Greece has access to cost-effective and stable infrastructure, such as attracting new submarine cable connections and in combination with the exploitation of its geostrategic and economic advantage, it can become a gathering point of submarine cables connecting continental Europe with Africa, the Middle East, India and Asia.
Due to the pandemic, which has reduced the attractiveness of major European cities, a window of opportunity is opening for Greece to strengthen its digital infrastructure and position dynamically on the European and global technology map.
Digital infrastructure – Accessibility – Sustainable development cycle
More specifically, the synchronization of the following three mechanisms is initially considered necessary for the penetration of technology in the economic fabric of Greece:
Mechanism 1: Creation of digital infrastructures that act as a pole of attraction for technology-based businesses. The European Recovery and Resilience Plan foresees a €4.6 billion allocation of resources for Greece – under the “Greece 2.0” framework. euro to enhance digital transformation and digital infrastructure, from the installation of fibre in buildings to the deployment of the 5G network and the acceleration of the digital transformation of both the public sector as well as the private sector.
Mechanism 2: Accessibility of businesses to digital infrastructure to create conditions for growth. The challenge is to create a multi-lease hybrid system so that businesses have a choice among themselves to build their own digital infrastructure or use cloud services.
Mechanism 3: Creating a virtuous cycle that will accelerate growth. Increasing data gravity and clustering technology companies will help retain talent, develop expertise and close the digital gap in the economy, thus creating a positive investment climate.
The establishment of the digital economy accelerates economic recovery and boosts sustainable growth
There are several benefits to the economy. Specifically, every 1 euro of investment in neutral multi-tenant data center (neutral multi-user data centers) like those developed by Lamda Hellix, brings 8.23 euros of added value to the Greek economy.
The creation of a data center in Greece creates wealth and jobs. The benefits are divided into three categories, the direct ones, where every 1 euro of investment brings 2.45 euros to the economy, the indirect ones, every 1 euro of investment brings 4.38 euros to the economy, and finally the inductive ones with every 1 euro of investment to bring 1.41 euros to the economy.
These benefits are spreading on a larger scale to the country’s entire economy. Starting from sustainable economic growth since digital infrastructure creates conditions for stable growth.
Then, quality employment with data centers creating highly skilled and highly paid jobs.
In addition, high-value foreign investment is added to this, as the existence of digital infrastructure attracts investment from technology companies.
In addition, synergies with other technologies are also calculated on the positive side, as digital technologies are interconnected and create innovative services and products.
It should be noted that Greece ranks third in Europe in terms of 5G readiness.
Commitment to sustainability
The market for digital infrastructure paves the way for businesses to benefit from efficiency gains and green practice.
For companies in the industry, sustainability is a top priority to boost reputation.
Investing in clean energy and a “green” energy mix is ultimately a strategic direction.