JOURNALIST: Cinespace Studios is making an emblematic investment in Greece. Were the negotiations difficult?
K. FRAGOGIANNIS: There are no easy negotiations in any sector. Nor are there heroic victories or losses. Negotiations themselves are an unending process, at least until the agreement they lead to has been completed. What counts in the business sector, where I come from, is constantly looking for a path that leads to expansion of the economic growth cycle. So, the main interest for Cinespace is that there is a market for its products and services and a place with an environment that facilitates the realisation of its plans. What our government has achieved helps in this direction: Political stability, economic growth and social cohesion. And of course, no one wants to invest where they aren’t welcome. So, society has to show that it welcomes foreign investment, that there is interest in the jobs this investment will create. It is now obvious that Greece is entering a new growth cycle – against international trends – under the best possible conditions: A liberal government with an absolute majority and four election-free years ahead is creating the stable conditions investors seek. So, what happened in Chicago was an agreement in principle, which is essentially the first step in a long process until the agreement is implemented.
JOURNALIST: Do you think this investment will act as a magnet for attracting other interested companies?
K. FRAGOGIANNIS: From the very outset, the president of Cinespace told us that he went to the major studios in Los Angeles to get a sense of their intentions, and he also spoke with the large digital platforms – NETFLIX, AMAZON, HULU, DISNEY/ FOX and APPLE TV – with which he collaborates, in order to secure content and distribution. So, this process has already given our country diplomatic capital for boosting its allure for investors – more than we could have gained in 10 similar trips and multiple negotiations. At the end of the day, this is the point of economic diplomacy. To create a framework of results that will have a multiplying value in the context of the strategy for attracting investments. Attracting investments is a marathon in which our job is to boost confidence in our country’s value. This is the magnet we are working to create, and believe me, it has a multiplying effect.
JOURNALIST: In terms of legislation, infrastructure and workforce, is Greece ready to welcome major investments?
K. FRAGOGIANNIS: Definitely. Not only are we an attractive destination for the audiovisual industry due to a number of development incentives we offer, but we also have natural diversity: sunshine, a variety of landscapes, monuments, tourism infrastructure, etc. What’s more, in the audiovisual sector we have high-value human resources with skills, professional competence and high performance. The government is willing to provide coordinated assistance for creating the necessary framework, starting with professional education and training through programmes linked to the personnel needs of the film industry. As you can understand, an investment of this type and size will strengthen the business ecosystems created to support it.
March 1, 2020