Over 990 world leaders and economic experts from 71 countries descended upon ancient Delphi for the 8th Delphi Economic Forum, between April 26 to 29.

The Oracle of Delphi’s ambiguous priestess Pythia may not have been any more use now than she was 3000 years ago in providing guidance on today’s major issues.

The Delphi Forum is designed to a focus on Greece, the Southeastern Mediterranean, and Balkans but also tackles major global economic issues.

The headline theme of the Forum was Paradigm Shifts, based on key pillars: Geopolitics Disrupted, Climate & Environment, Sustainable Economy and Finance, Social Inclusiveness, and Technological Advancement.

Latika Bourke, journalist from the Sydney Morning Herald and The Age, covering the event, told Neos Kosmos that despite the heavyweights, the forum had a “relaxed vibe” that ensured considerate and “meaningful discussions.”

“Despite the high-level guest and speaker list, the entire forum had a very relaxed vibe that made for thoughtful, provoking, and meaningful discussions.”

“It was a wonderful combination of two things Greece is famous for – it’s warm and generous hospitality and intellectual contribution to humanity”
– Latika Bourke, Sydney Morning Herald and The Age

The Australian journalist was impressed with the Delphi Economic Forum and the ancient city. “This was my first time attending the event and the first time visiting the ancient city. The quality of the conference, the speakers, the attendees, and the meticulous organization that went into ensuring it ran like clockwork exceeded all expectations,” said Bourke.

 

Forming the Australian delegation at @delphi_forum with the inestimable Mr @andrew_mueller 🌏 🇬🇷#delphiforum pic.twitter.com/B8UWIwQKkB

— Latika M Bourke (@latikambourke) April 29, 2023

 

Global issues possibly too complex for Pythia

The Forum tackled significant topics such as global cooperation in turning instability into hope, the dynamic geopolitical landscape in foreign policy, security, and economy, and the ability of leaders and businesses to adjust to these changes.

President of the Republic Katerina Sakellaropoulou launched the event, followed by European Cultural Centre of Delphi President Panagiotis Roilos, former President of Germany Christian Wulff, and Union of Greek Shipowners President Melina Travlos. The Greek Prime Minister Kyriakos Mitsotakis and the main opposition SYRIZA leader Alexis Tsipras were there along with at least 17 Greek government ministers.

The non-Greek speakers included the President of Cyprus Nikos Christodoulidis, the Federal Chancellor of Austria Karl Nehammer, the President of Bulgaria Rumen Radev, the President of Bosnia-Herzegovina Milorad Dodik, the President of Kosovo Vjosa Osmani-Sadriu, the Prime Minister of Serbia Ana Brnabic, the Prime Minister of Albania Edi Rama, the Prime Minister of Kosovo Dritan Abazovic, the Prime Minister of Montenegro Albin Kurti, the Vice-Presidents of the European Commission Frans Timmermans and Maros Sefcovic, the European Internal Market Commissioner Thierry Breton, and four prime ministers: Carl Bildt of Sweden, Alexander Stubb of Finland, Zoran Zaev of North Macedonia, as well as the Chairman of the US Senate Foreign Relations Committee, Bob Menendez.

Greece comes good (almost)

Greek Prime Minister Mitsotakis on Friday said that Greece has taken significant steps to reduce its debt, brought investments and new jobs, and development helped support households. “There is only one path – innovation and increasing wages, both the minimum one and the average one, by 25 percent.” Mitsotakis said that inflation is not a Greek phenomenon alone and recognized its impact on Greek citizens. The Prime Minister talked up investments in Greece in tourism and by pharmaceutical companies, among others, and the digitization of public administration, “which must be fully digitized by 2027.”

Mitsotakis also mentioned “the lessons learned” from the deadly train collision at Tempi and wiretapping by the National Intelligence Service. Referring to Turkey, he said that Greece’s neighbour “must make a strategic decision: does it want to resolve the Cyprus issue and change its stance with the West, or will it continue a policy that is closer to China and Russia?”

