national discussion that has occurred in recent weeks has, I’m afraid, sidestepped the most important points and avoided dealing with key issues in any substantive way. It is not the case and should never be considerd the case that anyone who does not have a higher degree is a loser. And now is the time that we examined whether spending the equvalent of the national expenditure on education for “private” tutoring is an investment or a swindle.

What we should be discussing is whether the current education system meets the needs of students and, in turn, our country. Do our universites have a curriculum that prepares students to be citizens and professionals? Does the curriculum address emerging trends in science, the arts, humanities? Are we preparing risk takers as well as political leaders? Are we preparing professionals to deal with serious local challenges as well as global trends? Or are we satisfied with outdated and out-of-touch models that ignore the world today—both within and outside our borders?

Are protesters against change and the so called “commericialization” of education speaking in the real interests of our students—and our national well being? Or, perhaps, are they hiding behind obsolete slogans to protect their short sighted interests? And at the same time sabotaging the prospects of students who, following their advice, will be suitable for no job in the future.

At the Chamber we consider the educational system a cornerstone of sustainable development and growth. We believe in and support the need for open, non-prejudiced national dialogue on revising the philosophy of our educational model. We consider linking universities with the business community—and all productive sectors in Greece—vital for deep learning, the exchange of knowledge, and for preparing students for the “real” world.

To assist in this, our Chamber is initiating a student membership category, to bring students closer with the real business world and help them network and interact with the business community.

Naturally, we oppose the fact that a member of the EU, in 2013, is not allowed to host private universities. Such short sighted and self interested rigidities in Greece prevent us from becoming an international hub for studies in science, history, democracy and archaeology, tourism, agriculture, medicine, philosophy and a host of other disciplines. Rather, we export students. And that is a national shame.

ELIAS SPIRTOUNIAS Executive Director

The American-Hellenic Chamber of Commerce A DYNAMIC, PROACTIVE CHAMBER The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber.

The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy.

The American-Hellenic Chamber of Commerce is an active mem-

2 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

MISSION STATEMENT

The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

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American-Hellenic Chamber of Commerce EXECUTIVE COMMITTEE

COMMITTEES

Anastasopoulos Simos President | N. PETSIAVAS S.A.

AUDITORS COMMITTEE

Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Karayannis Angelos Vice President | KARAYANNIS K. GROUP OF COMPANIES Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Canellopoulos Paul Counselor | AIG GREECE Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. Saracakis John Counselor | SARACAKIS BROTHERS S.A.

Members: Felonis Athanassios, Kerameas George, Sabatakakis Kyriacos | Coordinator: Andriana Chadjianagnostou

CORPORATE GOVERNANCE COMMITTEE

Chair: Papacostopoulos Constantine | Members: Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Constantinidou

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Members: Alexiou Maria, Constantelis George, Iliopoulou Sissy, Katsouli Katerina, Lolas Vassilis, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Nafsika | Coordinator: Angela Boyatzis

ENERGY COMMITTEE

Chair: Karayannis Angelos | Members: Alexopoulos George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Angeliki Dikeoulia

GREEK ECONOMY CONFERENCE COMMITTEE

Spirtounias Elias Executive Director

Chair: Αnastasopoulos Simos | Members: Antoniades Vassilis, Bacacos George, Mamidakis Eleftheria | Coordinator: Angeliki Dikeoulia

INNOVATION, EDUCATION & ENTREPRENEURSHIP COMMITTEE

BOARD OF DIRECTORS Alexopoulos George | HELLENIC PETROLEUM S.A. Antonakou Peggy | MICROSOFT HELLAS S.A. Antoniades Vassilis | THE BOSTON CONSULTING GROUP Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A. Costopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATION Coustas John | DANAOS SHIPPING CO. LTD Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. Kartsanis Georgia | CEO CLUBS GREECE Kokorotsikos Paris | EUROCONSULTANTS S.A Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A. Kostas Stavros | Economist Kouidis Marilena | KOUIDES A.P.L. S.A. Koussia Venetia | MANPOWERGROUP S.A. Koutsoureli Eftychia | QUEST HOLDINGS S.A. Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Lazaridis Socrates | ATHENS EXCHANGE Lekkakos Stavros | PIRAEUS BANK S.A. Manos Alexandros | GENIKI BANK Mytilineou-Daskalaki Sophie | MYTILINEOS HOLDINGS S.A. Nordkamp Erik | PFIZER HELLAS A.E. Papadimitriou Pythagoras | HEWLETT-PACKARD HELLAS E.P.E. Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Papazoglou Panagiotis | ERNST & YOUNG (HELLAS) S.A. Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST SERVICES LTD. Thomas Athanasios | DOW HELLAS A.E. Tsamaz Michael | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE) Tsiboukis Antonis | CISCO HELLAS S.A. Xenokostas Panagiotis | ONEX S.A. Zanias George | NATIONAL BANK OF GREECE S.A.

4 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

Chair: Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Raptopoulos Manos, Rizopoulos Yannis, Tsiboukis Antonis, Tsigos Dimitris, Tsoukalis Alexandros | Coordinator: Katerina Tzagaroulaki

INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE

Chair: Kremalis Konstantinos | Members: Andriopoulos Stavros, Apostolopoulos George, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Κandarakis Michael, Karantzola Helen, Kikilias Elias, Kollas John, Konstantinidis Theodore, Kouskouna Froly, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Petroglou Athina, Poulias Alkiviadis, Prountzos Michael, Sarantopoulos Dimitris, Spyrakos Fotios, Spyropoulos Rovertos, Tompras Theodossis, Tzotzos Apostolos, Vafeiadis Ioannis, Velmachos Dimitrios, Vlassopoulos George | Coordinator: Voula Tseritzoglou

IPR COMMITTEE

Chair: Galanopoulou Katerina | Members: Ailianou Andromahi, Economou Alexandra, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou

LEADERSHIP COMMITTEE

Chair: Miropoulos Artemis | Members: Kalligeros John, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou

MEDICAL DEVICES & DIAGNOSTICS COMMITTEE

Chair: Liakopoulos Theodore | Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Kartalis Christos, Krinos Gregory, Lindholm Mangnus, Maroutsis George, Nikas Dimitris, Strouzos Anastasios | Coordinator: Voula Tseritzoglou

NORTHERN GREECE COMMITTEE

Chair: Bakatselos Nikolas | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Thanasis, Koukountzos Konstantinos, Mavroudis Theodoros, Pylarinos Othon, Symeonides Dimitris | Coordinator: Nikos Tsavdaroglou

PHARMACEUTICAL COMMITTEE

Chair: Pascal Apostolides | Vice Chairman: Filiotis Dionysios | Members: Capone Carlo, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Frouzis Konstantinos, Gerassopoulos Marcos, Greco Roberto, Karokis Antonis, Kefalas Nikos, Lakatos Matyas, Lorge Emmanuel, Nordkamp Hendrikus Hermannus (Erik) | Coordinator: Voula Tseritzoglou

PUBLIC AFFAIRS COMMITTEE

Members: Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana

TAXATION COMMITTEE

Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki

TOURISM COMMITTEE

Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Argiri Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia

WOMEN IN BUSINESS (WIB) COMMITTEE

Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Anagnostopoulou Popi, Athanassoulas Elena, Dimou Maria, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Milona Martha, Panagopoulou Varvara, Sideri Anastasia, Tarou Iphigenia, Tzimea Deppie, Velliotou Peggy | Coordinator: Angela Boyatzis

CHAMBER NEWS

ATHEX ROAD TRIP TO LONDON The Athens Stock Exchange led a road trip to London September 4-5 with 27 Greek companies, who had more than 1000 meeting with potential investors.

The Chamber, which partners with ATHEX to attract investment, particularly from the United States, supports all efforts to bring investment to Greece.

MEMBER-TO-MEMBER PROGRAM A program designed to encourage more business among Chamber members, and to allow members to introduce their goods and services to the market, the Chamber’s M2M (member to member) program invites all Chamber members to submit special offers to the Chamber, which will send out via monthly e-mail alerts to the entire Chamber membership.

For more information, you may send a message to: Μ2Μ@amcham.gr with the subject “Chamber M2M” or call Mrs. Ritana Xidou at 210 699 3559 Ext: 18

CHAMBER MEMBERSHIP CATEGORIES EXPANDED Recognizing the growing interest among young people in entrepreneurship, trade, and partnering with likeminded professionals in Greece and the United States, the Chamber has introduced new membership categories, allowing Young Entrepreneurs and Students to become Chamber members, network, and explore new business opportunities and partnerships, both in Greece and the United States.

For more information you may send a message to: members@amcham.gr with the subject “New Member” or call Mrs. Katerina Tzagaroulaki at 210 699 3559 Ext 22 or Mrs. Margarita Lardikou at 210 -699 3559 Ext 13.

6 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

Message from the President Dear Members, Signs of an upcoming recovery are beginning to appear in the Greek economic horizon and, with them, hope and expectations are rising. There is no doubt, however, that the fall is going to be a difficult period for the country. The fiscal results of the first seven months of the year show a primary surplus, for the first time in six years of recession, but income revenues are lagging, affecting public spending and payment of government debts.

Taxation is an increasing burden for society and business, while the continuing public sector structural reform will induce further job cuts.

Reform is necessary, though, for Greece to regain its credibility and competitiveness and in turn attract foreign investment. The messages from our contacts in the United States and delegates at the second Investment Forum in New York are highly optimistic; there is strong interest among American funds and companies to invest in Greece and a stable and healthy political and economic environment will allow this interest to materialize.

For these reasons, and further to the established and effective Chamber activities that we continue with dedication, the Chamber is actively supporting the reform efforts of the government.

We see AMCHAM as a bilateral commercial chamber as well as an organization that has the vision, the ability, and the will to assist in transforming Greece, to open the agenda on those issues that hinder development and introduce policy recommendations that will promote effective change and raise the credibility of the country.

The Institute of Economic Policy and Public Governance that we formed in July, along with all of our committees, will serve as key vehicles to lead the effort for transformation, assist in the implementation of structural reform, and play a more significant role in the development of an economic environment friendlier for business and definitely more attractive for investment.

This message is a call to all of us to support the effort to transform Greece and its business environment. We can achieve this by our proactive positions and dedication to bring ethos and values in doing business and by showcasing each and every member of Amcham to a leading business model example.

Chamber Member?

Display the Chamber Logo.

Chamber members are welcome to use the logo of the American-Hellenic Chamber of Commerce to post on their websites, e-mail signatures, stationary, or marketing material.

The logo, with the words, “Member, 2013,” will be available in a variety of formats and sizes, and will be sent to any Chamber member, in good standing, upon request.

For more information send a message to: members@amcham.gr with the subject “Chamber Logo” or call Mrs. Katerina Tzagaroulaki at 210 699 3559 Ext 22 or Mrs. Margarita Lardikou at 210 -699 3559 Ext 13.

Meet the Chamber The Chamber relies on its personnel to carry out all day-to-day functions, from responding to member enquiries to gathering business intelligence, and from event planning to bookkeeping. To assist our members, we list below the contact information and areas of responsibility of Chamber personnel.

• Elias Spirtounias, Executive Director e.spirtounias@amcham.gr • Angela Boyatzis, Executive Officer, International Relations & Events. Domains of activities: WIB, CSR, Delegations. a.boyatzis@amcham.gr • Dafni Constantinidou, Executive Officer, Fairs & Events. Domains of activities: IPR, Corporate Governance, ΙΤ d.constantinidou@amcham.gr • Angeliki Dikeoulia, Executive Officer, Policy Institute Coordinator. Domains of activities: Governmental Affairs, Economy, Environment-Energy, Tourism a.dikeoulia@amcham.gr • Andriana Hatzianagnostou, Chief Accounting Officer a.hatzianagnostou@amcham.gr • Margarita Lardikou, Senior Accounting Officer, Memberships. Domains of activities: Membership dues & members archive m.lardikou@amcham.gr • Georgia Mamali, Executive Board Secretary, Press/Archive Office & Events g.mamali@ amcham.gr • John Moisoglou, AHEI Executive Officer, Domain of activities: Export Facilitation j.moisoglou@amcham.gr • Voula Tseritzoglou, Executive Officer, MIS, Fairs & Events Domains of activities: Health, Defense, Labor and Insurance v.tseritzoglou@amcham.gr • Katerina Tzagaroulaki Executive Officer, New Memberships & Events, Domains of activities: Taxation, Innovation, Education, New Member Development k.tzagaroulaki@ amcham.gr • Andreas Tzinieris Premises & Security Officer a.tzinieris@amcham.gr • Ritana Xidou, Executive Officer, WEB/Database & Events, Domains of activities: Leadership, Public Affairs events, Members archive , r.xidou@amcham.gr

BRANCH OFFICE - THESSALONIKI • Nikos Tsavdaroglou, Northern Greece Executive Coordinator, n.tsavdaroglou@amcham.gr • Meni Charalambous Northern Greece branch office Secretary – Memberships, m.charalambous@amcham.gr

EXTROVERSION – COMPETITIVENESS II FUNDING PROGRAM The American-Hellenic Chamber of Commerce, in its effort in contributing to the outward looking nature of Greek businesses, is planning a series of actions and programs for the period 2014-2015, aiming to strengthen the exports of Greek products in the U.S. market. These activities could be included and covered by the newly announced by the State funding program “Extroversion – Competitiveness II” for which the deadlines for submitting proposals ends October 10, 2013.

For more information, please connect with http://www.amcham.gr/index.php?option=com_ content&view=article&id=402:2013-08-27-15-0310&catid=1:latest-news

Chamber Calendar September 19 - 20 Athens, Ledra Marriott Hotel, 12th HealthWorld Conference September 26 Athens, Hotel Grande Bretagne WIB Luncheon with Marijo Bos, President, EPWN September Athens, A forum on Athens and its potential as a major destination city September Thessaloniki, How to Do Business in U.S. Seminar September Thessaloniki, 3rd MIW Forum October Athens, Data Protection and E-Governance Conference October Athens, 4th Corporate Governance Conference

Breakthrough Greece Breakthrough Greece, an initiative of the Chamber, presents dynamic, innovative, outward-looking Greek companies, in an effort to showcase successful enterprise in Greece that offer high value services and product to the global market.

Visit http://www.breakthroughgreece.gr/ to learn about companies on the move. Spread the word and “like” Breakthrough Greece on Facebook!

