The diverging investment trends between Greece and Turkey, as well as scope to strengthen bilateral economic cooperation across a range of sectors, are set out in the 2025 annual report of the Office of Economic and Commercial Affairs at the Greek embassy in Ankara.
According to the report, the stock of Turkish investment in Greece reached €950 million in 2025, up from €762 million in 2024 and €104 million in 2021. By contrast, the stock of Greek investment in Turkey fell to €160 million in 2025, from €183 million in 2024 and €345 million in 2021.
In terms of annual investment flows, Turkish investment in Greece totalled €237 million in 2025, compared with €298 million in 2024. Greek investment flows to Turkey amounted to €13 million, following inflows of €14 million in both 2023 and 2024.
Property, tourism and infrastructure among sectors attracting Turkish investment
A significant share of Turkish investment in Greece is in property. According to figures cited by the Office of Economic and Commercial Affairs, Turkish nationals bought property worth €214 million in 2025, out of total Turkish investment flows of €237 million.
Turkish investors also rank second among Golden Visa applicants, after Chinese investors. Their interest is focused mainly on residential and tourism properties in Athens, Thessaloniki, the Cyclades, the Dodecanese and the Ionian Islands.
Beyond real estate, the report notes interest in tourism facilities, marinas, port infrastructure, airports and industrial activities. Examples cited include a tourism project on Chios, an investment in a marina on Lesvos, airport-related activity on Samos and a plastics manufacturing facility on Corfu.
In retail and fashion, the report notes the presence of Turkish company Vakko in Athens, as well as interest from other businesses in the sector in similar moves in the Greek market. Ferry links, yachting and cruises are also identified as areas for cooperation.
According to the Office of Economic and Commercial Affairs, higher energy costs in Greece than in Turkey are a key obstacle to attracting more Turkish manufacturing investment, raising production costs and affecting competitiveness.
Greek businesses in Turkey
Greek companies operate in the Turkish market in sectors including building materials, food, plastics, aluminium, equipment, clothing and entertainment.
Companies listed in the report include TITAN, Chipita, Hellenic Magnesite, Plastika Kritis, Thrace Plastics, Palaplast, Alumil, Isomat, Eurodrip, Kleemann, Fourlis/Intersport, Karelia and Intralot.
The report paints a mixed picture for Greek businesses operating in Turkey. Companies that export exclusively can benefit from the depreciation of the Turkish lira, which makes their products more competitive on price. By contrast, businesses that use imported raw materials face different cost conditions. High borrowing costs are also identified as a factor making it harder to carry out new investments.
Goods trade deficit, services surplus
Greece continues to run a deficit in goods trade. According to the report, Greek imports of goods from Turkey, excluding petroleum products, totalled €2.844 billion in 2025, up 3.76% from 2024.
Greek goods exports to Turkey amounted to €1.037 billion, down 6.6%, while the corresponding trade deficit stood at €1.807 billion.
The report notes that energy investment in Turkey, including the operation of the Star refinery in Izmir, could curb Greek exports of petroleum products to the neighbouring country in the coming years.
By contrast, Greece continues to run a surplus in services trade. In 2025, receipts totalled €1.164 billion and payments €578 million, leaving a surplus of €586 million, according to figures from the Bank of Greece.
Tourist arrivals from Turkey rise
Tourist arrivals in Greece from Turkey rose significantly in 2025. According to Bank of Greece figures included in the report, the number of Turkish visitors reached 1,497,465, an increase of 23% compared with 2024.
Arrivals of Greek visitors in Turkey totalled 563,975, up 2.5% year on year.
Factors cited as contributing to the increase in tourist flows from Turkey to Greece include the visa scheme for visits to Greek islands, new air links between the two countries and the rising cost of tourism in Turkey as a result of inflationary pressures.
The report also records increased traffic on ferry links between Greece and Turkey, which reached around 1.15 million passengers in 2024 and 2025, compared with 804,000 in 2023. Sectors linked to the growth in tourist flows include maritime transport, marinas and other marine tourism services.
Pharmaceuticals, cotton and industrial goods among sectors with export potential
The report looks in particular at sectors where there is scope to increase Greek exports to Turkey. These include pharmaceuticals, cotton, industrial goods and building materials, as well as agricultural products and processed foods.
Pharmaceuticals. According to the report, Greek medicines remain Greece’s second-largest export product by value worldwide, accounting for 6% of total Greek exports. The Greek pharmaceutical industry operates in 150 countries, while exports of medicines to Turkey have risen from €20 million in 2020 to €40 million in 2021, €73 million in 2022, €78.5 million in 2023 and €94.1 million in 2024.
The Office of Economic and Commercial Affairs sees scope for further export growth, despite the difficulties of accessing the Turkish market. Issues highlighted include certification procedures and delays in importing pharmaceutical products, as well as restrictions linked to domestic production. The report also points to the potential for cooperation between pharmaceutical companies in the two countries in research and development (R&D).
Cotton. Turkey is an important market for Greek cotton, given the needs of its textile and spinning industries. According to the report, it absorbs around 75% of Greek production, or 200,000 to 270,000 tonnes a year. Cotton ranks fourth among Greek exports to Turkey by value, which reached €137.5 million in 2025.
Industrial goods and building materials. Export opportunities include aluminium foil and copper pipes, which are intermediate products for Turkish industry, as well as marble and cement products, chemicals, varnishes and other raw materials used in construction and the automotive industry.
Agricultural products, food and drink. The report identifies scope to increase exports of fresh and processed agricultural products. Products assessed for their potential include olive oil, dairy products, table olives, honey and fruit. However, Greek exports to Turkey in the broad food category remain limited. Barriers to market access include tariffs, technical requirements and administrative procedures.
Energy, transport and environmental technologies
Beyond goods trade, the report identifies potential areas for cooperation in energy, green technology, the circular economy, waste management, water treatment and desalination.
Potential investment synergies also include logistics, combined transport and the participation of Greek and Turkish businesses in construction projects in third countries.
Goal of increasing bilateral trade by 2030
According to the report, Greece and Turkey have set a target of doubling bilateral trade flows to $10 billion by 2030, from around $5 billion in 2024.
In this context, the report refers to cooperation between business organisations, the search for new markets and the exploration of opportunities to work together in high-value-added sectors.
Institutional initiatives cited include the Greece-Turkey Business Council, established in 2024, and cooperation between Enterprise Greece and Invest Türkiye to promote joint international outreach initiatives.
Source: ANA-MPA