Economic Relations: Romania & Greece

We continue the series dedicated to Romania's economic relations with European countries, turning our attention to Greece, one of the partners with whom Romania shares not only common economic and strategic interests but also a particularly deep historical connection.

The analysis is carried out in the context of the program being held in Athens, after Madrid, Határok nélkül, an initiative run by Endeavor Romania and Banca Transilvania, which supports the international expansion of Romanian companies by connecting them with entrepreneurial ecosystems and business communities in various markets. The program offers a great opportunity to explore the evolution of Romanian-Greek economic relations, the complementarities between the two economies, and the development opportunities they offer to the business environment in Romania and Greece.

ROMANIA AND GREECE – CENTURIES OF TIES AND A STRENGTHENING PARTNERSHIP

Relations between Romania and Greece have roots built over centuries through geographical proximity, cultural exchanges, and commercial interactions. From the influence of Byzantium and the contribution of the Greek community to the development of the Romanian Principalities, to the current collaboration in areas such as energy, transport, and trade, Romania and Greece have developed a partnership that combines historical heritage with the opportunities of an increasingly connected Europe.

Today, the two countries are allies within the European Union and NATO and strengthen their cooperation by participating in regional organizations and formats such as the South-East European Cooperation Process and the Black Sea Economic Cooperation Organization. Through joint infrastructure projects, connectivity initiatives, and economic collaboration, Romania and Greece contribute to the stability and development of a region of growing strategic importance.

GREEK CAPITAL, A CONSTANT PRESENCE IN ROMANIA'S ECONOMY SINCE THE TRANSITION YEARS

Greek capital was among the first significant foreign investment flows to enter Romania after 1990, contributing to the development of key sectors of the economy. Data from the National Bank of Romania show that Greece ranked eighth among foreign investors in 2025, with a share of 3.35% of the total foreign direct investment attracted by Romania. Over the years, Greek capital has made its presence felt in numerous sectors of the Romanian economy, both through investments in local companies such as Romtelecom and Cosmorom, and through the development in the Romanian market of groups of Greek origin, such as Chipita, Coca-Cola Hellenic Bottling Company, and important companies in the financial, construction, and infrastructure sectors.

Although some of the emblematic investments of the transition years are no longer part of the Greek investment landscape in Romania today, Greek capital continues to be present in strategic sectors of the economy, such as:

• Energy: the PPC group (Public Power Corporation), which became one of the most important players on the local energy market following the takeover of Enel's operations in Romania; as well as HELLENiQ Energy, which focuses on developing renewable energy projects in southern Romania.

• Food Industry and Consumer Goods: Hellenic Dairies Group, present on the local market through Olympus Foods Romania, one of the leading producers in the dairy sector.

• Construction and Infrastructure: the AKTOR group, involved in the development of major road and rail infrastructure projects.

• Commerce and Retail: JUMBO, one of the best-known Greek retail chains on the local market, which has steadily expanded its presence in Romania by opening new stores and making logistics investments.

GREECE, AN INCREASINGLY ATTRACTIVE DESTINATION FOR ROMANIAN CAPITAL

If the traditional investment flow was from Greece to Romania, in recent years more and more Romanian companies have shown interest in expanding into Southern Europe. According to provisional data from the National Bank of Greece, in 2025 the net flow of Romanian investments in Greece reached 83 million euros, a significant increase compared to previous years, placing Romania ninth among European investors in that country. The level of Romanian investments was comparable to and even slightly higher than the net investment flow recorded from Greece to Romania in the same period (estimated at 64 million euros).

Romanian companies' interest in the Greek market is evident across a wide range of sectors, from technology and e-commerce to retail, healthcare services, and consumer goods. Relevant examples include:

• UiPath, the first Romanian unicorn, which has expanded its regional presence by opening an office in Athens, thus strengthening access to the markets of Southeast Europe.