October Thessaloniki, 5th Thessaloniki Tax Forum October Athens, 2nd Intellectual Property Rights Conference October 31 Athens, Hotel Grande Bretagne 11th CSR Conference October Kalamata, How to Do Business in U.S. Seminar

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 7

START-UP

What About Your Childhood Dreams?

What About Growth?

BY CHRIS ATTIKOS MANAGER, MANAGEMENT CONSULTING, ACCENTURE GREECE

Chris’s request for inspiration, ideas, feasibility and courage to start up his own business.

Dear Friend, I reach out to you to get the courage needed to start up my own business. Yes, we may both enjoy a fast track career, we lead high visibility projects – the stakes are high, but, isn’t Time our most precious and least available asset?

Over the past months I enjoy watching TED talks online on new business ideas and personal development and also was greatly inspired by Randy Pausch last lecture on “Achieving Your Childhood Dreams”. Since 2008, cost reduction and synergies are far more appealing in Greece than new investments. It has been now two years since my last growth strategy project, and even that was for a client in Bulgaria. What about your childhood dreams? What about

TECHNOLOGY GIANTS FROM APPLE TO GOOGLE, TWITTER TO FACEBOOK AS WELL AS TOP MANAGEMENT CONSULTING FIRMS WORLDWIDE PREFER TO INCLUDE EXENTREPRENEURS IN THEIR RANKS growth? We, individuals should make our childhood dreams come true and growth will follow.

The first building block towards my goal is a robust idea. This generally should come from two sources, either externally through the “crowd” or internally through observation and “design thinking”. There are many inspirational external sources showcasing the latest business ideas and trends, such as, SpringWise.com, CoolBusinessIdeas.com, IdeasSpotter.com, UncommonBusiness.blogspot.com, etc. In terms of own brainstorming, I will follow Stanford’s d.school “design thinking” approach. Its steps are: empathize, define, ideate, prototype and test, which, essentially, mean to simply observe your environment and ask open ended questions without assuming anything.

The second consideration would be to rapidly assess the feasibility of the idea. The first and most critical question to answer here is

8 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

whether the potential market size would be large enough. You may increase the market size by thinking of going international also, but have in mind that this would tie up management focus and bandwidth. If the market is large enough, then there is a point in proceeding to grasp a share, otherwise you’d better check the next idea in your list. Another good practice would be to rapidly prototype one idea after the other to get a first-hand understanding of potential for customer adoption, whether that would be through dummy physical models from paper and duct tape to mock websites and iPad apps to 3D graphics and 3D printing.

Finally, my friend, the most important obstacle to overcome is the fear of uncertainty. Uncertainty includes addressing the funding gap and leaving your established career to date. Getting funded is a tricky part, so I will just start by writing up a strong business plan, and road-showing it to relevant contests, banks, or venture capital funds; will also have a “Plan B” in the drawer, relying on family, friends and fools.

In terms of the risk in leaving my career to start up a business, I would assume that high-performing employees are motivated self-starters, have a solid point of view, understand the big picture, create tools and assets for their organizations besides completing their day-to-day tasks, are visionary leaders, etc. But, wait a minute, aren’t these also the virtues of an entrepreneur, whether successful or not? That perhaps is why technology giants from Apple to Google, Twitter to Facebook as well as top management consulting firms worldwide prefer to include ex-entrepreneurs in their ranks. If you have the vision and guts to change your established career for such a cause in life, then rest assured that top organizations will seek after an individual with these characteristics.

These are my thoughts lately, how about yours? What about your childhood dreams? What about growth?

Regards,

Chris

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ALBA BUSINESS REVIEW

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MICRO-MULTIONATIONALS

A Growth Engine for Greece

T

his model fueled the development of introvert sectors such as retailing and construction. As the revival of internal demand will be non-existent for the next decade or so, the Greek economy urgently needs to develop a new growth model based on a new breed of businesses that target the world market from the very first day of their establishment: the Micro-multinational enterprise as Hal Varian, Google’s Chief Economist, defined it in 2011.1

THE MICRO-MULTINATIONAL: OUTWARD LOOKING, FLEXIBILITY AND ADAPTABILITY

The Micro-multinational achieves robust growth by capitalizing on the rapid developments of technology, the Internet, and the large communities of people associated with them.

Specifically, the Micro-multinational: • Through the Internet penetrates the global marketplace and becomes multinational from day one. It capitalizes on e-commerce platforms (such as Amazon, Apple App Store, ebay) and quickly extends its reach to large masses of potential customers.

• Draws funding from the international community though cooperative funding platforms such as Techstars or Vencorps • Does not need to develop costly and inflexible structures to support its operation and

thus maintains operational flexibility. For instance, it employees on-demand, low cost computing and telecommunication services through cloud computing and Skype.

• Draws talent (on a project basis) from the international community of freelancers through platforms such as Elance and oDesk • Enhances its capabilities on innovation by participating in online platforms that promote organizational innovation, such as InnoCentive, Ninesigma or Yet2.com.

Focusing on the world marketplace and capitalizing on new technologies and the Internet, the Micro-multinational can achieve robust growth quickly by developing key competencies such as organizational flexibility, immediate recognition of market trends, innovation (organizational agility), and creativity.

GREECE-BASED MICROMULTINATIONALS

Believe it or not, there are many examples of Micro-multinationals in Greece. Taxibeat (taxibeat.com), established in Athens in 2011, has developed an application for smart phones that helps users to directly select a taxi in a metropolitan area. The application, which capitalizes on the high penetration of smart phones and easy access to the Internet, offers an attractive service to smart phone users in a number of cities worldwide.

Total Eclipse (www.totaleclipsegames.com), another Micro-multinational, founded in

10 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

The deep and prolonged economic recession in Greece reflects the collapse of the inwardlooking growth model of the country based on internal consumption (public and private).

Thessaloniki in 2004, develops electronic games for individuals or groups (“casual games”), that can be played online or on PCs, tablets or smart phones. Total Eclipse offers its products through international distribution channels (e.g. App Store), immediately approaching existing large clienteles composed of online users or devices.

MICRO-MULTINATIONALS AND THE GREEK ECONOMY

Naturally, skeptics might claim that it is utopian to expect to boost an ailing economy, such as Greece’s, through Micro-multinationals. However, the Micro-multinational employs a business model that is consistent and compatible with the only viable venue of economic growth for Greece: immediately reaching out to the world economy. The Micro-multinational is outward looking and flexible, can directly penetrate the world market without a large initial investment, can potentially achieve rapid growth by penetrating existing clienteles and it draws specialized human capital from around the world through large pools of talented freelancers. The Micro-multinational does not need to build everything from scratch. However, it must find a way to capitalize on existing technologies and the world economy through the Internet.

As a business model, the Micro-multinational is very promising for the Greek economy.

Entrepreneurial spirit and managerial innovation is required and the country should move towards those directions fast!

1

al Varian: "Micromultinationals will Run the H World," Foreign Policy, Sept / Oct., 2011.

HEALTHCARE

BY DR. MATYAS LAKATOS GENERAL MANAGER, AMGEN GREECE & CYPRUS

Pharmaceutical Innovation as a Vehicle for Growth

P

harmaceutical companies, not only in Greece but throughout Europe, experience the pressure of the international economic downturn. At the current adverse economic juncture, where the rationalization of health expenditure seems paramount, promoting research and development, and adopting pharmaceutical innovation, are not only a prerequisite to ensure a sustainable healthcare system but also a lever for economic growth. Indeed, innovation attracts a growing investment in clinical research programs with the most innovative companies adopting a longterm focus on research.

At Amgen, a leader in biotechnology and research for more than 30 years, we believe that in order for sustainable health care provision with a long-term prospect to be achieved, the focus should be on the assessment of the overall value of pharmaceuticals—for the health system and society (rather than on their price). To succeed in this goal it is a prerequisite to create a reliable environment, which accommodates a mutual dialogue around innovation and patient access, and with the participation of all stakeholders involved.

Access to innovation and targeted therapies contributes not only to greater life expectancy and quality of life improvement but

also reduces the strain on health services, thus supporting the rational use of limited resources. It is beyond argument that the adoption of a personalized medicine approach, for example through the use of biomarkers, may result in multiple benefits for the Greek NHS and patients, allowing

A greater collaboration is needed by all stakeholders, for the value assessment of innovative medicines and its targeted use, which benefits patient populations in need and contributes to the rationalization of the NHS. those patients that could not benefit by a specific treatment.

Amgen Hellas, through its expertise gained by its years of leadership in biotechnology, remains dedicated to fully support the on-going reform that promotes the effectiveness and modernization of the Greek healthcare system. As there can be no growth without collaboration, creativity and innovation, we are prepared to partake in a group effort among governments, healthcare providers and patient associations to

AT AMGEN, A LEADER IN BIOTECHNOLOGY AND RESEARCH FOR MORE THAN 30 YEARS, WE BELIEVE THAT IN ORDER FOR A SUSTAINABLE HEALTH CARE PROVISION WITH A LONG-TERM PROSPECT TO BE ACHIEVED, THE FOCUS SHOULD BE ON THE ASSESSMENT OF THE OVERALL VALUE OF PHARMACEUTICALS, FOR THE HEALTH SYSTEM AND SOCIETY (RATHER THAN ON THEIR PRICE).

for greater efficiencies, both on a clinical and economic level. To be more precise, by targeting only the eligible patient populations, the Greek NHS could ensure the best possible clinical outcome for the patients, avoiding unnecessary exposure to insufficient treatments, and producing, in parallel, significant savings through the exclusion of

adopt a mutually beneficial approach towards the assessment of the value that innovative and personalized treatments can bring to the system. It is our belief that this effort could better facilitate the management of recourse rationalization and the sustainability of the healthcare system to the benefit of patients and society.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 11

MARKETWATCH

ΒΥ JOHN KALANTZIS, SENIOR DIRECTOR, HEAD OF EQUITY RESEARCH, EUROBANK EQUITIES SA

Rolling a Hard Six? STRONG DÉJÀVU FEELING

Eight months have passed since we released our last strategy piece and we feel that nothing has really changed from a market perspective. At the time of writing this article (end of August), we more or less stand at the same market levels (-8%) we stood last January, when we argued the (2012 H2) rally was finally exhausted. Our crystal ball showed back then that “our base case scenario is that the market will go nowhere in the next 6 months, albeit may exhibit large swings in the meantime,” something that we vividly experienced.

MARKET OPPORTUNISM ON THE RISE…

The market has been quiet lately but another short relief rally could be staged again as conditions look prime. The upcoming troika review will most likely approve the next Greek loan disbursement, given that conditionalities for certain milestones and prior actions will be met, as additional progress has been made lately on several fronts, both fiscal and structural. Besides, we have argued many times in the past that all that matters is the political will to execute the adjustment program and as long there is no material noncompliance with the EU/IMF, financial aid will be on the table to cover any funding gap in the future, despite rolling market pressure every time a quarterly review takes place. Furthermore, the upcoming Greek market reclassification from MSCI next November to emerging market status could reignite investors’ interest in Greece. Besides, now that several neighbor-

ing emerging market countries face political or social turmoil, investors may seek safety elsewhere and Greece – ironically – could seem like a safe haven attracting significant inflows for a number of stocks.

…BUT VALUATION LOOKS FULL…

Greek stocks continue to trade at par with other European periphery markets (7x 2013 EV/Ebitda), despite the rolling earnings and cash flow downgrades every single

AT THESE VALUATION LEVELS AND WITHOUT YET KNOWING HOW DOMESTIC AUTHORITIES WILL PLAY THE NPLS WILDCARD, WE PREFER TO STAY VIGILANT AND OPPORTUNISTIC quarter, a valuation level that doesn’t leave much room for further upside. Although we do recognize a possible opportunistic market reaction from these levels, we really can’t justify any fundamental reason why Greek stocks deserve a premium. Valuing 2015 or even further out profits with such high multiples or arguing over a quick return to cross cycle earnings defies our logic.

Our bottom up methodology shows a po-

12 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

tential return of just 5%, very low to meet a typical required return threshold, especially given the risks attached when investing in Greek assets.

…AND THE 800-POUND GORILLA ROARS

Now that the massive bank recap is finally over and the four systemic banks statically report sufficient capital metrics, we think it’s time the matter of asset quality be addressed. One should not ignore that the recapitalization was enough to cover the bond losses mostly from the PSI, while loan losses from the 22 consecutive recessionary quarters are still at large, on balance sheet and waiting to be repaired eventually.

Odds improving – Although a full-fledged recovery is not yet in sight, it is true that several economic indicators have improved or at least are gradually looking less harsh.

Most importantly however, any debt relief that may come from the official sector in 2014, after Greece meets the condition of primary surplus attached in last year’s EC resolution, may significantly improve the odds, providing a stronger platform for growth and employment in the long term, a necessity to sustain political and social cohesion. Nevertheless, at these valuation levels and without yet knowing how domestic authorities will play the NPLs wildcard, we prefer to stay vigilant and opportunistic.

If you wish to read more of our research, please ask us to include you in our mailing list here: communication@eurobankequities.gr

NAMES & FACES

...in the news

▼ FEREIKOS-HELIX: NEW ADDITION TO ENDEAVOR Fereikos-Helix is the sixth addition to the Greek network of Endeavor. The selection was made at the 49th International Selection Panel of Endeavor Global in Johannesburg on August 13-15, 2013. The company, represented by its founders, Mary and Penny Vlahos has been operating in Greece since 2007. Fereikos-Helix provides open snail farming units, as well as expertise and resources to a network of 175 snail-breeders, who produce high quality organic products throughout the year. 70% of Fereikos-Helix’s production is exported. ▼ PRIME MINISTER IN TALKS WITH IBM AND NESTLE

LEADERS

Prime Minister Antonis Samaras separately met on August 26 with representatives of IBM and Nestle Hellas to discuss business collaboration and expansion.

IBM President and CEO Virginia Rometty (photo) and IBM Hellas chief executive Spyros Poulidas discussed the government’s intention to promote Greece as a technology and innovation hub, developing technical expertise, attracting investment and using the existing human resources in Greece.

IBM expressed interest in collaboration with small and medium-size enterprises, providing training and programs to support them. It is also interested in creating a business analytics centre for investments in Europe, a project that could create about 120 positions for specialized staff.

Ms. Rometty explained how IMB works with governments using Big Data, Cloud Computing, Social Business networks and mobile technologies.