He said that Turkey has “painted Greek islands in their own colours on the Turkish map, and that is not positive.” “Perhaps they will return to reality after the elections. We are not discussing issues of borders and national sovereignty. There is only one issue, that of maritime zones. Nothing else, I’m clear on that.”

On the upcoming Greek elections in May, Mitsotakis said he does not favour a collaboration government and left the decision “in the hands of voters.” He said that SYRIZA-Progressive Alliance leader Alexis Tsipras should never be underestimated but “as prime minister, he was catastrophic.” Referring to MeRA25 leader Yanis Varoufakis, he reminded attendees and Greek audiences not to “forget what happened in 2015,” referring to the devastating economic situation in Greece when he was finance minister.

Greece a new global Excellence Centre for AI

Yuval Noah Harari in The Economist last week warned that AI could spell the end of human civilisation. The high priestess Pythia did not get the note from Harari, as Hewlett Packard Enterprises (HPE) said they would invest in a global Excellence Centre in Artificial Intelligence (AI) in Greece.

Greece’s Deputy Minister of Development and Investments Christos Dimas said, “Greece is emerging as a hub of innovation in the greater region; it has turned a page, enjoys the confidence of markets now, and attracts leading companies from the global technological network to invest here.”

HPE Greece and Cyprus CEO Michalis Kasimiotis was equally enthusiastic saying it would “bring closer human resources and technology, promoting innovation and helping companies and organizations throughout the world to create more value and acquire a competitive edge from the massive volume of data they currently own.”

HPE Vice President Mohan Rajagopalan said, “This significant investment in new talent will further speed up innovation and development of HPE Ezmeral Software, providing significant value to our clients.”

Energy and storage investment to peak at 22 billion euros (AUD $37b) by 2030

Leaders in energy businesses underlined on Friday the robust prospects Greece has as an energy leader in the region. Greece will need 22 billion euros (AUD $37b) in investments for renewable energy sources (RES) and networks to 2030, which the banking sector believes is feasible, Piraeus Bank Chief of Corporate & Investment Banking Theodore Tzouros said. He said that banks have funded the sector with up to 10 billion euros (AUD $17b) in the past seven years. Of the 22 billion, he said RES expected investments are estimated at 15 billion euros (AUD $25b) and those of networks at 7 billion euros (AUD $11b).

Independent Power Transmission Operator SA (IPTO) Chairman and CEO Manos Manousakis underlined that energy storage needs to be developed to prevent breaks in the supply of green energy.

“The energy from Cyprus, Israel, and North Africa to Greece should be transported to Central Europe through vertical corridors from south to north,” he added, “and IPTO is working with the European Commission on that.”

Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA SA) CEO Aristofanis Stefatos was optimistic about Greece as an energy leader and said Greece’s supply of natural gas to Europe was the basis to his optimism. Professor and former Energy and Climate Change Minister Yiannis Maniatis told the conference that Greece has been moving forward in hydrocarbon research. Hydrocarbons will continue to cover an important percentage of the energy mix until 2050.

Mytilineos Energy division Chief Executive Director Yiannis Kalafatas underscored the need to redesign energy markets since the electricity system is moving from fossil fuels to RES, given energy demand becomes less predictable as new sectors such as transport are powered by electricity.

Corinth Pipeworks General Manager Ilias Bekiros pointed out the advantages of Greece becoming an energy hub for all types of energy – natural gas, RES, hydrogen, CO2 storage – which will signify the country’s energy independence.

Corman warns not to decouple from China.

Latika Bourke writing in the Sydney Morning Herald said that the head of the OECD, Mathias Cormann, and Australian Minister for Finance from 2013 to 2020, warned that the West could be making a costly mistake if it “decoupled from China”.

Cormann, Australia’s former finance minister and now head of the Paris-based Organisation for Economic Co-operation and Development (OECD), spoke to the 8th Delphi Economic Forum, and said while it was practical to find alternate supply lines once dependent on China, total “decoupling by the West would leave the world poorer.” Bourke went on to say that Cormann warned that “decoupling or deglobalisation” would be costly. And he asked attendees at the Forum to remind themselves of the noteworthy benefits, such as a rise in global living standards and downward pressure on inflation with open global trade and investment.

With AMNA