Black Sea

Greece is linked to the wider Black Sea region by unbreakable age-old historical ties. It is no coincidence that the Black Sea and neighbouring regions are home to ancient cities – including Yalta, Trabzon, Istanbul, Mariupol, Constanta and Sevastopol – linked to the history of Hellenism over the centuries.

Greek communities in countries bordering on the Black Sea remain strong to this day, constituting a “living bridge” with Greece. Within the framework of maintaining Greece’s ethnic and cultural presence in the region, Greece has a strong cultural presence, funding and supporting a number of cultural centers, as well as modern Greek language centers and university chairs, while in areas where there is a particularly strong Greek presence, Greek schools operate within the framework of the local associations of ethnic Greeks. Visits of diaspora Greeks to Greece and of Greek-language teachers to these countries, as well as cultural events and exchanges just confirm and strengthen Greek presence in these areas.

Greece also has a significant economic presence and interests in the Black Sea region. Exports to countries of the region account for 20% of total Greek exports.

Greece’s foreign policy regarding the states and peoples of the Black Sea region is focused on developing ties and cooperation on all levels. Greece pursues and supports the achievement of stability in the region, and its general contribution in this direction became even more marked during Greece’s 2009 Chairmanship of the Organization for Security and Cooperation in Europe (OSCE) and participation in the OSCE Troika in 2010.

Within the European Union, Greece promotes and supports polices that contribute not only to the economic development of the region, but also to bringing these countries closer to Europe. Greece was one of the countries involved in creating the European Neighbourhood Policy (ENP) and supports both the Black Sea Synergy and the recently created Eastern Partnership (EaP).

The Organization of the Black Sea Economic Cooperation (BSEC) – of which Greece was a founding member – also plays a very important role in interregional cooperation throughout the wider region

Greece is a principal financer of BSEC organs, hosting the headquarters of two of BSEC’s related bodies: the Black Sea Trade and Development Bank (Thessaloniki) and the International Center for Black Sea Studies (Athens).

Within the BSEC framework, Greece is developing important initiatives and supports the development of important regional projects – including the Black Sea Ring Highway and the extension of Motorways of the Sea – aimed at sustainable development in the region.

BLACK SEA

Greece has developed significant trade and economic activity in the countries of the Black Sea region.

BULGARIA
Bulgaria is a strategic economic partner of Greece, with high levels and prospects of bilateral trade, economic, tourism, investment, energy, and cross-border cooperation. It is the 2nd largest global customer of Greek products, and Greek businesses have invested 2.8 billion euros.

TÜRKİYE
Trade with Türkiye is of particular importance, with 5.4 billion euros in trade, primarily exporting light mineral oils, cotton, electronic computers, aluminum products, and pharmaceuticals. Greek investments are found in construction, construction materials, ICT, food, and tobacco products. Progress on the bilateral Positive Agenda is of particular importance.

ROMANIA
Romania is a successful example of Greek business activity, with a large and steadily growing volume of exports, significant Greek capital investments, and a large number of Greek businesses. Greek exports in 2022 amounted to 1.8 billion euros, and Greece ranks 8th in terms of invested capital (2.3 billion US dollars) with a high number of Greek-owned companies.

AZERBAIJAN
In 2022, bilateral trade amounted to 2.4 billion euros, with significant potential for Greek products and increased prospects for bilateral economic and business cooperation.

ARMENIA
Historically, trade flows with Armenia have been at low levels, but they have shown significant growth in recent years, resulting in a positive balance for Greece. The main export is aluminum, and the trade balance is in favor of Greece.

MOLDOVA
Moldova is an important trade partner for Greece, primarily in agricultural products, such as maize and semolina, with, however, a trade balance consistently negative for Greece. The volume of bilateral trade (2022) is 98.2 million euros, mainly due to our exports of petroleum products.

GEORGIA
Trade balance with Georgia has been consistently positive for Greece. Major categories of Greek exports in 2022 include petroleum products (86.6% of the total), worn clothing, pharmaceuticals, raw tobacco, and paints & varnishes.

UKRAINE
Bilateral trade volume with Ukraine in 2022 amounted to 623.7 million euros, showing a 16.1% increase. Greece attaches great importance to Ukraine's reconstruction and sees many prospects for increasing bilateral economic and business cooperation.

RUSSIA
Given the current unfavorable circumstances, economic and trade relations with Russia have been restricted. The trade balance has been consistently negative for Greece, mainly due to Greek imports of energy products.

MIDDLE CORRIDOR - CONNECTIVITY

The upgrade of the Middle Corridor (Trans-Caspian International Transport Route) has enhanced the strategic role of the Black Sea and its countries in the EU's imports and exports supply chain.

ORGANIZATION OF THE BLACK SEA ECONOMIC COOPERATION (BSEC)

Greece plays a crucial role in the Organization of the Black Sea Economic Cooperation (BSEC), of which it is a founding member.

Greece is a major financial contributor to the organization and hosts two of its affiliated institutions, the Black Sea Trade and Development Bank in Thessaloniki and the International Center for Black Sea Studies in Athens.

Greece continually supports the functioning and ongoing effort to renew the field of cooperation within BSEC, aiming to deepen regional cooperation and promote development projects. In this context, Greece has initiated significant projects and supports the development of regional infrastructure such as the Black Sea Ring Highway and the expansion of maritime routes.