Minister of Development Takis Theodorikakos participated in the “Blue Strategy Summit 2026: The Shipping Bridge between Europe, America, and Asia” conference, representing Prime Minister Kyriakos Mitsotakis. The event was organized by the Hellenic Shipbuilders’ Association and its president, Panos Xenokostas.
In his speech, Mr. Theodorikakos emphasized that thousands of jobs are being created in the shipbuilding industry and the blue economy, which lie at the heart of the country’s new productive model.
The minister noted that he will contribute in any way he can, as “the shipbuilding industry must join forces and, together, form a strong union that will breathe new life and create new momentum for the shipbuilding industry as a whole.”
At the same time, he emphasized that a special regime for defense and the defense industry will soon be announced in the Development Law.
The full text of Development Minister Takis Theodorikakos’s speech:
“Ladies and gentlemen...
I am particularly pleased to be here today at the Blue Strategy Summit 2026, a conference that focuses on an issue of profound national, economic, and geostrategic significance.
I would like, first of all convey the warm greetings of Prime Minister Kyriakos Mitsotakis, whom I have the honor of representing today, as well as our firm conviction that Greece can and must leverage its maritime power as a lever for productive reconstruction, technological progress, and national strength.
Our security strength is, first and foremost, our strategy for the blue economy. And I believe that the theme of this Conference aptly captures the big picture of our times.
We live in a world where geopolitical upheavals, the energy crisis, pressures on supply chains, and international competition for technology, raw materials, and infrastructure are shifting the balances and constants that have held for decades. In such a world full of uncertainties, the sea is for us a arena for securing safety, freedom, and strong and dynamic growth.
Thucydides wisely said thousands of years ago, “Great is the power of the sea.” Our homeland is, by its very nature, its history, and its location on the map, a maritime, island, and coastal country. It has learned to view the sea not as a boundary, but as a broad horizon. As a route for trade, openness to the world, the creation of wealth, and national power.
Greek shipping is today the spearhead of a modern and competitive Greek economy. With more than 5,600 ships, it accounts for 20% of global tonnage and remains the world’s largest shipping power. Greek ships transport goods, fuel, and energy raw materials and are a critical factor in the smooth functioning of the global economy.
Combined with our ports and Greece’s geostrategic location, this enables our country to become a critical, strategic hub for the broader region of the Eastern Mediterranean, Europe, and the entire world. It is particularly striking that in 2024, Greek ships called at ports in 176 countries around the world.
The blue economy, therefore, lies at the heart of the new productive model for the Greek economy as a whole. It encompasses shipping, ports, shipyards, ship repair, the supply chain, multimodal transport, energy, technology, and, of course, innovation. An entire value chain that creates high-value-added products, services, jobs, and know-how.
Greece in 2030 will undoubtedly be safer if it has a stronger industry, produces more, exports more, and incorporates more technology and innovation. In this context, the shipbuilding and ship repair industry is a national challenge. It is a matter that concerns the nation, society, and the entire political system. And, of course, our allies.
Greece, the world’s largest maritime power, must strengthen its shipbuilding base and make it enviable once again. This is not just about building or repairing a ship; it involves production chains, knowledge, expertise, and employment. It concerns new and well-paying jobs for young people, who are now at the forefront of this new and very important endeavor. And it is an industry that, above all else, is intertwined with our history, with our country’s rich maritime tradition, and with the creative power of the Greek people.
Ladies and gentlemen…
From the very moment I assumed my duties at the Ministry of Development, I placed special emphasis on this field in a very specific way. It is worth turning back the clock for a moment to 2022, when the restructuring plan took shape, enabling the Elefsina Shipyards to resume operations, were revitalized, and gained new life and prospects, following a major effort that also breathed new life into the Syros Shipyards in 2019.
Today, this investment is bearing fruit in the real economy and creating jobs. From shipyards that had been inactive for 20 years, with unpaid workers and debts of tens of millions of euros, we have reached today’s reality: over 800 ship repairs have been completed in the last seven years, employing over 2,000 workers.
To make this happen, the U.S., through the state-owned development bank DFC, contributed a $125 million bond loan, which we guaranteed as the Ministry of Development through legislation, so that thousands of people could work again. This also enabled the gradual expansion of the Shipyards’ activities into sectors of strategic importance for the country.
This move is also linked to our steadfast strategic choice to further strengthen Greece’s long-standing relationship with the U.S. and our unwavering commitment to a strong Western alliance, even during periods of major international turmoil.
Furthermore, through our recent legislative initiative—in response to a request from ONEX—we have paved the way for the port of Elefsina Shipyards to expand beyond shipbuilding into the commercial, transshipment, port, energy, and defense sectors. This is a strategic choice that undoubtedly strengthens the role of the wider region, serves the national interest, benefits workers, promotes economic development, and enhances our country’s geopolitical position.
In this context, the agreement signed in Washington a few months ago takes on particular significance. An agreement that brings together Greek, American, and South Korean expertise in the construction of LNG carriers and floating power plants. This is yet another strong chapter in the Greece-U.S.-Korea relationship, which is constantly deepening. That is why I believe it holds special significance, as the shipbuilding industry, energy, infrastructure, and supply chains constitute a strong area for strategic cooperation.
At the same time, the expansion of the Shipyard’s activities into the field of railway vehicle manufacturing is of exceptional importance. This is a significant new area that breathes new life into machinery and equipment that were previously gathering dust within the shipyards, and which is now becoming a reality and providing new momentum.
It is well known that ONEX is currently in the process of developing a comprehensive business plan and a specific master plan for this investment. We are awaiting it, with the intention of incorporating it into our strategic investments.
Taking this opportunity to speak here, I would like to emphasize that there are other shipbuilding companies that make a significant contribution to the shipbuilding industry and ship repair. I am referring to Skaramanga Shipyards, which are also included in the Strategic Investments scheme by the Ministry of Development and where thousands of people are also employed, servicing over 120 ships starting in 2023.
The same applies to the Elefsina Shipyard, which, in collaboration with Naval Group, is participating in the construction of sections of the Belharra-class frigates and, with regard to our own orders, in the overall construction of this specific type of ship.
I believe—and I am at your disposal to help in any way I can—that the shipbuilding industry must join forces so that, together, you can form a strong alliance that will breathe new life and create new momentum for the shipbuilding industry as a whole.
I also want to emphasize that in the coming period we will announce a special regime for defense and the defense industry in the Development Law. To this end, I will be working closely with the Minister of National Defense in the coming period.
For our part, at the Ministry of Development, where we have responsibilities related to the economic and developmental aspects of shipping, we are moving forward with a series of measures to streamline procedures, fully digitize files, and reduce the number of required documents.
Meanwhile, our collaboration with the Ministry of Labor remains strong; the Ministry is doing exceptional work in the area of employee education and training, in partnership with the industry. We have a tremendous need for this, as young people are envisioning a future and deciding to come and make their own contribution to the Greek shipbuilding industry, as well as to achieve a better quality of life and higher incomes.
And of course, we are collaborating with the Ministry of Infrastructure and Transport on all aspects of this work related to the development of such activities at the Shipyard.
Ladies and gentlemen, shipping and the shipbuilding industry are not just a major chapter in our history. They are a major chapter of our future. And it is up to us, through hard work, vision, and responsibility, to preserve it, strengthen it, and pass it on even stronger to future generations.”