Speech by Mr. Panagiotis Mihalos
Secretary General for International Economic Relations
Ministry of Foreign Affairs – Hellenic Republic
DOHA Forum, May13, 2014
Excellencies,
Ladies and gentlemen,
I would like to thank the organizers for the opportunity to address such an esteemed audience, in
times of changing geopolitics.
The Gulf countries and especially Qatar is located on important crossroads of world civilizations,
religions and trade. In the recent years Qatar has been increasing its significance in the world,
with practically every country seeking to improve its relations and develop new business ties on
many levels with Qatar.
Qatar’s rise to global prominence has opened doors around the world, converting powerful
trading partners into stakeholders through multifaceted initiatives and business agreements.
However, as H.E. the Minister of Foreign Affairs of Qatar Dr. Khalid Bin Mohammed Al Attiyah
mentioned yesterday:
“Economic reforms are urgently and seriously needed around the world and these cannot be
attained without a real political stability”.
In Greece we went through this phase having to deal with economic recession for 6 consecutive
years. In order to deal with the crisis, though, we implemented a vast program of reforms,
practically in every field.
Thanks to the sweeping reforms, our country is now emerging stronger and more competitive and
in a better position to play its role.
We, Greeks, truly believe in fostering dialogue and creating ties, because this is what we have
been doing for a very long time through history.
As H.E. Dr.Khalid Bin Mohammed Al Attiyah, Minister of Foreirn Affairs of Qatar also said, the
talks between Israel and Palestinians must resume. We Greeks do this in practice in order to
1/6
facilitate the dialogue. Just two weeks ago in close cooperation with the RAND Institute from the
USA, we hosted a top level but very little publicized conference between Israelis and Palestinians
in Athens. The topic of this conference was to examine the cost of No – peace.
We have systematically cultivated our ties with the Arab world, as you all know. History plays its
role, our ties with other nations in the Middle East or South East Europe date back several
centuries.
Greece is a beacon of stability in South East Europe and its broader region. As you know very
well new issues have emerged in the Mediterranean. We are living through hard times.
We have the know-how to approach conflicting sides and we are willing to work hard together
with other stakeholders in order to find solutions to pressing issues.
Democratic institutions have deep roots in my country. Not only can we serve as an example to
others but we can also help our neighbors to bring stability in their internal affairs and thus
prosperity to the whole region.
This is exactly what we did during the Israeli-Palestinian conference that we hosted in Athens and
this is exactly what we are willing to do again when opportunity or need arises.
It is true that political developments are most often based on economic merits. However, it is also
true that economic merits alone cannot provide the full context that is required.
Economic relations must be stable, based on mutual trust, continuity, persistence and common
ties.
Greece is consistently building ties with foreign partners.
Currently holding the Presidency of the EU, we hosted last week in Athens a major conference
titled “The EU and the Arab world”. During its sessions we explored in depth the prospects of
relations between the EU and the Arab countries.
In Qatar, Greece sees a reliable friend, a major strategic business partner and a long term
investor in joint deals that benefit both economies.
The fact that Qatar is planning to spend an immense amount of money in the following years until
the 2022 World Cup is a clear sign that Qatar views the games as an opportunity to create a
legacy much more significant than the event itself.
Several Greek companies are already present in Qatar. Just last month it was announced that
2/6
Aktor, a major Greek construction company will lead the consortium that will build the Golden
Line of Doha Metro System.
Other Greek companies are engaged in real estate projects or building highways and other
infrastructure projects. We expect and we encourage more Greek companies to get involved in
Qatari projects.
The huge infrastructure program underway in Qatar in conjunction with the prospects in the
energy sector make it a major business partner for international companies.
The Greek government that took office almost two years ago recognized this opportunity for
renewed relations with Qatar right from the beginning.
The trip of the Greek Prime Minister Antonis Samaras to Doha, in January 2013, his first abroad
after he took office, clearly signaled the importance that we attribute to our relations with Qatar.
Apart from expanding our political relations, that trip also clearly meant business.
The 50 largest Greek companies participated in the delegation that accompanies our Prime
Minister and several deals that have been announced since trace their roots in that trip.
Furthermore, the current Greek government started early on to advance and promote its vision for
strategic partnerships with foreign investors.
Investment interest from the Arab countries into Greece has been steadily growing.
We are carefully organizing our business relations with the Arab countries and especially Qatar
because we believe in the value of building long term relations.
A good example of how we view our relations with the Arab countries Is offered by Qatar
Petroleum International.
I remind you that in its first ever such acquisition abroad, QPI partnered with Terna Energy from
Greece investing in Greece’s most efficient natural gas power plant.
The two companies created a thestrategic alliance, which is far more important and involves other
investments in Greece and the greater South East Europe.
Another example of bright prospects comes from the energy sector, which is of utmost
importance for Qatar.
A year ago Greece secured the Trans Adriatic Pipeline (TAP), which will transport natural gas
3/6
from the Caspian Sea to Southeastern Europe.
(1,5 bn. € private investment, 2000 direct and 10.000 indirect jobs)
This was a turning point.
We are now planning for a broader vision:
The energy security of the region, in which Qatari companies can play a major role as investors
or just trading partners.
The situationin Ukraine has highlighted the need for energy security and diversification, thus our
proposal for a Vertical Corridor linking South to North Europe and Qatar can definitely be part of
it.
Why?
Because, this Vertical South to North Corridor is the most realistic scenario for bringing natural
gas and energy security to Central and South-East Europe.
Because it is affordable and can be very realistically accomplished.
It does not require a huge new investment, which would take years to put together. It consists of a
network of existing or new interconnectors between the national natural gas grids. This Vertical
Corridor will be fed by the pipelines that transport gas from east to west, such as TAP, possibly
Eastmed as well as LNG terminals in Greece.
The Vertical Corridor will transport natural gas from the Arab countries, among other sources, to
the European market, stored at the existing LNG terminal of Revythousa just South of Athens,
and two new floating LNG terminals in North of Greece, one public and one private project.
Now, that the situation in Ukraine is becoming more uncertain, the issue of energy security in
Europe has become more vital and urgent than ever and demands our action. The Vertical
Corridor will provide energy security for Central and South-Eastern Europe before the end of this
decade.
Allow me to mention at this point that 80% of crude oil and 30% of international natural gas
trade is done by ship. Greek ship owners are already commanding, as you know, a large fleet of
tankers carrying oil around the world. We expect that the Greek shipping community will keep
increasing its share regarding LNG ships.
4/6
I mentioned the basic parameters that give shape to a greater energy vision for Greece and the
entire Central and South-Eastern Europe.
In closing,
Greece’s economic relations with the Arab countries are evolving very successfully at an
accelerating pace.
In the Arab world, and especially in Qatar, Greece sees a reliable strategic partner, who shows a
strong interest in doing business in Greece building long term partnerships.
The two sides have already proved that excellent relations can materialize into equally excellent
business relations. Business and investment between Greece and the Gulf countries has been
growing fast. It can grow even faster.
We can view our future with confidence and optimism. We have to seize the opportunity.
I wish you the best of luck in your endeavors.
Thank you for your attention.
5/6