Australia’s Ambassador to Greece, Her Excellency Alison Duncan, has delivered a wide-ranging address in Sydney outlining the current state and untapped potential of bilateral trade and investment between Australia and Greece.
The business luncheon was hosted by the Hellenic Australian Chamber of Commerce and Industry (HACCI) NSW on Thursday, July 24 at the Union, University & Schools Club in the Sydney CBD. It brought together a distinguished group of diplomats, state politicians, business leaders and local government representatives.
HACCI NSW President George Mavrakis opened proceedings, describing the event as part of the Chamber’s “strategic agreement with some of the largest chambers and trade organisations in Greece,” and an opportunity to deepen ties between the two nations.
Mr Mavrakis also formally welcomed Ambassador Duncan and thanked her for her leadership and “support to enhance the visibility and profile of the HACCI National Federation.”
‘A relationship underpinned by the diaspora’
Ambassador Duncan, who was appointed to Greece in 2023, began by affirming that “the relationship between Greece and Australia is in great shape,” attributing this in large part to the Greek Australian diaspora.
“It really does contribute a lot to the warmth of our relationship with Greece,” she said. “Even though I’m not from the diaspora myself… it’s possible to be a Philhellene without being a Hellene.”
However, she noted that while diplomatic relations are strong, the trade relationship remains underdeveloped.
“It’s a pretty slim relationship in that respect,” she said, pointing out that most of the current $2.5 billion two-way trade stems from tourism.
She highlighted that Macquarie Group is Australia’s largest investor in Greece, with over $4 billion in renewables and infrastructure projects, and that Greece-based Metlen is now investing in Australia’s largest battery storage project in the Hunter Valley.
Reforms and opportunities in Greece
Duncan also detailed recent economic reforms in Greece and the opportunities these present.
“The Greek economy is doing pretty well,” she said. “In 2023, The Economist named Greece the economy of the year… the country has returned to investment grade status, and growth this year is forecast at 2.2%.”
She praised Greece’s post-crisis digitisation efforts, tax reforms and surplus delivery. Yet, she added that Greece still needs major investment in sectors such as infrastructure, shipping, water management, education and energy.
“There’s still a big deficit of infrastructure investment. You can see that as a challenge, but also as an opportunity,” she said.
The Ambassador called for more direct engagement between Australian and Greek businesses.
“It is important to be in the market,” she stressed. “You can’t do business with Greece over the phone and email. You need to meet people and build relationships.”
Citizenship, identity and investment
Outgoing Greek Consul General in Sydney, Yannis Mallikourtis, also addressed the audience, using his final days in office to reflect on how Greek identity and citizenship are increasingly intertwined with investment.
He explained that in his three-year tenure, the number of citizenships granted to Greek Australians had doubled from 600 to 1,200 per year.
“Digitisation has made a huge difference,” he said. “A Greek Australian whose parent was Greek and has registered their marriage in Greece becomes a citizen within a few days.”
Mallikourtis urged Greek Australians to move beyond outdated perceptions of the homeland. “Be more open-minded when you think about investing in Greece… There are opportunities, and you’ll see a good return.”
NSW Ministers: ‘We’re open for business’
New South Wales Ministers Courtney Houssos (Finance) and Sophie Cotsis (Industrial Relations) reaffirmed the state government’s support for deepening Australia–Greece trade ties.
Houssos praised the forum as “an important opportunity” and applauded Greece’s fiscal turnaround. “As a finance minister, I’m pretty impressed – a 1.3% surplus of GDP is a remarkable thing.”
She added that the Greek community’s ambition “has literally built our state” and emphasised the state’s ongoing commitment to supporting international engagement: “We’re here to help the community continue to grow and thrive.”
Cotsis described Ambassador Duncan’s presentation as “one of the best I’ve heard,” adding that “we are absolutely open for business.” She also highlighted the Ambassador’s role in coordinating a training exchange between Greek emergency services and New South Wales agencies earlier this year.
“Our values – family, faith, freedom – form the spiritual bond between Australia and Greece,” Cotsis said. “More of these forums are needed.”
The event concluded with a networking session and a promise of more HACCI NSW events to come.
*All photos copyright The Greek Herald / Andriana Simos
