By Panos Lolos - General Manager, Copper Segment, ElvalHalcor
Europe is entering a new industrial cycle. After decades in which manufacturing gradually lost ground within the broader economy, industry is returning to the center of the European agenda. This shift is not accidental. It is the result of permacrisis (successive crises) that has exposed Europe’s vulnerabilities: geopolitical instability, the war in Ukraine, energy insecurity, pressure on supply chains and the growing need to strengthen strategic autonomy.
The conclusion is now clear. Europe cannot remain competitive, resilient, or geopolitically relevant without a strong industrial base. Industry is not only a driver of growth and employment; it is also a pillar of economic security, technological capability, and strategic independence.
This change is already reflected in the European policy framework. Initiatives such as the Clean Industrial Deal, the Steel and Metals Action Plan, the Circular Economy Act and the Affordable Energy Action Plan, together with financing tools such as the Innovation Fund and the Modernization Fund, are creating a new environment for industrial transformation and investment. At the same time, the Industrial Accelerator Act provides a solid basis for strengthening competitiveness in strategic sectors, including basic metals, construction products, renewable energy, energy storage, batteries and heat pumps.
For Greece, this is not a secondary discussion. It is a strategic opportunity that the country must actively claim.
The European Union has set the objective of increasing manufacturing to 20% of European GDP by 2035. Greece, however, remains among the countries with the lowest manufacturing contribution to GDP. This gap should not be viewed only as a weakness. It should be seen as the starting point for a more ambitious national industrial strategy.
Greece has already demonstrated that it can develop strong industrial champions with a significant international footprint. In sectors such as aluminium, copper, steel and cement, Greek companies have managed to compete successfully in demanding global markets, despite structural challenges, limited domestic scale and a regulatory environment that has not always supported industrial growth. This proves that the country has the productive capabilities, know-how and entrepreneurial depth required to play a more meaningful role in Europe’s industrial future.
To do so, however, Greece must take a clear position within the European industrial agenda. Other countries are already moving to secure their place in the next phase of European competitiveness. Greece cannot afford to remain passive or rely mainly on foreign direct investment, which continues to represent a limited share of total investment in the country. Strengthening domestic industrial investment is essential if we want to create long-term value, increase productivity and support real economic growth.
This also requires making better use of existing industrial areas with strong development potential. Areas such as Oinofyta–Schimatari can evolve into modern business and industrial parks, provided that the necessary infrastructure, incentives, and institutional support are in place. Industrial policy must become practical, targeted, and connected to the real needs of production.
At the same time, industrial competitiveness cannot be addressed without tackling energy. Energy-intensive industries continue to face structural challenges linked to the way electricity markets are designed and priced, while other countries are already deploying support measures to protect their productive base.
The message is clear: Europe is redefining the role of industry. Greece has the companies, the capabilities and the industrial sectors needed to be part of this shift. What is required now is direction, speed, and determination. Industrial policy must become a real growth lever for the economy- and Greek heavy industry, with ElvalHalcor as a key contributor, can help shape a more resilient, competitive, and sustainable European future.