Nestle Manager for Europe Laurent Freixe discussed the expansion of the company’s collaboration with Greek distributors. Nestle has an investment program that looked to create 10,000 new positions throughout Europe; in Greece, there would be 600 openings. ▼ SELECTUSA INVESTMENT SUMMIT The U.S. Commercial Service of the American Embassy in Athens invites you join the official Greek delegation to the 2013 SelectUSA Investment Summit taking place in Washington, D.C., U.S.A., from October 31 to November 1, 2013.

PRESIDENT OBAMA HOSTS PRIME MINISTER SAMARAS Greek Prime Minister Antonis Samaras was welcomed by U.S. President Barack Obama at the White House on August 8 for a meeting. The U.S. President said that Greece’s efforts PRIME MINISTER ANTONIS SAMARAS AND to exit the crisis cannot be foPRESIDENT BARACK OBAMA cused only on austerity but require growth and the creation of new jobs. Mr. Obama spoke of the deep friendship existing between the two countries, making special reference to the Greek-American community.

“We are all watching the challenge facing Greece in proceeding with structural reforms to reduce its debt. The Prime Minister told me that he is committed to go ahead, but this cannot be done solely through austerity measures. Apart from budget consolidation, there has to be growth and job creation,” President Obama said.

The Greek premier said “the Greek success story will also be a European success story” and that Greece is trying to achieve stability in a very destabilised environment.

NEW IMF REPRESENTATIVE American Wes McGrew is to be the new IMF Resident Representative in Greece, replacing Bob Traa. Mr. McGrew, whose father Dr. William McGrew was president of Anatolia College for 25 years was raised in Thesaloniki.

Mr. McGrew has been with the IMF since 2004 and has worked on a number of countries WES MCGREW including Ecuador, Turkey, the Former Yugoslav Republic of Macedonia, and Cyprus. Most recently, he was a senior member of the IMF team working on Greece. Before joining the IMF, Mr. McGrew held positions at the NASDAQ stock market and at the U.S. Department of the Treasury. He holds a doctorate in economics from the University of Chicago.

 http://export.gov/greece

SPEAKER’S CORNER 14 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

CHANGE THE ENDING

Although no one can go back and make a brand new start, anyone can start from now and make a brand new ending.

—Carl Bard

MORTAL LESSONS

Live as if you were to die tomorrow.

Learn as if you were to live forever.

— Mahatma Gandhi

CHRISTOS ALEXAKIS IS A MEMBER OF COLLEGE OF SCHOLARS OF THE INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE OF THE CHAMBER AND AN ASSOCIATE PROFESSOR IN THE DEPARTMENT OF ECONOMICS OF THE UNIVERSITY OF PIRAEUS.

Cost Benefit Analysis What is cost benefit analysis in government policy?

Cost-benefit analysis calculates the economic value of a policy and converts the costs and benefits into monetary terms. It then compares monetary benefits to monetary costs. We question whether a policy is desirable, define its costs and benefits, discount monetary values to arrive at a positive or negative number and adopt the policy if the result is positive.

Why is such analysis useful for government?

In Greece, for instance, it is commonly accepted that multiple laws and over-regulation are an obstacle to attract investment and hinder economic development. Multiple laws, in turn, give space for gray areas which can lead to political corruption. Multiple laws lead to impasses. One reason for this over- regulation is that in Greece there has never been a basic guide to writing good laws. A law is good that benefits society as a whole, increasing surplus or even making society happier.

Are there any limits to cost benefit analysis?

According to cost-benefit analysis, economic efficiency is of prime importance. However, efficiency can be considered along with many other factors. Many times it might be an exchange of economic efficiency for achieving other social objectives.

LEARNING INCENTIVES

I find television very educating. Every time somebody turns on the set, I go into the other room and read a book.

▼ STEPHEN ANTONAKOS, 1926-2013 Stephen Antonakos, a prominent artist of Greek descent, died in New York City aged 87.

Known for his use of neon lights in sculpture, Mr. Antonakos exhibited his work at Faros gallery and the Onassis Cultural Centre, in Athens and became widely known for his installation “Search”, specifically designed for the Old Olive Factory in Elefsina in 2011, his last show in Greece. The artist examined the connection of color with space and had made a name for himself as early as the 1960s because of the new way he used neon lights in geometric sculptures, panels and public works. In Athens, his work “Procession” can be seen at the Ambelokipi station of the Metro. ▼ NEW ADVISORY COUNCIL OF THE GENERAL

SECRETARIAT OF PUBLIC REVENUE

The Ministry of Finance has created a new Advisory Council of the General Secretariat of Public Revenue, which will have responsibilities on critical issues for the reorganization, reshaping and operation of tax and customs administration. The council will act as an advisor on major strategic issues of tax and customs administration, including management, administration, targeting, rewards, and development of human resources of the General Secretariat of Public Revenues. The council consists of five members, two of whom, Ioannis Stavropoulos and Katerina Savvaidou, are members of the Chamber’s Tax Committee.

The Council members: 1. Theodoros Fortsakis, Professor of Law, President of the Athens University Department of Law 2. Ioannis Stavropoulos, lawyer to the Supreme Court and Council of State 3. Katerina Savvaidou, Thessaloniki Aristotle University Law School fellow 4. Frank Daly, former chairman of Ireland’s Revenue Commissioners in 2002-2008 5. Mats Sjoestrand, former Director General of Sweden’s Tax Agency in 1999-2009.

CREATIONISM

AND THIS BEFORE CARRIE!

― George Bernard Shaw

—Marilyn Monroe

Life isn’t about finding yourself. Life is about creating yourself.

Give a girl the right shoes, and she can conquer the world.

—Groucho Marx

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 15

COLLABORATION@WORK

BY STAVROS MESSINIS FOUNDER OF THE CUBE, ATHENS

On Leadership: Three Rules

G

reat leaders inspire their teams to perform at their peak and achieve their best. With a clear view of the future, they communicate their vision through actions and words. Leaders need to adhere to three rules if they are to become inspiring role models for their teams.

RULE #1, EXECUTION ALWAYS

Commitment to superb execution. You’re either driving a 5-star team or you’re not.

You know that excellence is a journey, not a destination. The score is measured in achievements toward excellence. You’re constantly striving to be better in all key areas. Setting the terms by your delivery is the best method of inspiring greatness. Great

GREAT LEADERS ARE EXCITED ABOUT WHAT THEY ARE DOING AND, AS A RESULT, THEY GET OTHER PEOPLE EXCITED

leaders are ruthless at filtering out incompetence, committing to each member of the team as a mentor, setting the standards.

Teams are best inspired when excellence is expected of them. Announcing your commitment to peaking in your industry

and then frequently benchmarking your performances against “best in class” sets a great stage. Identify the core competences important to achieving your business goals and continually look for ways to upgrade these to maintain a competitive edge and keep the team ahead of the curve.

RULE #2, INTEGRITY ABOVE ALL

Choosing to live life consistent with your highest values and deepest convictions is key to delivering a peak performance.

Great business leaders are characterized by honest and truthful actions. The deal with everyone in the most direct fashion, under all circumstances. This requires that you are first honest with yourself if you expect your team to be honest with you. Integrity is at the core of leadership, deep within the leader. Closely tied to rule #1, integrity is about talking the talk and walking the walk. Carry yourself as if the whole world is watching, even when nobody is.

Great leaders are reliable, can be taken at their word and do what they say. They make careful promises and always deliver.

Consistency is they key mark of integrity. Consistency in times of trouble and in times of abundance.

RULE #3, CAREFUL AMBITION

The rule of ambition says that good leaders intensely desire leading and achieving. The common quality that separates leaders from non-leaders is vision. With

16 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

Great leaders possess a unique mentality, combining qualities of a superb role model, a clear vision of the way forward with a better future, and steadfast ambition.

a clear vision of the better future they are determined to realize, good leaders communicate vision to the whole team in an inspiring way. Leaders see the big picture

TEAMS ARE BEST INSPIRED WHEN EXCELLENCE IS EXPECTED OF THEM

and then drive others to work together in implementation. True leaders see leadership as a tool they use to bring about a result that is bigger and more important than any single individual. True leaders motivate others to peak themselves as part of the overall mission. You become a good leader when you set goals, make a plan and then throw your whole heart into making it a reality. Great leaders are excited about what they are doing and, as a result, they get other people excited as well. They’re always in a hurry. There’s a lot to do and they have little time for nonsense. Great leaders are willing to endure the risks and the sacrifices required to make a real difference.

Following these three rules will help you become a great leader, help your team and business thrive, and make those inspired folks around you thrive too.

BUSINESS INTELLIGENCE

ABACUS ABS—

Expertise, Experience, & Excellence IN BUSINESS ADVICE

THEODOROS PSAROS, SENIOR PARTNER OF ABACUS AUDIT & BUSINESS SOLUTIONS, SPEAKS TO BUSINESS PARTNERS ON THREE KEY ISSUES—DOMICILE, M&A, TAXATION AND LEGAL PLANNING. What are some of the key business issues in Greece today?

First, Greece can be an attractive place to do business. It has been one of the freest economies in the world for years and a gateway to investment in the Middle East and East Europe. Strong rules of law and respect for property rights make Greece a strategic platform, including for U.S. companies seeking to do business in this region, which can be challenging.

Since 1981, when Greece became a full member of the European Union (EU), it has been well located as an entry point to the EU from the Middle East, North Africa, Asia, and some Balkan countries.

Although Greece is going through a period of economic and social reforms required to support its new and emerging economy, conditions are being introduced to foster

new investment, to create new jobs, and to boost healthy competition. As the government privatizes public entities, such as utilities, public transportation, and banks, more opportunities become available for investors interested in real estate, enterprises, and major infrastructure projects.

Our team delivers effective support to a variety of strategic business objectives

18 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

Over the last decade a number of key Greek enterprises have moved abroad. 3E decided to set up its HQ in the canton of Zug, the Fage group moved headquarters to Luxembourg and other Greek businesses are perhaps planning to leave Greece.

Is this a major topic?

These companies are not the first to choose a domicile abroad. But we need to recognize that their activities and production still remain in Greece. Leading companies choose cross border corporate restructuring to compete more effectively in the global marketplace, to reduce exposure to the Greek financial crisis, and to play on favorable tax environments.

As local financing remains out of reach, many entities are forced to seek capital abroad, having better access to equity and bank funding.

The insecure fiscal framework in Greece, and

statements made by the ratings agencies— Standard & Poors’s and S&P—that there is at least one in three chance of Greek Eurozone exit, explain how the change in domicile status of prominent Greek entities affects their rating “positively” from a credit standpoint.

But I’d like to focus on a few areas that I am especially familiar with—areas in which Abacus Audit & Business Solutions has extensive expertise and experience: domicile, M&A, taxation and legal planning.

Mergers and acquisitions (M&As) have gained in popularity in recent years. Do you believe that this type of diversification strategy opens new ground for Greek companies?

Mergers are likely to have a range of useful applications and I expect they will be particularly effective for group reorganizations. A merger provides an effective method by which assets and liabilities can be transferred from one company of a group to another, with the added advantage of there being no requirement to liquidate the transferor company.

Furthermore, where the intention of a merger is to transfer the economic risk and benefit of all assets and liabilities of a business, a merger removes the risk of failing to identify or effectively transfer relevant assets and liabilities and so provides for greater certainty to shareholders.

Finally, in a merger, all assets and liabilities are transferred automatically from the transferor to the transferee and that allows the safe transfer of a business without the need to re-negotiate any contract (resulting in avoiding risk, timing and financial consequences). This may be particularly useful where the business involves a large portfolio of retail business or an insurance and banking portfolio.

Developing and managing a successful portfolio of business requires full knowledge of the business environment. Do you believe taxation is a major factor for selecting a particular structure in a transaction?

It is imperative to understand the pros and cons of each choice and to learn which is the most appropriate for a successful cor-

porate strategy, whether that choice means a merger, an acquisition, a division or a transfer of nationality of a business.

For example, the core principle of choosing a merger is to defer taxation of profits and gains relating to assets and liabilities transferred, and to shares allotted in the merger until those assets, liabilities and shares are disposed of by the receiving entities or shareholders. But there are certain indirect tax aspects that should be examined under further legislation, EU or local. i.e., when real estate transfers take place, we need to closely examine the nature of their usage (self usage, idle assets or assets leased to third parties) when applying any exemption from the real estate transfer tax.

An acquisition has different tax consequences. The gain related to the transfer (sale) of particular assets is added to the taxable income of the seller and is subjected to corporate taxation. The gain raised by the transfer of a segment (contractual or deemed gain) is subjected to capital gain tax of 20%.

It seems that effective legal and tax planning for a merger, acquisition or for any other transaction helps a business to avoid complicated legal and regulatory tax issues and also creates greater shareholder value and leads to significant tax savings.

There is a demand of access to a full range of tax and legal insight delivered by professionals who have industry-leading comprehension and extensive M&A experience.

Our team delivers effective support, related to strategic objectives, such as: • Due diligence services • Deal structuring services • Advance tax-ruling requests • Negotiating with tax authorities • Transaction structuring • Post-acquisition reorganization and/or integration We need to accept that there doesn’t seem to be a magic “trick” in corporate mergers, acquisitions or other reorganizations. They can be inherently risky, and without the proper strategy, intuition, and knowledge, can get, well, ugly. That’s why expert advice should be a first priority.

THEODOROS PSAROS

THEODOROS PSAROS, Senior Partner of Abacus Audit & Business Solutions, has more than 30 years of experience helping companies develop time-tested strategies. Before becoming a partner at Abacus ABS, Theodoros served PWC as a partner from 1993 to 2005 and prior to that served for 19 years at SOEL SA. Theodoros Psaros ABACUS Audit & Business Solutions S.A. 1Α Pierias Str. Metamorfossis, 144 51, Greece Tel: +30 210 2812 564 , +30 6932 730 398 Fax: +30 210 2815 960 Mail: tpsaros@auditabacus.gr Find details at: www.abacusnetwork.gr

ABACUS AUDIT & BUSINESS SOLUTIONS (ABACUS ABS) was founded in 2005 by ex-partners of PWC and delivers measurable value to clients through its professional who offer proven audit, tax, consulting, enterprise risk and financial advisory services.

Abacus ABS’ accountants, tax & legal consultants, and auditors, have professional expertise and extensive experience across a broad spectrum of business disciplines and are uniquely focused on providing practical, cost-effective and value-added solutions to each client’s needs.

The Abacus ABS client roster includes a wide range of large and middle-sized Greek and multinational manufacturing, commercial and services companies as well as financial institutions, public sector corporations and governmental organizations.