• Dedeman, the leader of the DIY market in Romania, which expanded into the Greek market by acquiring the Praktiker Hellas chain, one of the best-known networks of its kind in Greece.

• Dental Holding, a Romanian group active in the distribution of dental products and equipment, which has expanded its operations in Greece through the acquisition of Memodent, the local market leader in the field.

• FamShop, a Romanian technology company for e-commerce, which has included Greece among the targeted markets in its international expansion strategy.

• eMAG, a platform founded in Romania, which launched its operations on the Greek market, contributing to strengthening the commercial and digital ties between the two economies. Although from 2026 the company is no longer controlled by Romanian capital, its expansion in Greece remains a relevant example of entrepreneurship developed in Romania and its ability to internationalize.

Beyond the investments made by large companies, the Romanian-Greek economic relationship is also supported by entrepreneurial initiatives from Romanian micro-enterprises and SMEs. One example is the Romanian brand D'Olive, which owns an olive plantation in Greece and controls the entire production chain. At the same time, the Romanian diaspora contributes to strengthening economic ties, particularly through businesses in tourism, food service, and trade.

ROMANIA AND GREECE – COMPLEMENTARY GATES OF THE EUROPEAN TRANSPORT CORRIDORS

The geographical location of Romania and Greece gives them a strategic role in Europe's transport architecture:

• Romania is one of the main gateways to the Black Sea basin and Central Europe;
• Greece offers access to the Aegean Sea and to the trade corridors linking Europe with the Eastern Mediterranean and the Middle East.

Thus, cooperation between the two countries is strengthened through joint participation in several European and regional transport corridors that contribute to increased connectivity in Southeast Europe:

1. EASTERN CORRIDOR/EASTERN MEDITERRANEAN

• Connects Central Europe with the maritime interfaces of the North Sea, the Baltic Sea, the Black Sea and the Mediterranean Sea, crossing Germany, the Czech Republic, Austria, Slovakia, Hungary, Romania, Bulgaria, Greece and Cyprus;
• Integrates rail, road, maritime and inland waterway infrastructures, with the Elbe River in Germany as the inland navigable element and extending by sea to Cyprus;
• Within Romania, the main route includes the cities of Arad, Timișoara, Craiova, and Calafat, connected to Bulgaria by the Calafat-Vidin bridge;
• In Greece, the corridor crosses Thessaloniki and Athens and connects with the ports of Patras and Igoumenitsa, providing access to maritime routes in the Mediterranean Sea.
  
  

Through this infrastructure, ports and logistics centers in Greece are directly connected with Western and Central Europe, while Romania strengthens its role as a key link between the Black Sea basin and European markets. The development of the corridor is particularly important for streamlining freight transport between Central and Southeastern Europe, as well as for enhancing the region's economic competitiveness.


2. VERTICAL CORRIDOR AEGEAN SEA - BLACK SEA

• Crosses Romania, Bulgaria, and Greece, following the creation of a fast multimodal connection between the ports on the Aegean Sea, the Danube, and the Black Sea, reducing dependence on traditional transport routes and strengthening East European connectivity;
• Includes road, rail, and port infrastructure and is structured into three main branches connecting (i) Athens and Thessaloniki with Craiova and Bucharest; (ii) Thessaloniki and Alexandroupolis with Giurgiu and Bucharest and subsequently with Siret (at the border with Ukraine) and with Ungheni (at the border with the Republic of Moldova); (iii) the port of Alexandroupolis with the port of Constanța.

The corridor facilitates economic exchanges between Romania and Greece. At the same time, the corridor naturally complements the transport infrastructure connecting Romania with Central Europe, such as the Rhine-Danube Corridor. Through the connections made via Romania and Bulgaria, goods from Greek ports can more efficiently access the Danube network and the Rhine-Danube Corridor and vice versa. In this way, Romania acts as a bridge between the Hellenic area and Central Europe, and the development of transport infrastructure contributes to increasing the economic relevance of both countries within European logistics networks.

