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Greece is one step closer to developing its own Silicon Valley near Thessaloniki

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The possibility that Greece could develop its own version of Silicon Valley has grown more likely, as the state has recovered ownership of a 760,000 square metre plot at Peraia in Thessaloniki, where a fourth-generation technology park is to be developed.

The seaside property, which has a 750 metre frontage onto the Thermaikos Gulf, used to belong to state broadcaster ERT and was transferred to state privatisation fund TAIPED in 2013.

However a few years ago, the strategy for the utilisation of the plot changed. It was decided that the property should return to the state so that it could be conceded to the administrative entity, Alexander Innovation Zone in Thessaloniki, for the development of a technology park.

The new entity will have to complete the necessary studies and secure the financial resources by the end of 2021, otherwise the property will be returned to TAIPED.

The project constitutes an investment of 50 million euros to come from private parties, loans and donations.

Some €250,000 has already been spent on studies and the business plan, according to the President of the Alexander Innovation Zone, Kyriakos Loufakis.

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