Abacus ABS specializes in: • Accounting services • Payroll administration • Tax • Audit and assurance services • Management & business consultancy services • Small and medium enterprise (SME) support

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 19

LEADERSHIP TODAY

BY GEORGIA KARTSANIS FOUNDER AND CEO, CEO CLUBS GREECE

Your VISION QUEST

Every business success story is a story of an extraordinary way by which the will has been effectually transformed into act.

SEE THE CHANGE YOU WANT TO BE IN THE WORLD... NOW!

I

n other words, such a story is a story of an exceptional strategy which has the power to mitigate randomness and to overcome the worst possible circumstances. A strategy well planned, well organized, and well executed. This means solid leadership, inspired and focused on the accomplishment of every chosen goal, but still gazing at the world with an open mind.

VISIONARY LEADERS

In today’s hard and uncertain circumstances, it is really important for a leader to have a vision and to move forward having the

JOIN US ON OCTOBER 24TH AT KTIMA PENTELIKON FOR THE VISION-QUEST WORKSHOP AND YOU WILL UNLOCK CLARITY, DEVELOP THE SKILLS NEEDED AND DESIGN A WRITTEN PLAN TO LEAD YOU ON THIS JOURNEY. achievement of the settled goals as priority, but without ignoring reality. She/he must choose goals with passion and wisdom and be ready to face every challenge, every ob-

stacle; ready to spend all her/his power and energy in order to find solutions. Innovative spirit, efficiency, competency, agility and resilience, are among the skills of an inspired and effective leadership. The leader must be capable to provide inspiration and vision for the future, capable to direct the course of future events and inspire others to success.

Underestimating the challenge is a common pitfall among leaders who then make mistakes at each of three key stages of the visioning process: creating, sharing, and, living the vision.

• Creating the vision. Leaders create a vision in isolation. The Board lock themselves away behind closed doors. They fail to involve the people they intend to inspire and motivate. Leaders fail to ensure the alignment of the vision with the organization’s shorter term goals and aspirations. The vision is so far into the future that people feel it is has little relevance to their day-today work and lose interest in it.

• Sharing the vision. Leaders unveil a vision at a launch event. The newly branded vision is then distributed in the form of wall posters, mouse pads, screen savers, and banners. People do not feel connected to the vision; it is meaningless to them.

Ultimately, they criticize and ridicule the vision. Leaders do not talk passionately about the vision, failing to conjure up the emotion and feelings that will engage their people. The vision is communicated by leaders in a transactional way, as a set

20 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

of clinical statements about conquering the market sector. This lacks the emotional connection that will transform behavior and ignite the desire to turn the vision into reality.

• Living the vision. Leaders fail to walk the talk; their actions are incongruent to the vision they espouse. They forget about their visibility, and how everyone is watching their every move listening closely to their every word! Leaders fail to ensure that performance measures are linked to the vision. Goals are set, yet the leaders rarely define how they will help achieve the vision. Employees are unclear about how they are contributing to the vision, rendering it meaningless to them.

HENDRE COETZEE, WORKSHOP LEADER

The CEO Clubs Greece VISION-Quest workshop is an opportunity to do just that.

Utilize a powerful “neuroscience based” proven process to design and map out your near-term and long-term game plan. Hendre Coetzee, a World’s Master Coach will guide you to design your concrete personal map for draſting your VISION and achieving your goals.

Join us on October 24th at Ktima Pentelikon and you will unlock clarity, develop the skills needed and design a written plan to lead you on this journey.  For more information you may visit www.leadershipseminars.gr

THE WORLD OF WORK

The established research of Randstad Hellas on Outplacement, running consecutively for the last three years, is addressed to senior executives who operate in the Greek market and explores their views, experiences and improvement suggestions to the service of Outplacement itself.

RANDSTAD OUTPLACEMENT SURVEY—

Measuring Benefits and Costs

D

uring the second quarter of 2013, we ran our 3rd year research on Outplacement. 311 professionals completed a survey of 15 questions. The aim was to explore the knowledge and experience of Outplacement use within 2012, in addition to the expectations, perceived benefits of the service, satisfaction level and improvement suggestions.

Based on the results, we can state that Outplacement is known in most companies operating in the Greek market mostly through presentations by consulting firms and through the actual participation to a program of a relative or friend. This last factor points to the growing trend of the service while in the last two years it appears amongst the top sources of knowledge,

along with the factor of personal participation in an Outplacement program.

Despite the high percentages of knowledge on Outplacement service, its decreasing use reported through the findings seems to be affected by factors related to cost. And cost, of course, is directly linked to the final decision taken by top management. Nevertheless, in cases where Outplacement is a practice, cost seems to be offset by factors related to service effectiveness and consultants’ expertise. Additionally, high importance seems to be given to tailor-made programs adjusted to individual needs, which also indicates that Outplacement can be offered across a wide range of positions and not only to executives, as it is in some cases perceived.

Regardless of whether companies have used

RANDSTAD HELLAS offers Outplacement in Greece for the last 10 years.

For more information on Outplacement programs or Outplacement surveys results contact us at randstad@randstad.gr or +30210 6770523.

Outplacement in the past or not, almost 9 out of 10 professionals report that they would choose it in the future or would definitely recommend it to others. The main criteria favoring this decision are associated with a consultant’s experience, cost, qualitative methodology and service effectiveness.

What is Outplacement?

Outplacement is a service offered as part of a company's Corporate Social Responsibility policy to employees who are required to leave a company, in order to facilitate the search process of a new employment.

Outplacement is sponsored by the former employer company, is of specific time period and is offered by career consultants experts, i.e. Outplacement specialists.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 21

TRAVEL USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—Massachusetts ★

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rom a hot city shopping break to a relaxed beach holiday, from a white water rafting adventure to an historical fly drive tour, it is all up for grabs in Massachusetts. Known as the ‘Cradle of America’, Massachusetts is the heart of New England. Famous as the place where the Pilgrim Fathers landed in 1620, the state’s heritage has been shaped by settlers, sailors, immigrants and industrialists. Massachusetts now offers cosmopolitan cities, wide-open spaces, beautiful sandy beaches, rolling hills, charming islands and quaint, historic villages. It is a beautiful and compact city where old meets new with vibrant energy.

Massachusetts is one of the top places in the world for whale watching. Tours depart along the coastline heading north and south during the summer months. For history; walk the Freedom Trail in Boston, visit Old Sturbridge Village and Plymouth Plantation to experience life when the Pilgrim Fathers arrived. Continue to Cape Cod with its pristine, sandy beaches, family-friendly fun and fantastic water sports. North of Boston, Salem boasts one of the biggest Halloween parties in the USA! Heading inland, the Berkshires offer a haven of tranquility with stunning mountain scenery, hidden art galleries and relaxing spas waiting to be explored.

BOSTON

THE BAY STATE LAND AREA 8,300 square miles POPULATION 6.5 million STATE CAPITAL Boston LARGEST CITY Boston LOCAL TIME 7 hours behind Greece CLIMATE Summers vary from comfortable 70s F (low 20s C) to the 90s F (up to 35C). The fall season ranges from 50F to 70F (0-20C). Winter temperatures usually hover around freezing and sometimes lower. Annual rainfall is between 40 and 48 inches NATIONAL PARKS 15 National Parks, 5 National Heritage Areas, 11 National Natural Landmarks, 186 National Historic Landmarks

 For more information: Massachusetts Office of Travel and Tourism Tel: 00 1 617 973 8500 E-mail: VacationInfo@state.ma.us Website: http://www.massvacation.com

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THE INTERVIEW

Putting People First MAKIS KOSMATOS, NIKOS KEFALAS, AND THEODOROS LIAKOPOULOS OF THE JOHNSON & JOHNSON GROUP OF COMPANIES IN GREECE DISCUSS THE CHALLENGES, OPPORTUNITIES, AND FUTURE OF SERVING ALL SECTORS OF GREEK SOCIETY, AND HOW A POWERFUL COMPANY CREDO PLACES SERVING PEOPLE FIRST.

JOHNSON & JOHNSON HELLAS CONSUMER

In Greece the consumer sector is represented by Johnson & Johnson Hellas Consumer S.A., which develops and markets products in categories such as OTC – Imodium®, Nicorette®, Regaine®, Daktarin®;Skincare - Roc®, Neutrogena®, Aveeno®, Le Petit Marsellais®, Johnson’s®; Baby Care – Johnson’s® Baby; Women’s Health – Carefree®, ob®; Oral Care – Listerine®

MAKIS KOSMATOS, JOHNSON & JOHNSON HELLAS CONSUMER S.A. – MANAGING DIRECTOR

Please tell us about the consumer products company—its presence in the Greek market, its range of products, its penetration.

In-line with our commitment to our promise of care and well-being, our Consumer product portfolio has been developed based on innovative science-based solutions to address the needs of the whole family. Over the years our high quality standards have earned the trust and respect of the Greek consumers and professionals, as is evident from our leading shares in the categories in which we compete.

What are the key challenges that this company faces as Greece traverses its most difficult crisis in modern history.

The Greek economic crisis presents us with significant challenges and oppor-

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NIKOS KEFALAS, MAKIS KOSMATOS, AND THEODOROS LIAKOPOULOS

tunities. Our consumer business in Greece responded to this unprecedented economic turmoil with agility, teamwork and passion while maintaining and further enhancing its competitiveness in the local marketplace. We changed our investment models and our support towards our consumers and customers, aiming at offering them better value during this period when they are experiencing extreme financial pressures. We pursued cost containment in order to safeguard the necessary resources for the continued investment for our future growth. We launched new innovative products in the Greek market, such as the Le Petit Marseillais® product range which is the result of the company’s commitment to invest in R&D for innovative products. And we engaged our employees through a common vision which we all pursued with passion and team spirit – “to exit the crisis as winners”.

How do you respond under crisis?

In this highly volatile economic environment, it is critical to anticipate and understand the implications for our consumers and markets, and to quickly change in order to respond effectively. Our objective, as we come out of the crisis is to be even stronger and better positioned to fully maximize any future opportunities that may arise.

During this period of financial crisis, and in order to ensure long-term growth the business needs to safeguard financial health in the short-term. Since the onset of the global economic crisis in 2009, the organization in Greece has been looking closely at our costs; we re-evaluate all our operating costs from zero base, we renegotiate and reduce our expenses and we safeguard the necessary resources that are critical to continue to invest for our long-term growth.

Our people are our greatest asset and our competitive advantage. For us to be able to respond to and maximize these significant challenges and opportunities, we are fully dependent on the capability, hard work and creativity of our people.

How does social responsibility factor in?

With annual disposable income declining fast year-onyear and unemployment rates rising, a growing percentage of Greek citizens are living below the poverty line and losing access to health care, making health and children welfare the 5th major concern among the Greek population. We have a responsibility, first as Greeks and secondly as “corporate citizens” to live up to this challenge facing our country to support our community in any way we can. That is why Johnson & Johnson Companies in Greece, loyal to the Credo, are partnering with the “The Smile of the Child” and with funding from Johnson & Johnson Corporate Citizenship Trust offer children access to healthcare, through the “Hippocrates” Preventive Medicine program.

How can the future be brighter for your company in Greece—and for consumers in Greece?

We are the generation that has the responsibility of building a better future for the new generation of professionals. As we Greeks strive to build a better future for our children, we at Johnson & Johnson SA, fortified with the power of our Credo as a compass for ethical decision making, are responsible for building a more robust and sustainable organization for the future, as well as for giving back to the communities through corporate social responsibility initiatives, not only during these difficult times but on an ongoing basis.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 25

THE INTERVIEW PHARMACEUTICAL— JANSSEN CILAG S.A.C.I In Greece Janssen Cilag began as a scientific office in 1973 and now is one of the largest pharmaceutical companies in Greece. Janssen is oriented in providing innovative and high quality products aimed at improving human life. Driven by our commitment to patients and with pharmaceutical research a key concern, Janssen develops and markets innovative products, services and solutions for people around the world.

we continue to build a pipeline of exciting, new biotechnological products, while expanding into small-molecule oral medications and broadening our disease focus in autoimmune, inflammatory and pulmonary diseases.

Infectious diseases & vaccines—Our goal is to change people’s lives and to improve public health by fighting infectious diseases worldwide. We are developing innovative solutions for key unmet needs in areas such as HIV, tuberculosis and hepatitis C. Neuroscience—Neuropsychiatric diseases consist the most significant disease burden in high income countries. Our core strength in research and development builds on our expertise in ADHD, Bipolar Disorder, Dementia, Epilepsy, Schizophrenia and Migraine and Pain Management Oncology—We aim to transform cancer to a preventable, chronic or curable disease by delivering extraordinary diagnostic and therapeutic solutions that prolong and improve patients’ lives, such as Multiple Myeloma, an incurable blood cancer and prostate cancer.

With the massive cutbacks, how is this company enduring the crisis?

We built our own “forts” for the “crisis.” So at a global level we develop innovative products and we introduce to the market new therapeutic solutions, which serve not only the quality of life of patients but reduce indirect costs to patients and the health system.

In Greece, the support we have from our global organization, which continues to invest in Greece, is of significant importance. There is trust and understanding in the current situation that the country is facing and we are all working hard, along with the government, to shape a better future for business.

NIKOS KEFALAS, JANSSEN CILAG S.A.C.I. – MANAGING DIRECTOR

The pharma company is in one of the most difficult markets. What are its main products and activities?

We are actively developing treatments for our patients in five important therapeutic areas of healthcare. Our solutions address some of the world’s most serious conditions and diseases.

More than just products and individual treatments, Janssen wants to provide solutions in disease management, including collaboration with private and public parties to monitor, prevent and manage health.

Cardiovascular and metabolic diseases—We are building a comprehensive approach to diabetes care as well as cardiovascular disease.

Immunology—We have a strong history of delivering biological medicines for immunological diseases and

With more than 275 operating companies in more than 60 countries employing nearly 128, 000 people, Johnson & Johnson is the most broadly based healthcare company world-wide, competing in 3 distinct sectors:

How can the future be brighter for your company in Greece—and for patients in Greece?

Scientific knowledge and collaboration is the key for a brighter future in Greece. Chances for further progress are much higher if we embark on joint efforts and use the best insights, whether coming from patients, healthcare providers, governments, regulators or payers: they will help us focus on the most urgent needs.

Informing the patients who take our medicines and their caregivers is of fundamental importance to Janssen. We take our commitment to patient support and information very seriously. We work continuously on identifying and minimizing the risks and maximizing the benefits of each of our medicines.

