The President and CEO of the GEK TERNA Group, George Peristeris, in his remarks at the conference “Investing in Change: How Crete is Transforming,” held in Chania.
Mr. Peristeris emphasized that the prolonged period of peace, Western global primacy, and free trade can no longer be taken for granted. Given climate change as well, infrastructure planning must now be based on radically different assumptions.“Everything we design and build must be characterized by resilience, offer alternative options, and serve dual purposes—for example, military ones,” he emphasized.
In this context, as he noted, Crete is a complete, self-sufficient island that clearly highlights all the needs, weaknesses, and potential of the rest of Greece. It is a region rich in natural resources—sun, water, and rugged terrain—a fact that allows it to achieve energy self-sufficiency through renewable energy sources and storage systems, such as pumped-storage hydroelectricity, which provides significant added value for Greece.
However, Mr. Peristeris pointed out that it is often not understood that development is inextricably linked to the proper timing of infrastructure implementation. As a prime example, he cited the dual electrical interconnection of Crete, which, despite its obvious benefits—such as saving billions of euros for the electricity market and consumers—was delayed for 20 years.
At the same time, he emphasized the need for the State and the political system, including local government, to agree on the major developmental benefits of critical infrastructure, so that voices stemming “from prejudice or self-interest” do not prevail.
“How much opposition was there to the VOAK? Gradually, however, conditions matured and the local community embraced the project,” he noted, adding that the new airport in Kastelli had faced similar skepticism until recently.
Referring to the day after the Recovery Fund, Mr. Peristeris noted:
“I observe a trend reminiscent of ‘Waiting for Godot.’ We are constantly waiting for the next European program to plan and address urgent needs, even though these funds are welcome but not a prerequisite. There is private capital willing to directly finance the implementation of major infrastructure projects. When we speak of private capital, we mean funds that finance long-term investments with a 30-year payback period. But Greek banks also have the capacity to support such projects.”
Watch Mr. Peristeris’s full speechhere.