The impact of a major investment by pharmaceutical giant Pfizer in the northern Greek city of Thessaloniki was the focus of a discussion on Wednesday with the framework of the Greek Economic Summit (GES) 2021 conference.

Pfizer’s country manager for Greece, Cyprus and Malta, Zachary Ragousis, Greek Deputy Development & Investments Minister Nikos Papathanasis and Foundation for Economic and Industrial Research (IOBE) general director Nikos Vettas took part, with the discussion moderated by OT journalist Christos Kolonas.

In a presentation, top IOBE analyst Svetoslav Danchev said the investment will contribute some 1.6 billion euros, cumulatively, to Greek GDP from between 2020 to 2030, with the state expecting tax revenues, social security contributions and other benefits from the investment of 550 million euros over the same decade.

Additionally, the Pfizer’s two Thessaloniki hubs are projected to create roughly 870 new job spots, a distinct “brain gain” initiative, as 80 percent of the hirings will come from the greater Thessaloniki area.

Asked why Thessaloniki was picked by the now extremely prominent pharmaceutical multinational for the sizable investment, Pfizer senior director and head of its global center for digital innovation, Nico Gariboldi, said the aim was to find the area’s talented professionals, with the secured assistance of the Greek government. He pointed to the fact that Thessaloniki is Greece’s second largest city and the time zone where it is located, amid a globalized market.

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