We focus on healthcare professionals and the scientific community. Once a new medicine enters the market, most of our communication is directed towards doctors, pharmacists and nurses. We aim to enhance patient care by providing healthcare professionals with accurate and reliable information in order to make fully informed recommendations in the best interests of their patients.

Consumer, Pharmaceutical and Medical Devices & Diagnostics. The overarching philosophy that guides our business is Our Credo, a deeply held set of values that have served as the strategic and moral compass

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for generations. Our Credo challenges us to put the needs and well-being of the people we serve first. In Greece, Johnson & Johnson has been present since 1972 and currently competes across all three sectors.

MEDICAL DEVICES— JOHNSON & JOHNSON HELLAS S.A.C.I. The Medical Devices and Diagnostics business segment produces a broad range of innovative products and solutions used primarily by health care professionals in the fields of orthopaedics, neurological disease, vision care, diabetes care, infection prevention, diagnostics, cardiovascular disease, and aesthetics.

THEODOROS LIAKOPOULOS, JOHNSON & JOHNSON HELLAS S.A.C.I. – GENERAL MANAGER

MD&D (Medical Devices & Diagnostics) is one of the most dynamic sectors in the world. How is Greece absorbing the potential of these products?

Indeed the latest worldwide reviews and forecasts on the Medtech market show an expected annual growth of 4.5% between 2011 and 2018, reaching global sales of $440bn in 2018. A number of factors are contributing to the rise in healthcare spending including changing demographics, aging populations and the growth of chronic illness. The Medical Devices and Diagnostics sector has strong clinical and economic value propositions when it comes to convincing payers where to allocate budgets.

The Medical Technology sector as a whole will continue investing with the aim to increase health care standards. Before introducing more efficient medical devices, equipment, diagnostic machines and advanced procedures which can offer shorter hospitalization and better patient outcomes, we should carefully evaluate all aspect, cost included.

After the economic crisis, policy makers have based decisions primarily on the cost element, thus losing the longer term benefits that technology has to offer.

As a result, the Medical Technology sector in Greece has been running at a declining rate for the past several years.

Moving forward, Johnson & Johnson Hellas S.A.C.I and the Medical Devices Industry are working very closely with the different stakeholders to implement the necessary changes in the Greek Health Care System, which needs to be looking towards the technology in order to Do More With Less, to add years of healthy life to the ageing population in a way that is sustainable and cost effective.

We believe that there is great potential to save money by introducing new technologies that can offer to our patients prevention, reduce pain and faster recovery.

What about the challenges here?

In a more general perspective, the Medical Devices Industry in Greece has been facing challenges such as: • High payment delays of insurance funds to hospitals, and of hospitals towards healthcare providers • Pressure to reduce cost even impacting quality • Lack of serious thinking behind the Health Technology Assessment on the

usage of the Medical Devices products in the Greek Health care system • A decline in the use of healthcare services, due to the patients’ reduced available budget • Fast changing environment with ongoing healthcare reforms • Bureaucracy & inefficiencies of healthcare system Out of the above challenges, the two most important ones that need to be resolved in the immediate future by working with all stakeholders are: Firstly, the design and implementation of a new procurement system that will work on a new health technology assessment process that will not only improve patients’ health, but also containing healthcare costs.

Secondly and most importantly, all past debts to healthcare providers need to be settled by both private and public hospitals. Healthcare providers are having great difficulty in offering their products and services without getting paid in a timely manner. If the Government cannot find an immediate solution to settle past debts and secure a viable future to its suppliers, in a difficult situation like this Medical Device companies have to think about alternative solutions to be present in markets like Greece.

How can the future be brighter for your company in Greece—and for patients and consumers in Greece?

After five years of a declining economy and austerity measures throughout the health care system, the MD&D sector of Johnson & Johnson in Greece managed to serve the community and the health care environment with the outmost professionalism and dedication.

We will continue our efforts towards helping the doctors, the nurses and patients in meeting their needs. We will constantly strive to reduce our internal costs in order to maintain reasonable prices.

Our future success will be secured by working closely with all stakeholders and by being a true partner in the shaping of a new health care system in Greece.

We, as Johnson & Johnson need to work together with health care professionals, health care institutions, payers and patients to develop a new Healthy Future that focuses on the patient and his/her health. With that as a primary goal we will enjoy a prosperous and successful future.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 27

THOUGHT LEADERS

WHAT’S THE

Big Idea?

BUSINESS PARTNERS PRESENTS FIVE BIG IDEAS THAT COULD HAVE A POSITIVE IMPACT ON HOW GREECE DEVELOPS, CREATES MORE JOBS, ADAPTS TO TECHNOLOGY, AND WORKS TOWARD A BETTER FUTURE. Raymond Matera

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SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 29

THOUGHT LEADERS

A NEW TROIKA

Archaelogy, Education, and Jobs

F JACK DAVIS

I propose that universities in Greece establish cultural heritage management programs and “contract archaeology” units

our decades of working in Greece and living there intermittently have taught me an important lesson. Solutions designed elsewhere may not be effective when it comes to finding fixes for problems peculiar to Greece. I thus hesitate to propose programs for Greek institutions of higher learning, even as State support becomes ever more evanescent.

Still, from the broadest perspective possible, it is not difficult for me to envision Greece’s universities, after some adjustments in language of instruction, becoming magnates for students, both graduate and undergraduate, from throughout the Eastern Mediterranean, Near East, and beyond. And it hardly requires much more imagination for me, as an archaeologist, to envision how my colleagues can emerge as leaders in the field of education—in a land where archaeology has played such a proud role for so long.

Greece has a rich cultural heritage. Tourists should for this reason alone want to flock to all parts of the country. Yet our present realities differ from those of only a few decades past. Most tourists no longer come principally to visit archaeological sites, since little in their education prepares them for that experience. Greek antiquity is no longer central to teaching in institutions outside Greece. Most tourists come to Greece for sun and sea.

Such changes present new challenges and new opportunities for Greek universities. As the public sector shrinks, so has the Greek state’s archaeological service; dozens of its most experienced personnel have retired young, not to be replaced.

Yet the universities of this country and Greece’s young people remain remarkable repositories of knowledge and expertise that are capable of step-

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ping into voids created by such reductions.

This may in fact be the ideal time to rethink by whom and in what way the past is presented to tourists. I personally believe that Greece will benefit economically and intellectually from partnerships between its archaeological service, its universities, and private commercial and non-profit developmental initiatives. Greece is remarkable in that tangible remains of its heritage are visible almost everywhere, and therein lies potential for attracting foreign tourists to all parts of the country.

Collaborations are needed if we want to learn how to encourage visitors to stay longer and in greater numbers in areas that have not traditionally been vacation destinations, as well as in those that have. Today’s tourists may be far less interested in visiting museums than they are in exploring entire regions—thus a need for demarcated itineraries that lead them on foot, by car, bus, or car from one place of historical interest to another within the rural and urban landscapes of Greece.

What is the place of institutions of higher learning in this process? I propose that universities in Greece establish cultural heritage management programs and “contract archaeology” units. Such initiatives should profit universities even as they fulfill academic goals. The staff of such programs should participate in the planning and execution of initiatives designed to promote tourism, improve infrastructure, and expand production.

As Greece rebuilds its economy there will be an urgent need for archaeological investigation in advance of construction projects of all sorts.

What better way to create positions for the many well-trained archaeologists of Greece’s underutilized generations than to employ them in such initiatives?

A Simple Mechanism

TO FACILITATE IMPLEMENTATION OF REFORMS

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here is no doubt that Greece needs structural changes; economists, practitioners, businesspeople and policy experts agree. Scholars and policy makers have identified as priorities changes in the labor market, tax system, and legal environment. Despite the large or small steps that have already been taken, the implementation of this kind of large-scale change is, at best, very slow. We need to look no further than the attempt to initiate the education reform bill in 2011.

In addition to the reforms in public administration, therefore, an equally important point policy makers and practitioners need to address is the implementation mechanism. Frequently, implementation time is reduced by introducing incentives that make the adoption of a change more appealing. Given the conflicting interests of groups affected by the reforms, as well as the magnitude of changes, incentives may be difficult to identify and introduce.

I propose that the outcome from research in corporate governance be borrowed to implement changes in the public administration. Studies in different settings suggest that transparency and accountability in corporate governance lead to more valuable outcomes. In public administration these features can be adopted on a unit by unit basis. Thus, it is not necessary to introduce reforms in a “top down” approach but, and this may be important for Greece, from the “bottom-up.”

In the context of economic policy and public administration, transparency implies a level of openness and communication not only of the actual decisions but, most importantly, of the decision-making process. Important steps towards openness have already been taken in recent years: Project Diavgeia (literally: transparency) requires the government to publish laws and administrative acts of all levels of government on the Internet. Transparency will enhance reform when, in addition to this information, the ability to investigate and verify the outcome is also allowed. For instance, the metadata of the documents listed in Diavgeia are not searchable for cross referencing and pattern identification.

Transparency is complemented by the notion of accountability, which implies that an office or an officer assumes clear responsibility for an action and establishes an entity that will “answer” concerns about actions. Accountability is not to be thought of as a search for a “scapegoat.” On the contrary, the assumption of responsibility has two effects: First, it outlines what a unit can and cannot do. Second, it improves the unit’s performance.

How can transparency and accountability facilitate implementation? On the micro level, the implementation will occur because of pressure by the users of the unit and their social network.

Communication and provision of feedback on the Internet is a reality that cannot be overlooked.

Whereas we mostly focus on the negative aspects of feedback, as a target on which to project just and unjust complaints, feedback can also

CHRISTOS CABOLIS A MEMBER OF THE COLLEGE OF SCHOLARS OF THE INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE OF THE AMERICANHELLENIC CHAMBER OF COMMERCE, IS AN ASSOCIATE PROFESSOR OF ECONOMICS & FINANCE AT ALBA GRADUATE BUSINESS SCHOOL.

It is not necessary to introduce reforms in a “top down” approach but, and this may be important for Greece, from the “bottom-up”

be turned into an important method of positive assessment. As it happens in other Internet evaluating methods, in addition to shortfalls, the strong elements of a unit will also become apparent, providing supportive recognition of the work that many public employees do.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 31

THOUGHT LEADERS

THE INTERNET’S CHANGING LANDSCAPE—

From Pre-dot to Post-dot

T STEFANOS TSIMIKALIS ATTORNEY AT LAW, TSIMIKALIS KALONAROU LAW FIRM

The new gTLDs could be names, fictitious words or brands. In short, the “pre-dot” era is about to become the “post-dot” era

he landscape of the Domain Name System (DNS) is undergoing substantial changes. ICANN, announced in June 2008, that it intends to expand the existing number of generic Top Level Domains [gTLDs, in short, are the endings following the dot], to include others to the currently existing, e.g., “.com” or “.net”. The first new gTLD is expected to go live on September 5, 2013.

The new gTLDs could be names, fictitious words or brands. In short, the “pre-dot” era is about to become the “post-dot” era1.

HOW WILL THE INTERNET CHANGE?

The new gTLDs are going to affect the way we perceive the Internet today. Search engines will have to adapt their search algorithms, innovative services will appear, browsing will become faster and, most importantly, brand owners will be able to acquire gTLDs identical to their brands. Instead of having their brand before the dot, brand owners will be able to have their brand after the dot. Google for instance, aside from google.com is able to apply for .google. However, the introduction of the new gTLDs creates several potential threats for online trademark abuse and consumer confusion, thus forcing brand owners to deploy defensive strategies.

WHY BOTHER?

Although the procedure of obtaining a new gTLD is complex, long and costly, there are several arguments why a brand owner should consider applying for a new gTLD. First, it sends the message across, to shareholders, customers and investors, that the

avid Taylor, ECTA Newsletter, ICANN domain name decision set to change the face of the interD net forever 2 Taken from Unicef’ s gTLD project paper UNICEF RFI-ITSS-01-2010- PROJECT INFORMATION 1

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company is healthy and that it remains committed in enforcing its branding strategy. Second, there are strong security advantages involved, especially for luxury brand owners, or those in high security risk sectors, such as banks, given that a new gTLD in the form of a “dot Brand.” is an important tool in combating counterfeiting and other infringements on the Internet (if it does not end in yourbrand, it is not yourbrand). A third point is gaining a competitive advantage in the market. For instance, the registration of .hotel provides the applicant with a lead over its competitors. Other significant points are speed, digital marketing and innovation.

POTENTIAL PITFALLS

There are several risks associated with the new gTLDs. First, there is the risk of fraud. By registering a .fanpage and using this gTLD to create a domain name of yourbrand.fanpage, phising attacks aimed at obtaining sensitive data become easier. Then there is brand damage. If, for instance, someone registers the gTLD of .sucks and subsequently creates the domain name “yourbrand.sucks” serious damage could be inflicted on the brand’s image. And despite the fact that the new gTLDs will contribute in addressing counterfeiting, a new opportunity arises for the registration of generic terms such as .shop, .genuine and their subsequent use in order to facilitate the sale of non-genuine products under the domain yourbrand.shop or yourbrand.genuine

LOOKING AHEAD

Taking the long view, as time goes on a name such as www.donations.unicef and www.cards.unicef will become more intuitive in a more crowded Internet and thus more valuable because the name reflects exactly that of an organization and declares what it does2.

SOCIAL ENTREPRENEURSHIP—

Helping Yourself, Helping Your Country

F

or years, many people have been waiting for the government to solve our most pressing problems. This, I have come to learn, is not a viable solution.

Political action has its limits. One answer, I am convinced, lies in the power of the people, especially young people, to assume personal ownership of their futures and to implement their ideas in business, as social entrepreneurs.

Having spent five intensive weeks this summer delving into social entrepreneurship at the Kelley School of Business of Indiana University as a Fulbright grantee, I am convinced that young Greeks can have a promising future—by creating value with bright, bold and innovative ideas that benefit both themselves and their society.

“Why business?” you might ask. Businesses of every kind, shape and size have power, money, and influence, from the small shop around the corner to the big chains in every city. Businesses are the key cogs in our economic system and are key to major change in Greece. There are more than 820,000 enterprises in Greece, 99.9% of which are small and medium enterprises)1. Rather than simply re-jigging the taxation system to make the numbers work in its favor (for a while), the Greek government should use the power of these businesses, and thousands more new ones, to create social, fiscal, and economic value, a permanent solution that generates steady interest as it grows. Everyone, even small players, contributes, so when we look at the whole picture the results are more than encouraging. People just need the right skills sets to create sustainable and profitable social enterprises2.

