In the latest of our series to help the Scottish business community, Gareth Magee gives an insight into how to do business in Greece.
Population: 11.3 million
Currency: Euro
Capital city: Athens
GDP: $241.7bn (USD)
It looks like the Greek tragedy, in which the country earned the unwanted reputation as the sick man of Europe, might just have a happier ending.
The impact of the financial crisis in 2008 was compounded in the years that followed by a crippling debt crisis that saw Greece bailed out in 2010 by Europe and the IMF.
But while Greece still faces massive public debt repayments (estimated at 175% of GDP) and the OECD expects unemployment to hit 27% in 2015, the country appears to be in recovery mode after six years of recession and a controversial austerity regime that triggered widespread social unrest.
The economy is expected to have posted a return to growth in the third quarter of 2014, while in September Standard & Poor's upgraded its credit rating from B Minus to B having judged that the outlook for the country was now 'stable'.
Greece has long been a key market for certain UK exporters, despite an inevitable decline during the recent crisis. Exports from the UK to Greece jumped by more than 9% to £920 million last year, with pharmaceuticals, petroleum, telecoms, beverages, clothing, road vehicles and industrial machinery and equipment all prominent.
Several of those sectors, including beverages, petroleum and motor vehicles, are important exporting industries for Scotland, suggesting that while Greece isn't currently a significant market for Scottish exports there is potential yet to be tapped.
There may also be opportunities for Scottish companies in the Greek government's current privatisation programme, focused on roads, airports, public utilities and real estate.
Some business incentives are available, with several initiatives launched in 2013 in a bid to deliver a much-needed economic boost. Among the policies supporting investors in Greece are grant funding, a streamlined funding process and tax reliefs, while the government is also peeling back layers of red tape in order to encourage greater investment.
Greece is currently 75th (of 189 countries) in the World Bank's 'ease of doing business' league table, scoring relatively highly for starting a business and trading across borders but less so for securing credit and enforcing contracts.
English is widely spoken - although literature should be provided in the native language - and competitively priced UK products and services can gain traction. While labour costs are low it has a highly skilled workforce and retains a vibrant entrepreneurial spirit, as befits a country dominated by small and family-based business.
The latter factor also means it's not necessarily an easy market to break into without some form of local representation, even though the Greek reputation for warmth and hospitality is a well-earned one. Relationships are important, demanding an investment of time and an understanding of the market you're seeking to enter.
Face-to-face meetings are favoured over less personal methods. Trust is highly valued, but undermining someone, acting in a nonchalant manner or failing to respect seniority - of age or hierarchy - will not go down well.
Scotland doesn't have a particularly strong business relationship with Greece. But that may be about to change, as its economy splutters back into life and new opportunities arise for inward investment to help support the recovery.
Gareth Magee is a partner at Scott-Moncrieff, leading accountants and business advisors, which, through its membership of the Moore Stephens network, helps Scottish businesses realise their international potential.
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