ROMANIA AND GREECE – STRATEGIC GATEWAYS OF EUROPE'S ENERGY CORRIDORS

1. VERTICAL GAS CORRIDOR

• Aims to connect the natural gas transmission networks from South to North along the Greece – Bulgaria – Romania route with branches to the Republic of Moldova - Ukraine and Hungary – Slovakia – other Central European countries;
• Gas source: pipeline gas from Azerbaijan and American or Qatari liquefied natural gas (LNG) from the Greek terminals of Revithoussa and Alexandroupoli;
• Romania has a few major strategic advantages:

• Financial earnings from transit fees: According to official estimates from the energy sector, operating and transiting gas volumes through Romanian infrastructure can generate profits of at least 250 million euros annually.
• Facilitating the role of regional exporter: Once gas production begins through the Neptun Deep project, Romania will be able to use this expanded infrastructure to sell and distribute its own gas to the markets in Hungary, Slovakia, Ukraine, or the Republic of Moldova.
• Increased national and regional energy security: In case of major crises or technical failures, the country gains direct access to alternative gas sources from the Greek terminals.
• Geostrategic influence in relation to the US, EU and eastern neighbors: Romania becomes the guarantor of energy stability for the Republic of Moldova and Ukraine, offering them a viable technical alternative to Russian gas.

2. GREEN ENERGY CORRIDOR GREECE - POLAND 

• Aims to strengthen electrical interconnections to enable the transmission of surplus photovoltaic energy from the Balkans to northwestern Europe and wind energy in the opposite direction;
• Countries involved: Greece, Bulgaria, Romania, Slovakia, Czech Republic, Poland, Germany;
• Role and strategic advantages of Romania:

• Positioning as a central transit hub in Eastern Europe: the Greece-Bulgaria-Romania route represents the main and most efficient corridor for transporting large energy flows from Greece. Unlike alternative routes in the Western Balkans, the infrastructure in Romania provides technical stability.
• Access to cheap energy and balancing the national grid: During heatwaves or droughts, Romania will be able to import cheap photovoltaic energy from Greece and Bulgaria. In cold periods, the national grid can balance itself by taking over wind energy generated in Northern Europe. This mix reduces the risk of power outages and helps maintain stable prices for Romanian consumers.
• European funding for internal infrastructure: Since the project is integrated into European priorities, Romania can access non-reimbursable European funds through the Connecting Europe Facility (CEF) to build and modernize its internal 400 kV lines.
• Financial gains from transport tariffs.
• Direct export market for local green energy: direct export route to sell the surplus of green electricity (for example, that produced in the Dobrogea area and through the future offshore wind farms in the Black Sea).
  
  

CONCLUSION

The economic relationship between Romania and Greece today goes beyond the traditional framework of trade and bilateral investments, evolving into a strategic partnership built on connectivity, infrastructure, and economic security. While Greek capital has contributed to the development of key sectors of the Romanian economy in recent decades, and more Romanian companies are expanding their presence in the Greek market, the development prospects of the relationship are supported by structural factors with long-term impact.

In this context, the two countries establish themselves as complementary hubs of essential European corridors. On one hand, the development of transport axes connecting the Mediterranean Sea and the Aegean Sea to the Black Sea and Central Europe strengthens Romania's and Greece's roles as logistical gateways to Southeastern Europe, facilitating the movement of goods, investments, and people. On the other hand, joint energy projects, from the vertical gas corridor to the future green energy corridor between the Balkans and Northern Europe, turn the two states into key players in European energy security and transition.

Thus, the future of the Romanian-Greek relationship will be defined not only by the investments made so far but especially by the ability of the two economies to jointly leverage the new transport and energy networks reshaping the region's economic map. In a Europe where connectivity is becoming an increasingly important strategic advantage, Romania and Greece have the opportunity to turn geographical proximity and their historic partnership into a shared engine for growth, competitiveness, and regional development.