The old business model no longer works. The world around Greece is changing and we must adapt to this change. During my time in Bloomington, I had meetings at companies; I saw how the new model of co-shares, NGOs and NPOs (nonprofits) work, and what kind of impact they have in their societies. Young people in Greece need businesses that are self-sustaining, achieve maximum social value, involve society (so that

people consider themselves as a viable part of it) and operate at a low cost. This model empowers people and builds on their capabilities. In turn, these entrepreneurs grow to care for their society, volunteer more and support other, local SMEs. For many Greeks, who bring a social consciousness in their approach to the market, and who appreciate smaller scale enterprises, a model such as Fairtrade might be an attractive option.

Fairtrade is about better prices, decent working conditions, local sustainability, and fair terms of trade for farmers and workers in developing countries, societies and economies3. Working as a middleman between these two groups, Fairtrade sidesteps other distributors in the supply chain and helps the weakest but most valuable part of society, the food producers, have sustainable jobs. Fairtrade also provides food to consumers at reasonable prices. With agriculture such an important part of the Greek economy, this is just

MILTIADIS NEDELKOS ATTENDED THE 2013 GLOBAL SOCIAL ENTREPRENEURSHIP INSTITUTE AT INDIANA UNIVERSITY, BLOOMINGTON, INDIANA, A 2013 SUMMER INSTITUTE FOR EUROPEAN STUDENT LEADERS AS A FULBRIGHT AWARDEE. THE PROGRAM IS FUNDED BY THE U.S. DEPARTMENT OF STATE AND ADMINISTERED BY FULBRIGHT.

Rather than simply re-jigging the taxation system to make the numbers work in its favor (for a while), the Greek government should use the power of these businesses

one model that might be adapted by young Greeks looking to make a living—and make a difference.

I have seen many examples of social entrepreneurship that could work in Greece. Helping yourself by helping others is a great way to gain independence, to earn a living, and to change society. It is a go-go for businesses, for people, and for our country.

Sources 1 Ec.europa.eu 2 The Guardian, Alex Michell 3 The Fairtrade Foundation

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THOUGHT LEADERS

Partnering in the New Realities The urgent need to accelerate growth forms a Catch-22 with the need to create viable solutions to pressing issues; raising the competitiveness and efficiency bar on a national level, youth unemployment, skills shortages, undeclared work and others.

T DR VENETIA KOUSSIA MANAGING DIRECTOR, MANPOWERGROUP

he isolated intervention of government, of a few organizations considered in the forefront of innovation or, even, of visionary individuals is not sufficient anymore. The complexity, magnitude and impact of the problems we are faced with are overwhelming and cannot be tackled by each sector alone. Under the new realities, conflict and competition will not get us very far; collaboration is key. We need to work together, across sectors -business, government, academia and NGOs—to tackle these problems, creating an enabling environment for growth.

THE COLLABORATION CHALLENGE

Evidently, the issue is not why we should collaborate. But how. It certainly will not happen by mere chance. Partnerships will not be built in a day, either. ManpowerGroup’s experience around the world in the formation of succesful multi-stakeholder coalitions has showed us that the process can be messy and painfully slow, especially in the initial stages.

A reason for that is the fact that we often tend to approach such new challenges through outdated leadership models, each partner viewing the issue at hand through the lense of their distinct skills or expertise. In the era of infobesity and connectivity, we, as leaders, need to acknowledge that the information needed to form the complex solutions to our complex problems will have to be aggregated and synthesized from various sectors, each one equally important. This is a quite radical change from older days, when the leader had all the answers, but as Peter Drucker said, “Change

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cannot be controlled. The only thing we can do is be in the front, and the only way to stand in front is through organic cooperation and collaboration between sectors.”

BREAKING SILOS

In that sense, breaking silos is as essential for working together across sectors, as are sharing a common vision, agreeing upon specific, measurable goals and continually building an environment of trust among partners, effectively managing conflict whenever it appears. Measuring and evaluating the outcomes are also an essential step, providing lessons learned as well as the opportunity to duplicate successful interventions and multiply the impact and benefits.

The cases where collaborative problem-solving is needed in Greece, today, are practically unlimited. I will try to focus on a few instances, where the urgency for a collaborative intervention cannot be stressed enough. All instances are related to the fight against unemployment through the promotion of sustainable growth initiatives: FUTURE SKILLS NEED & SKILLS MISMATCH

Looking into the future, the demand for labor with high and medium qualifications is projected to rise. According to CEDEFOP, the share of jobs employing those with high-level qualifications will increase from 29% in 2010 to about 35% in 2020. The share of jobs employing those with medium-level qualifications will remain very significant (around 50%). In the same period, the share of jobs employing those with low qualifications will decrease from 20% to less than 15%.

In other words, the demand for labor with a further education will rise and the demand for unskilled labour will decrease. As is the case today, the demand for vocationally trained workers will remain high and constitute a core workforce in Europe and Greece.

However, a clear mismatch between the supply and demand of skills is already evident through a number of surveys, as the output of our educational system does not correspond to labor market needs, contributing to youth unemployment and braindrain.

However, bridging the skills gap between school and the job market will require much more than copying the Dual Learning Models that have been succesfully implemented in North and Central Europe. In the multi-fragmented Greek labor market academia and educators will need to work with the government and business, as well as with associations that possess the necessary geographical footprint, in order to access, mobilize, engage and support employers, who are willing to participate in apprenticeship programs.

Additionally, all well-selected partners aiming to intervene will need to work towards elevating the status of vocational training, by systematic communication tailored to the needs of young audiences, highlighting the opportunity to gain a combination of education and decent work experience.

PROMOTION OF SUSTAINABLE ENTREPRENEURSHIP

Fostering entrepreneurship is a means to the creation of more jobs. However, Greek people of the last 30 years are characterized by a risk-averse culture.

Again, educators together with businesses and NGOs, such as Junior Achievement, can play an important role. By building in the curricula relevant concepts and practices, the younger generation has the opportunity to familiarize themselves with the idea of entrepreneurship from an early age.

Moving on to the selection and funding of entrepreneurs, the issue of sustainability is crucial, as today, more than ever in the past, the ROI of every single Euro invested in the funding of related programs needs to be protected and maximized. This issue has been succesfully tackled by the Municipalities of Shanghai and Tianjin, who partnered with ManpowerGroup in a program called New Business Starter. In sum, more than 107,000 applicants so far have been qualified for interest-free loans through this program, which provides valid assessment and

selection, based on entrepreneurial readiness and suitability, as well as tailored-made training and entrepreneurial mentoring for a 12-month period.

Acknowledging that SMEs’ long term sustainability is greatly dependent on their ability to attract, assess, recruit, develop and retain the talent they need, providing them with relevant support is an idea worth exploring. Possible partners might be various local commercial/professional associations, as well as Private Employment Services providers, responsible for training, assisting and measuring the outcomes of this initiative.

SOCIAL DIALOGUE: THE NEED FOR FAIRNESS AND TRIPARTITE PARTICIPATION

As underlined by the ILO, constructive social dialogue is crucial for both the long-term success of structural reforms and the competitiveness of our economy. In order to achieve that, we will need to provide employees and employers with the skills and support needed to facilitate real tripartite social dialogue. The American-Hellenic Chamber

A clear mismatch between the supply and demand of skills is already evident and . . . the output of our educational system does not correspond to labor market needs

of Commerce could lead this initiative, by working together with regional, commercial or other professional associations around Greece, providing training and support on the development of specific skills such as ability to negotiate, ability to work in teams, empathy improvement (to create awareness and understanding of the problems of the other side) to name a few. ILO could also participate in this initiative, which is fully aligned with the organization’s efforts to encourage tripartite dialogue through developing the capabilities of professional organizations.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 35

GREEK INVESTMENT FORUM

Greece: Seizing The Opportunities PRESENTED IN NEW YORK

THE ATHENS EXCHANGE AND THE AMERICAN-HELLENIC CHAMBER OF COMMERCE HOSTED THE 2ND GREEK INVESTMENT FORUM, “GREECE: SEIZING THE OPPORTUNITIES.” THE HIGHLY SUCCESSFUL EVENT WAS HELD IN NEW YORK AT THE PLAZA HOTEL ON JUNE 5-6, 2013.

THE ORGANIZING TEAM OF THE GREEK INVESTMENT FORUM

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CHRISTOS STAIKOURAS

YANOS GRAMATIDIS

SOCRATES LAZARIDES

DANIELLE ANTONUCCI

ANDREAS BEROUTSOS

GEORGE ZANIAS

P

articipation was robust, media coverage extensive, and delegates from both Greece and the United States expressed the belief that the business and investment community in the United States benefited from the insightful presentations and speeches at the Forum.

This important event, designed to inform the U.S. business community of the wide ranging investment opportunities in Greece, also examined the extensive reforms—legislative, economic, and structural—Greece has enacted in creating an investment climate and that support growth in the economy.

Participation was notably increased from the first Forum, held in 2012, reflecting the major advances in Greece, its reform efforts, and macroeconomic standing.

Key government officials from Greece and prominent business leaders representing a broad range of Greek companies made a wide array of presentations detailing the new investment era being created in Greece today. And influential investors from the United States had the opportunity to be informed on these strategic developments, meet the Greek delegates for personal interactions, and gain a foothold in Greece today, as it enters a period of recovery.

Present were some of Greece’s most promising companies, representing a large number of growth sectors, including energy, food and beverage, agriculture and technology, who also participated in a roadshow to promote their enterprises.

Socrates Lazarides, Chairman of the Athens Exchange, in his opening remarks, said, “Although the sovereign debt crisis is not over, we are confident that Greece will not only survive but ultimately flourish within the Eurozone. Investor confidence is improving, recapitalization of the banking sector is underway, and Greece’s stock market has proven to be resilient.”

“This is the right time to invest in Greece.

Favorable pricing and financial incentives have created unique investment opportunities in both the private and public sectors,” said Yanos Gramatidis, then President of the American-Hellenic Chamber of Commerce.

The 2nd Greek Investment Forum in Numbers Roughly 450 1:1 meetings between fund managers and the representatives of the Greek Companies.

More than 100 funds participated. Almost half took part for the first time at the event.

Around 125 fund managers, representatives of major houses, were present. Some of the funds present were: Federal Reserve Bank of New York, Morgan Stanley, Templeton, Highfields Capital, Ziff Brothers Investments, Lazard, Columbia Wanger AM, Contrarian Capital Management, Baupost, Discerene Value Advisors, Dupont, Fintech Advisors, Blackrock, Prudential, Paulson & Co, Neon Liberty, Argonaut, Pyramis Global Advisors.

Forum Participants from the United States Federal Reserve Bank of New York, Morgan Stanley, Templeton, Highfields Capital, Ziff Brothers Investments, Lazard, Columbia Wanger AM, Contrarian Capital Management, Baupost, Discerene Value Advisors, Dupont, Fintech Advisors, Blackrock, Prudential, Paulson & Co., Neon Liberty, Argonaut, Pyramis Global Advisors

Forum Participants from Greece Alpha Bank, Attica Bank, Viohalco, Ellaktor, Eurobank Properties, Folli Follie Group, GEK Terna, ΕΧΑΕ, Hellenic Petroleum, Ιntralot, ΚΡΙ ΚΡΙ, Marfin Investment Group, ΜΕΤΚΑ, MLS Multimedia, Mytilineos Group, OPAP, ΟΤΕ, Papoutsanis, Piraeus Bank, Thrace Plastics, Terna Energy, ΤΙΤΑΝ, Creta Farm, Corinth Pipeworks and Lamda Development

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 37

GREEK INVESTMENT FORUM REFORM, DEVELOPMENT AND GROWTH

Deputy Finance Minister Christos Staikouras said the government’s effort focuses on continued fiscal adjustment, promoting fiscal reform, the reorganization of the public sector, more development through an integrated strategy of a stable, a viable and well-capitalized banking system, accelerating reforms in products and services to stakeholders, the implementation and accelerated pace of the privatization program, and the adoption of policies to create employment. He said, “We know that policies of fiscal consolidation, adjustment and discipline, although necessary, are not by themselves sufficient for the country’s exit from the crisis. These should be combined with policies that promote development. Greece is on the right track. Many

objectives have been achieved, fiscal adjustment is unprecedented and sustained, the recent statutory reforms are significant, and appropriate bank recapitalization has been completed. The investment environment has improved and the economic recovery is expected in 2014. Of course, there is no room for complacency and jubilation, and neither for poor approaches. Today is the right time to invest in Greece.

MULTIPLE VOICES, A SINGLE MESSAGE—INVEST IN GREECE

Top economists Danielle Antonucci of Morgan Stanley, Michael Massourakis of Alpha Bank and Eurobank’s Gikas Hardouvelis analyzed the macroeconomic environment in Greece and the rebound of the markets, and the President of the Union of Greek

SENIOR REPRESENTATIVES OF THE FORUM’S SPONSORS

Sponsors Platinum Sponsors: Axia Ventures Group, Morgan Stanley; Gold Sponsors: Alpha Finance, Beta Securities, Eurobank Equities, Euroxx Securities, NBG Securities; Silver Sponsors: Deloitte, Navios Maritime, Reed Smith Papapolitis, Tsibanoulis & Partners; Bronze Sponsors: Gaea, Grand Resort Lagonissi; Supporter: HRADF; Communication Sponsor: MEC

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Banks, George Zanias, and Andreas Beroutsos, of One Point Capital Management, dealt with future of the Greek banking system. The CEO of Invest in Greece, Stephanos Issaias, detailed the reform initiatives underway to create a friendly climate for investment and entrepreneurship.

Thomas Giolmas of the National Bank of Greece, Michael Hadjipavlou from Deloitte, Evangelos Charatsis from Beta Securities, Dimitris Tsibanoulis of the Law Office Tsibanoulis and Associates, and David Hale of David Hale Global Economics, presented investment opportunities in a variety of sectors.

Panteli Economou, CEO of Damma Holdings, spoke, as did and Nikolaj Albinus, founder and CEO of Global Family Partners, who reported the creation of GFP Hellenic Investment Fund, which will invest in Greece and is planned to be registered on the Athens Stock Exchange.

