On the occasion of the completion of 95 years of uninterrupted presence of Papastratos in Greece, the IOBE study on the company’s economic and social footprint in the Greek economy was presented in Thessaloniki, in the context of the 90th Thessaloniki International Fair.
The presentation took place at the Papastratos corporate pavilion, in a special discussion entitled “The Economic and Social footprint of Papastratos ABES in Greece”, highlighting through the data the company’s long-standing contribution to production, investments, exports, and employment.
Papastratos’ activity currently corresponds to 0.42% of Greek GDP and 1% of total Greek product exports, while the company’s average contribution to the country’s tax revenues has consistently stood at 2.7% over time.
At the same time, during a period in which the Greek economy experienced significant deindustrialization, Papastratos’ investments quadrupled over the last twenty years, compared with an increase of just 35% in industry as a whole. As Nikos Vettas, General Director of IOBE, characteristically stated in a hypothetical extrapolation, if Greece had 240 businesses with a corresponding footprint, the country’s GDP would be double.
Opening the discussion, Tina Davou, CEO of Papastratos, referred to the company’s 95-year journey, a journey that evolved in parallel with the profound changes experienced by the Greek economy and society.
As she emphasized, Papastratos remains consistently committed to what is coming next, continuing to invest in innovation, produce exportable products, create jobs, and invest in the next generations. “Remaining steady does not mean remaining stagnant”, she noted, underlining that the company’s 95-year history is not only a story of continuity, but a story of continuous transformation and an unbreakable relationship with the Greek economy and society.
For his part, Alexandros Chatzopoulos, Vice President of Papastratos, focused on the study’s findings through the question of how more Greek businesses can create similar conditions for growth.
Referring to Papastratos’ major transformation over the last decade, he underlined the importance of continuous investments, the transfer of know-how, the strengthening of exports, and the creation of new jobs.
As he characteristically stated, “Papastratos, through periods of crises, is not only resilient, but also adaptable”, pointing out that a company’s ability to evolve and invest even in periods of uncertainty is a basic prerequisite for its long-term growth.
Presenting the study’s conclusions, Nikos Vettas, General Director of IOBE and Professor at the Athens University of Economics and Business, highlighted Papastratos as a characteristic exception to the course of deindustrialization that the country has experienced in recent decades.
He noted that, while the company’s course largely followed the changes in the Greek economy, during the crisis Papastratos managed to move with greater momentum, supported by investments, extroversion, and the attraction of foreign capital.
Nikos Vettas also focused on the prerequisites required to strengthen the competitiveness of the Greek economy as a whole. As he stated, extroversion and investment in technology are critical prerequisites for the growth of Greek businesses, especially at a time when a significant portion of the products the country exports continues to be characterized by low added value and limited innovation.
At the same time, he underlined the importance of a stable economic environment that allows businesses to invest with greater security, as well as the need for further improvement of infrastructure and the interconnection of ports and logistics.
Through its findings, the IOBE study captures a 95-year course during which Papastratos evolved together with the Greek economy, steadily strengthening its productive and export footprint and investing in technology, people, and the creation of value for the country.