A new wave of industrial investment is being spurred by the Development Act. The latest approvals concern investment projects in sectors ranging from aerospace technology and unmanned systems to recycling, the packaging industry, catering equipment, and marine products.
The majority of the funds are directed toward the plastics industry. Plastika Kritis is proceeding with a €9.93 million investment in the Heraklion Industrial Area to install a new production line for colored masterbatches, securing a tax exemption of €4.76 million and creating 25 new jobs.
In the same vein, DAIO Plastics is making a €9.5 million investment to expand plastic film production in Naoussa, with a tax exemption of €4.75 million and 24 new jobs. Meanwhile, Polieco Hellas is investing nearly €3 million in Serres to increase HDPE pipe production.
Investments in drones and aerospace
ALTUS LSA’s investment in Chania stands out due to the creation of a new manufacturing facility for unmanned aerial vehicles (drones) at the Souda Industrial Park. The project, valued at €1.21 million, is receiving subsidies totaling nearly €677,000. PEGASUS ASTRO is also moving in the same high-tech direction, planning a €1.38 million investment in Keratea for the production of optical telescope components and astronomical instruments. The company secured a grant of nearly 500,000 euros.
A significant portion of the approvals is directed toward the circular economy. CRETA ECO – PHOENIX is modernizing its recycling facility in Heraklion, Crete, through a €1.72 million investment, which will be subsidized by more than €1 million.
Expansion of production capacity
HB BODY, one of Greece’s most export-oriented manufacturers of automotive paints and repair materials, is investing €7.9 million to expand its facility in Sindos. Milkplan is allocating more than €5 million to boost the production of equipment for the dairy and livestock sectors, while Katradis S.A. is expanding its production base in Avlida, strengthening its position in the international marine rope industry with a €1.7 million investment.
In the building materials sector, LACHOR S.A. is implementing a €3.86 million investment in Chania to modernize its aggregate production, while SOFMAN is investing €1.85 million in Elefsina to increase its production capacity for metal structures. Similarly, B.M.G. MORFI is investing €2.8 million to expand the production of paper and cardboard packaging in Ano Liossia, while ARTSTEEL is expanding its commercial catering equipment facility in Lagkada with an investment of €1.47 million.
Geographical Distribution
In terms of geographic distribution, Crete accounts for investment projects totaling over €16.7 million, or one-third of all approvals, while significant activity is recorded in Macedonia, Central Greece, and Attica.