Hellenic Market Commission Chairman Konstantinos Botopoulos described the Greek capital market developments and new products offered to create unlisted funds in Greece that will support growth in Greece, and George Stamas, founding member and board member of the Hellenic Initiative, presented the plans and progress made to strengthen entrepreneurship in Greece in support of recovery.

The Deputy CEO of TAIPED, the Hellenic Republic Asset Development Fund, Andreas Taprantzis, made extensive reference to the privatization program underway and highlighted the many opportunities in State assets.

Robert van Pappelendam, General Manager of Procter & Gamble in Greece; John Frasca, Director Global Logistics Procurement & Supply Chain Network Strategy of Hewlett- Packard Co; and Andreas Stylianopoulos, President & CEO of Navigator Travel & Tourism Services - IR Royal Caribbean Cruises underlined reasons for their decisions to invest in Greece despite its economic crisis.

FORUM DELEGATES AT THE PLAZA HOTEL

HIGH LEVEL MEDIA, PRODUCTIVE MEETINGS

Journalists and presenters from major media— Fox Business Network, Economist, Wall Street Journal, Thomson Reuters and CNN International—moderated and reported on the Forum.

At a special working breakfast, representatives of 25 U.S. investment firms discussed with deputy CEO of TAIPED Andreas Taprantzis details of the privatization program and further discussions were expected to continue in Greece.

During the Roadshow more than 450 meetings were held between U.S. funds and Greek companies, both listed and unlisted.

LOOKING AHEAD

Simos Anastasopoulos, President of the American-Hellenic Chamber of Commerce, said that the Greek Investment Forum in New York represents one of the most successful outreach events by Greece to the United States, home to the most influential investors in the world, and he believes the 3rd Forum, planned for 2014, will attract even more interest and will be the natural follow up to such a successful event in 2013.

Socrates Lazarides, Chairman of the Athens Exchange, said that the Forum in New York created a huge amount of interest in Greece and that Greek companies are now on the radar of major investors, who have learned first hand that Greece is home to innovative, strong, and outward looking enterprises that have significant potential for growth and expansion.

ANDREAS STYLIANOPOULOS, JOHN FRASCA, ROBERT VAN PAPPELENDAM

Media Coverage Major media covered the Forum, with extensive coverage in print, on TV, and online.

Leading journalists, who moderated the panel discussion, included CHERYL CASONE, FOX BUSINESS NETWORK ANCHOR, TOM EASTON, THE ECONOMIST MAGAZINE AMERICA, FINANCE EDITOR, PAUL VIGNA, THE WALL STREET JOURNAL, FINANCIAL MARKETS REPORTER, DINA KYRIAKIDOU CONTINI, DEPUTY EDITOR, U.S. GENERAL NEWS, PENNY MANIS, SENIOR PRODUCER, ANDERSON COOPER 360

“Now, the organizers of this week‘s gathering — the American-Hellenic Chamber of Commerce and the Athens Stock Exchange — are trying to capitalize on the enthusiasm of a few U.S.-based investors to give more momentum to this recovery. Investment bank Morgan Stanley is among the event‘s top sponsors, and large hedge funds such as Third Point LLC and Fortress Investment Group are on the program. Executives from Procter & Gamble and Hewlett-Packard Co. will present ―success stories from their recent investments in Greece.” —THE WALL STREET JOURNAL “The other bullish argument is that the Greek government has addressed many of the country’s “structural imbalances.” According to the Organization for Economic Cooperation and Development, Greece has begun more significant reforms than any other rich country over the past few years, and the World Bank ranked Greece eighth in its “most improved in doing business” survey.” —BLOOMBERG “Twenty-eight Greek companies headed to New York for an investor roadshow on Wednesday. Socrates Lazaridis, chairman of the Athens Stock Exchange, took CNBC through the different types of firms which had made the trip.” —CNBC “Kicking off the two-day Greek Investment Forum at Manhattan’s Plaza Hotel, Mr Stakouras said: “The worst is behind us and we have weathered it.” —BBC “Athens Stock Exchange Chairman on Investing in Greece.” —FOX TV “Today I can say with confidence, not simply with hope, that Greece has changed, that Greece is a great place to invest, that you should not pass up this opportunity,” Yanos Gramatidis said, speaking to an audience of about 100 in the gilded ballroom of the Plaza’s third floor.” —INTERNATIONAL BUSINESS TIMES

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 39

GREECE TODAY

Innovation, Education, and Entrepreneurship

BY LITSA PANAYOTOPOULOS, CHAIR, CHAMBER COMMITTEE ON INNOVATION, EDUCATION AND ENTREPRENEURSHIP

THE GAME CHANGERS THE I’S AND THE E’S ARE HOT THESE DAYS. IMAC, EGOV, IPAD, ECOMMERCE.

T

he big ones, Innovation, Education and Entrepreneurship, lead the pack in today’s converstation on a changing world.

They’re game changers.

And, to make the point without delay, Greece’s future depends on them. Not only that, there is no effective education, or entrepreneurhsip, without innovation and no innovation without education and entrepreneurhsip. They feed—and need—each other.

THE BIG I

OK, so innovation has become the hottest word of the decade. But with good reason.

The world has many problems. There are many people interested in finding solutions.

And innovation, in the workplace, in our education system, and our everyday lives,

led quite frankly by technology, has shown the powerful impact that doing things in a new way, using new tools, with new collaborations, can have a meaningful results that empowers huge numbers of people.

STAGE ONE

With many innovative developments, however, we are still at Stage One. Yes, Facebook is cool. Twitter is useful. And ordering online changes a lot of our habits. But the real power of innovative technology is still be developed. And we should look forward to substantial benefits from what is to come. We have some hints of it in e-health applications, epayments, and education technologies. But most of our efforts have been related to commerce. This is not a bad thing—it is a good thing—it’s just not the

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most transformative use of technology on a mass scale. When most of us have e-democracy applications, a direct line to a medical diagnosis center, and assistance with solving personal problems or making personal decisions, then we will begin to see the real power of innovative technology.

And, of course, innovation is not limited to technology. Research into human behavior is providing us with powerful new models for management, leadership, human interaction, productivity, raising families and motivating children. Once this knowledge is more widely available and has everyday applications, we shall witness a more satisfying level of behavior in our communities, in the workplace, and in our personal realationships.

Greece, in its current postion between Scylla and Charibdes, must rely on the innovative spirit of its people to make breakthrough developments, in creating a meritocartic society, in creating employment, in providing an education to its children that has value, in advancing the democratic process, in shaping a harmonious envi-

ronment. Employing innovative practices needs to be a big part of the breakthrough.

EDUCATION—THE NEXT BIG CHALLENGE

Without a doubt, our ability to educate our children has reached levels unimaginagle a century ago. Universities have developed outstanding programs and labs that carry out exceptional work. Global communication facilitates the transfer of knowledge to almost any point on earth. Research is aided by wealth, grants, cross cultural and cross disciplinary approaches that delve into fascinating aspects of human civilization and the natural world.

But are we training, and teaching, our children what they need to learn and know?

Good question. Ethical behavior is becoming, for many, the exception, not the norm.

Aspirations of young people are shifting to celebrity status, finance for financial gain or, as we have seen to often, civil servant status for a life of security.

cal football, kicking its future aroud the pitch to score goals, draw fouls and see red cards.

Once we agree that education is worth the major investment it represents, and create a set of objectives that focuses on values, meaning, incentives, intellectual challeng and practical purpose, we may begin to set the stage for creating a new Greece that will be productive, motivated, challenged, and satisfied. And we must not forget that education is a lifelong process; it should never stop, and should always be a priority, when we are seven and when we are seventy.

Nothing more, nothing less.

ENTREPRENEURSHIP

Without change, not much happens. Innovation is about change. Education is about change. And creating new products, services, and solutions, at every level of society—and for every level of society—is about change. One of the greatest levers of change in any country is its entrepreneurial spirit.

The desire to bring goods and services to

The 2nd Make Innovation Work business plan competition Amcham launched on July 24th 2013 is designed to help bring innovative ideas to market

Education represents one of the most challenging areas in society today. Not only is much of the system failing to instill basic concepts, it is foundering amid a legalistic environment that seeks to address every concern of parents, teachers, administrators and students except one: is it educating children?

Education is the pillar of every society that prepares not only the next generation of workers, it prepares the next generation of parents, citizens, thought leaders and intellectuals. It is the most fundamental institution in society beyond the family. And yet we approach education as if it were some politi-

market that have a positive effect in society. And as we have seen throughout history, entrepreneurial spirit is key to effecting change for everyone. It is one of the single most powerful instruments in human development, affecting science, energy, transportation, building, heathcare, telecommunications, sport and leisure, culture and education.

But at its most basic level, entrepreneurship creates jobs. It creates support, therefore, for families, for shops, for State revenues, for new partnerships, for foreign exchange, for research and development.

It is, simply put, one of the crucial components of the social fabric that promotes growth and sustainability.

And it’s what Greece needs. Lots of.

MIW

A major purpose of our Amcham Committee on Innovation, Education and Entrepreneurship is to convince business executives and policy makers that firms, and the country as a whole, cannot stay competitive without well-trained, properly informed, and adequately motivated employees, tasks that can be only achieved through effective lifelong learning. Companies must move away from standardized to high value added products and services that require continuous innovation that can be accomplished only through sophisticated forms of education aimed at cultivating creativity and changing the mentality of employees— and employers—to make them capable of achieving such innovation.

The 2nd Make Innovation Work business plan competition Amcham launched on July 24th 2013 is designed to help bring innovative ideas to market. Equally important, it is designed to spur the imagination, foster the notion that the best way forward is one that is self-directed, and provide the tools and assistance that people need to enter a challenging, rewarding, and deeply satisfying career path.

The competition is designed to select and support the most integrated and innovative business plans in five sectors: Energy and Environment; Alternative Agriculture; Transportation–Shipping–Logistics; Tourism and Culture; and Health and Wellness. Technology, as a sector, is not included for a simple reason: technology is so ubiquitous that it is a part of every business plan and cannot usually be separated as an independent area.

The most comprehensive proposals will be selected and recognized by the evaluation committee, and they shall clearly demonstrate that Greece has significant and promising reserves of innovative and entrepreneurial talent which, with the proper support, can assist in the development of our country.  http://miw.amcham.gr

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 41

GLOBAL GREECE

THE TRANS-EUROPEAN TRANSPORT NETWORK (TEN-T)—

BY GEORGIOS KOUMOUTSAKOS MEMBER OF THE EUROPEAN PARLIAMENT

Transforming Greece MEP GEORGIOS KOUMOUTSAKOS EXAMINES GREECE’S GEOPOLITICAL TRANSFORMATION FROM A PERIPHERY COUNTRY TO A GATEWAY TO INTERNATIONAL TRADE AND THE IMPORTANCE OF THE TRANS-EUROPEAN TRANSPORT NETWORK (TEN-T).

G

reece is currently in the midst of an important geopolitical transformation. The era when the global economy was Western-focused and our country was a periphery country is coming to an end. The global trade routes are currently changing direction and the center of gravity in geopolitics is shifting to Asia. Against this background, our country, being situated at the crossroads of three continents and at the intersection of Asian and European trade routes, is strategically placed to serve as a transport hub between Europe and Asia.

This is greatly illustrated in the hub deal between Hewlett-Packard, Cosco and Trainose, following which the geopolitical importance of the Piraeus port has increased, thus strengthening its position among the top European ports. Prime Minister Sa-

maras’s recent visit to the U.S. and China, the strategic agreement on the GreeceAlbania-Italy (TAP) pipeline, as well as Greece’s estimated energy potential further demonstrate the growing importance of the country’s geopolitical location.

A NEW TRANSPORT NETWORK, NEW OPPORTUNITIES

If Greece is to serve as a strategic transport and energy node, however, it needs to look beyond its advantageous geographic location. The key to success is to fully capitalize on the new Trans-European Transport Network (TEN-T), which will connect both peripheral and central regions of the EU, and EU countries with European states who are not EU member states.

The TEN-T is considered to be the lifeblood of the single market for a series of reasons.

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First, transport networks are the arteries of the single market and if Europe is to fully realize its economic potential, a unified, interoperable and efficient transport network is required. Second, the project will directly generate new job opportunities through the actual construction of the infrastructure. It is estimated that every $1 billion spent on infrastructure creates 18,000 jobs. Third, it will foster more economic activity in peripheral regions which were previously isolated and will now be better connected to central ones.

TEN-T—TWO LAYERS

The TEN-T network consists of two layers: the first one is the so-called “core” transport network which will serve as the backbone of the European Transport Network System and is designed to link, European capitals,

other major cities and key urban nodes. The “core” network is designed to connect more than 80 major European ports with rail and road links and around 40 key airports with rail connections into major European cities. This network will be supported by a “comprehensive network,” which aims to connect the European cities, ports and airports, including those located on islands and remote areas that are not included in the “core” network. The core and comprehensive networks are scheduled for completion by 2030 and 2050 respectively.

In a nutshell, through the implementation of the European Policy for the Trans-European Transport Network, we will move from the current patchwork to a complete and efficient network for transportation within the single market.

MOTORWAYS OF THE SEAS

Equally important is the fact that in addition to the TEN-T, the “Motorways of the Seas” aims at creating marine chains between all major European ports. Further, within the framework of the new European Ports Policy which was presented by the European Commission in late May, the infrastructure

connection between 319 ports of which 83 are being recognized as “core” network ports will be improved. It is of great importance for our country the fact that 25 Greek ports—including the ones of Piraeus, Patra, Thessaloniki, Heraklion and Hgoumenitsa which are part of the “core network”—are included in the TEN- T network.

31.7 BILLION EUROS

For the 2014-2020 financing period, the European Commission has proposed the allocation of €31.7 billion through its Connecting Europe Facility (CEF) tool to realize its TEN-T policy. Although it is expected that this amount will be eventually reduced due to EU budget cuts, the final amount invested will still represent a much needed increase in the financing of the TEN-T network, if compared to previous years. The funding that Greece can receive through the CEF will be primarily directed at upgrading its port infrastructure and improving the connections between Greek ports and other national ports that are included in the “Motorways of the Seas” project. Definitely, in order to fully grasp the TEN-T benefits, the Greek government

must work towards improving its transport infrastructure and enhancing the competitiveness of its logistics services. Greece is an integral part of the TEN-T, and as such, it will benefit both in economic and geopolitical terms.

