Economy of Greece

a highly developed information and communications infrastructure.

Science and technology

The General Secretariat for Research and Technology of the Ministry of Development is responsible for designing, implementing and supervising national research and technological policy. In 2003, public spending on research and development (R&D) was 456.37 million euros (12.6% increase from 2002). Total R&D spending (both public and private) as a percentage of GDP had increased considerably since the beginning of the past decade, from 0.38% in 1989, to 0.65% in 2001. R&D spending in Greece remained lower than the EU average of 1.93%, but, according to Research DC, based on OECD and Eurostat data, between 1990 and 1998, total R&D expenditure in Greece enjoyed the third-highest increase in Europe, after Finland and Ireland. Because of its strategic location, qualified workforce and political and economic stability, many multinational companies such as Ericsson, Siemens, Motorola and Coca-Cola have their regional research and development headquarters in Greece.

Greece's technology parks with incubator facilities include the Science and Technology Park of Crete (Heraklion), the Thessaloniki Technology Park, the Lavrio Technology Park and the Patras Science Park. Greece has been a member of the European Space Agency (ESA) since 2005. Cooperation between ESA and the Hellenic National Space Committee began in the early 1990s. In 1994 Greece and ESA signed their first cooperation agreement. Having formally applied for full membership in 2003, Greece became the ESA's sixteenth member on 16 March 2005. As member of the ESA, Greece participates in the agency's telecommunication and technology activities, and the Global Monitoring for Environment and Security Initiative