The latest concerning developments taking place all over Ukraine have caused headaches to Greek entrepreneurs, who during the recent years have invested many millions in the eastern European country. Side effects are also expected to be visible in the Greek economy, as exports to the country had a growing tendency during the past three years, while the flow of Ukrainian tourists to Greece also increased.
According to the most recent data provided by the Office of Economic and Commercial Affairs (OEY) of the Greek embassy in the Ukrainian capital Kiev, Greek direct investments in Ukraine were totaling $466.1 million on December 31, 2013, or 0.9 percent of all total foreign investments to the country.
Among the 52 Greek companies that are compiled in the list of the OEY Office in Kiev as being active in the country, are Eurobank, Piraeus Bank, Alpha Bank, Coca Cola Hellenic, Ifaistos, Alumil, Balkan, Etem, Profilco, Yioula, Neochimiki, Chipita, Sunlight, Printec, Germanos, Sarantis and Informer.
The Greek banking sector has demonstrated a greater interest in investing in Ukraine in recent years. Greek EFG Eurobank took over the Ukrainian Universal Bank and opened several branches all over the country in July 2007. In May 2007, Piraeus Bank purchased 78 percent of the Ukrainian International Commerce Bank, while Alpha Bank purchased 90 percent of the OJSC Astra Bank in March 2008.
Apart from Banks, Greek construction company Michaniki SA also has a very strong presence in the Ukrainian market, though currently facing severe problems. The company has been involved in the construction of an ultra-modern 30,000 sq. m. shopping center in Odessa, in apartment buildings and shops, as well as in a large office building and a cultural center in Mariupol, which was donated to the Greek community of the city, while two apartment blocks in Kiev and Odessa are still under construction.
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