FROM PERIPHERY TO CENTER STAGE

To summarize, although—geographically speaking—until now Greece has been a country of the European periphery, Greece’s position is shifting in geo-economic terms from Europe’s “periphery” to its “center” as the country lies across the vital trade routes between Europe and Asia. Our country, building on its geographic competitive advantage and seizing the opportunity which the TEN-T presents it with, can establish itself as an important regional and international transport and energy hub. As a bridge between Europe and Asia. If we manage to successfully do so, the benefits will be twofold: we will strengthen our position in the geopolitical chessboard of the Eastern Mediterranean, and we will attract more foreign investment and stimulate economic growth.

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MARKETPLACE

Build Your Brand, CONVEY YOUR VALUES

BY MARY SPILLANE

MARY SPILLANE, AN EXPERT IN COMMUNICATIONS, BUSINESS DEVELOPMENT, PERFORMANCE IMPROVEMENT, AND PERSONAL BRANDING, DISCUSSES SOME KEY SKILLS THAT EXECUTIVES NEED TO HONE IN TODAY’S CHALLENGING BUSINESS ENVIRONMENT.

WHAT SKILLS DO EXECUTIVES NEED TODAY IN THEIR PORTFOLIO?

Unfortunately, just being capable and experienced is not enough in today’s fast-paced, global business world for people to get the opportunities that they want and the rewards that they deserve. The hard skills... knowledge, expertise...and a good track record are just a baseline to being able to throw your hat into a ring for a new role.

The difference will be in conveying your agility to be able to learn new things and take on more challenge as well as how you present yourself.

To present yourself well means you must have a clear brand identity, be a good communicator, read others effectively and have

a good profile both within you organization as well as externally. Also, in our highly visual world your image is also key. Like it or not, 55% of your impact is judged by how you look and behave.

PERSONAL BRANDING

Without doubt, the most important skill set to advance your career is communications

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Put simply: your brand is what people say about you when you aren’t in the room. Do you really know what people think and say about you? If not, maybe it is time to find out. Better still, have someone else canvass people for you. Maybe you’ll be pleasantly surprised, perhaps not!

Decide how you want to be valued, what adjectives would you like others to use to describe you. Then, reflect on how well you convey these values consistently. We all

make an effort for the big performance or presentation but do you project the same image day after day. Consistency is critical to an authentic brand.

Most people play it safe when talking about their brand, using words like: professional, knowledgeable, experienced. These should be a given. To stand out and be memorable your brand has to be more. Think of challenges to your business today. What kind of leader is needed to take it forward? Should you consider having strategic, creative, influential, global as part of your brand? If so, how can you convey these values by how you communicate and interact with others?

PRESENTATION SKILLS

Without doubt, the most important skill set to advance your career is communications. As we spend most of our time in 1:1 or small group meetings we can be complacent about our effectiveness. Just because you are as good as everyone else does not mean that you will standout as someone who can do more.

The biggest mistake most people make is not being ‘present’ when they speak. By that I mean, they are babbling on and ‘talking at’ people rather than communicating with them. To be compelling, you need to present every sentence that comes out of your mouth with impact. This requires you to learn if your voice is as good as it needs to be. If not, improve. We all learn how to speak and can change our speech quite easily and effectively with a bit of coaching. No one will realize that you have changed—they will just listen to you rather than switch off.

A major presentation can unsettle some people; well, we know that many people fear getting on a stage more than death itself. The worst thing is worrying about it and creating the disaster scenario in your head of how bad you are going to be or what could go wrong well before the event. That is the perfect way to program yourself to fail.

As soon as you know you have a presentation planned, imagine how you want it to go.

Think of how you want to feel, how you want to captivate the audience and even the applause you want at the end. Just musing this

way for a few minutes will put in you a good state to prepare a much better presentation.

Today, too many presenters rely on Powerpoint to tell their story. Slides can become nothing more than speaker notes. What a waste of your time and the audience’s time.

A presentation should, first and foremost, be an experience. That means you must consider how you want the audience to feel as well as what you want them to think.

Always start you presentation on a human level. Even if it is a well–prepared opening (as it should be) make if feel spontaneous.

You only have 10 seconds for the audience to ‘get’ you. Grab them well and they will stay with you.

Remember: we go to presentations hoping for the best. We don’t want the speaker to fail or be nervous. If you can enjoy yourself

then the audience will enjoy you.

If the presentation is important for you, don’t wing it. I spend one hour in preparation (research, writing, slide-prep, practice) for every minute of a presentation. Too many executives say that they are too busy to prepare and rely on their staff to deliver a slide deck or written speech. Never deliver someone else’s presentation. Always put in the time to make it your own. And never read a speech. It is an insult. The audience can read so if you aren’t going to be bothered to deliver an experience, save their time and yours and just send it to them.

Every presentation is an opportunity to showcase yourself and your capabilities.

Make it a priority to think creatively, develop material, get feedback and practice. You will never regret being well prepared and that one presentation may bring the best opportunity of your career.

THE PERSONAL PITCH

A presentation should, first and foremost, be an experience. That means you must consider how you want the audience to feel as well as what you want them to think.

We all know the concept of the ‘elevator pitch’ when you craft a mini-presentation to talk about your business or an idea. Far more critical and useful is the ‘personal pitch’ i.e., being able to answer the question we get every day: “tell me about yourself and what you do at XXX company?” Most people just recite their job title, which, unless you are a CEO, might be unimpressive if not understandable. You have to interpret your role in a way that makes others want to know more.

For example, a Project Manager in Marketing might say, “I’m are responsible for ensuring my clients hit their sales targets.”

Someone in finance could describe them self as “the person who says ‘no’ to losing money and ‘’yes to making money.” Your personal pitch should be jargon-free, human and encourage the other person to ask for more information.

Everyone’s attention span is limited so your pitch should be no longer than 10 seconds.

Yes, just ten seconds. As the conversation and rapport develops you will be given more time give more depth about yourself and your business. But your introductory personal pitch should be concise, compelling and arouse curiosity.

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TRENDS & TRADE MAKERS

Coming Up: Unified Patent Court The European Commission has today proposed to complete the legal framework for Europe-wide patent protection by updating EU rules on the jurisdiction of courts and recognition of judgements (the so-called “Brussels I Regulation”). The changes will prepare the way for a specialized European patent court – the Unified Patent Court – to enter into force once ratified, making it easier for companies and inventors to protect their patents. The court will have specialized jurisdiction in patent disputes, avoiding multiple litigation cases in up to 28 different national courts. This will cut costs and lead to swift decisions on the validity or infringement of patents, boosting innovation in Europe. It is part of a package of measures recently agreed to ensure unitary patent protection in the Single Market (IP/11/470).

Socks With Sensors— A New Workout Analysis Imagine a super accurate fitness tracker that tells you how far and how fast. Now imagine a smart sock that also tells you how WELL you walk, run and exercise!

Sensoria is the part of the brain where all nerves in our body come together. That is what Sensoria smart socks do— by connecting their sensors to any mobile or big screen devices.

Sensor-filled socks track your activity, stride, speed, distance, calories and most importantly how your foot lands on the ground.

Every time you walk, run and exercise you are generating valuable data that, if properly analyzed, can produce meaningful views of your activity and the way you use your whole body.

Sensoria Fitness is a fully instrumented sock with a virtual coach that monitors and guides you on how to improve your performance and achieve your goals.  http://www.indiegogo.com/projects/sensoria-smart-sock-fitness-tracker

20 Greek Start Ups at Global Webit StartUp Challenge More than 800 startups from all over the world applied for the Global Webit StartUp Challenge 2013 Award - 21 free expo stands @ Webit Congress. 20 Greek start ups are among those to attend. 10 startups (from the semi-finalists) who receive the most votes shall have the opportunity to pitch @ Webit Congress Open Stage and to speak along with Phil Libin (Founder of Evernote), Axel Dauchez (CEO of Deezer),Anthony Gallippi (Founder and CEO, BitPay),Tikhon Bernstam (Co-founder of Scribd and Parse) and 200 more amazing speakers.

46 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

DR. IOANNIS N. LAGOUDIS DIRECTOR OF APPLIED RESEARCH ASSISTANT PROFESSOR MALAYSIA INSTITUTE FOR SUPPLY CHAIN INNOVATION FULBRIGHT SCHOLAR 2010-11

Tell us about your Fulbright experience.

Fulbright offered me an opportunity to conduct applied research at the Center for Transportation and Logistics at MIT, one of the leading logistics and transportation centers in the world. I interacted with global experts, creating strong relationships as a member of the MIT Global SCALE Network, which spans four continents. MIT’s human capital and philosophy are a real eye opener that challenge the innovative mindset and creativity of all participants.

What role is transportation logistics playing in today’s globalized world?

Global Supply Chains are becoming longer and more intricate, with production and consumption points at all points of the compass. This increases the level of complexity in managing operations related to production, distribution schedules, transportation, and financing. Transportation is a critical link in this chain since lead-time reliability is a key factor of success for any supply chain strategy. The competitive advantage for future supply chains will unquestionably rely heavily on the success of transportation logistics.

How can Greece benefit from improved maritime logistics?

For Greece to leverage its strategic location it will need to invest heavily in human capital. The cooperation of HP and COSCO using the port of Piraeus to distribute HP products demonstrates the direction toward developing specialized personnel in logistics and supply chain management.

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W ONLINE COURSES

Coursera lists free online courses. Here’s a sample of some being offered this fall. For the complete list, visit www.coursera.org

A NEW MOTORCYCLE. NO, I MEAN REALLY NEW

Stanford Introduction to Logic In this course, you will learn how to formalize information and reason systematically to produce logical conclusions.

Most everyone loves the idea of riding a motorcycle. Some of us, however, have heard the story that there are two categories of drivers: those that have gone down and those who will go down. Guess what? There may be a third: Those who ride the Lit C-1 and are protected by the gyroscopic system that prevents falls.

This may be the biggest development on motorcycles ever. Enclosed, two-wheeler, drives like a car but feels like a bike. Set for production in 2014.

Here’s what the company says: The C-1 is 100% electric, with a top speed of 100+ mph and a range of upto 200 miles per charge. It uses high torque in-hub motors to accelerate from0-60 mph in about six seconds. Charge times depend on voltage, from six hourson 110/120V to four hours on 220/240V to less than a half hour (to 80%) at a 400-500V quick charge station.

The “secret sauce” of the C-1 is our patented gyroscopic stability system. Using a pair of flywheels spinning at 10,000+ rpm, our gyro system exerts 1300 ft-lbs of torque to control the tilt and lean of the vehicle. This allows the C-1 to lean itself into and out of turns, and is powerful enough to keep the C-1 uprighteven in a collision.

And it’s gorgeous. Order me one.

University of Maryland Developing Innovative Ideas for New Companies: The 1st Step in Entrepreneurship.

Explore how to identify and develop great ideas into great companies. Learn how to identify opportunities based on real customer needs. Develop solid business models.

Create successful companies.

Columbia University Financial Engineering and Risk Management Part I This course provides an introduction to various classes of derivative securities and we will learn how to price them using “risk-neutral pricing.”

E.U. RECinTpublic The European Commission has today proposed a draft directiveD on I e-invoicing procurement, accompanied by a communication setting out its vision for the full digitisaINVOICING—WITH AN E

tion of the public procurement process, so-called ‘end-to-end e-procurement’.

E-invoicing is an important step towards paperless public administration (e-government) in Europe – one of the priorities of the Digital Agenda - and offers the potential for significant economic as well as environmental benefits. The Commission estimates that the adoption of e-invoicing in public procurement across the EU could generate savings of up to €2.3 billion.

Commissioner for Internal Market and Services Michel Barnier said: “Ensuring that public administrations in the EU are modern and efficient is a priority for the European Commission. Switching to e-procurement, and particularly to e-invoicing, can bring significant savings and make life easier both for the governments and for the thousands of businesses active in the Internal Market. Switching from paper to fully automated invoicing can cut the costs of receiving an invoice from 30-50 euro to 1 euro. These are good and useful savings in the current economic climate. As the largest spender in the EU, the public sector should play a leading role in stimulating its uptake.”

University of Pennsylvania Corporate Finance This course is intended to provide a market-oriented framework for analyzing the major types of financial decisions made by corporations.

University of Michigan Social Network Analysis This course will use social network analysis, both its theory and computational tools, to make sense of the social and information networks that have been fueled and rendered accessible by the Internet.

University of Pennsylvania Designing Cities The course explores visionary and practical concepts of city design and planning, past and present, and how design can address such looming challenges as urban population growth, climate change and rising sea levels.

SEPTEMBER-OCTOBER 2013 | BUSINESS PARTNERS | 47

VIEWPOINT

Greek Products in the USA

T

he strong cards among Greek exports, a domain traditionally dominated by feta cheese, yogurt and olive oil, include fish and seafood products – particularly sea bass, for which Greece is the main supplier, with a market share close to 80 percent – and olives, with a market share of about 72 percent. But the main exportable Greek product is pipes for oil and natural

gas, with a value exceeding 115 million Euros last year.

According to a recent report by the Greek Embassy in Washington’s Bureau of Economic and Commercial Affairs, Greek sea bass and sea bream are among the products gaining growing recognition as “good value-for-money propositions.”

Greek olives, the report says, also enjoy broad recognition among American con-

Greece exports a wide variety of products to the USA, ranging from oil pipes to olives and from razor blades to the mineral vermiculite, and in some cases is a main supplier. sumers and hold strong potential for expanding their market share. The value of Greek olive exports came to 58.08 million Euros in 2012, with strong competition from Italy, Spain and Morocco.

The performance of the country’s exports to the US is also gaining in dairy products, with Greece being the third-biggest supplier of cheeses from sheep or cow milk. Greece’s market share in those two categories is now 15 percent and 18.4 percent respectively, after an 82.3 percent increase in 2012, representing a total value of 7.8 million Euros.

Industrial exports to the US are also faring well. Greece holds the largest market share in iron and copper pipes for oil and natural gas. This amounted to 29.2 percent last year after a 103.7 percent increase over 2011.

And perhaps coming as a surprise, Greece is also the third-largest supplier of razor blades, after Mexico and China, with the value of 63.3 million Euros in 2012.

Greece is the number one supplier to the US of vermiculite, a hydrous, silicate mineral that is most suitable for insulation and widely used in energy-efficient fireplaces.

The value of vermiculite exports was 11.08 million Euros.

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

Become a Member

bponline.amcham.gr

To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at www.amcham.gr, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

To subscribe to Business Partners, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

48 | BUSINESS PARTNERS | SEPTEMBER-OCTOBER 2013

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