ONEX and Hanwha Ocean have signed a memorandum of cooperation in Athens for a new shipbuilding, industrial and defense ecosystem centered on Elefsina through a strategic partnership between Greece, the United States and South Korea.
The agreement includes a €1.35 billion investment program to upgrade and expand Greece’s shipbuilding capabilities, develop new port and logistics infrastructure and industrial facilities capable of supporting international naval and military programs.
The project would seek to turn Eleusis into a regional shipbuilding and defense support center for the Eastern Mediterranean, Southeastern Europe and the Black Sea, serving the needs of both the Navy and allied forces.
It is expected to create up to 10,000 jobs and contribute 0.8% of GDP on an annual basis to the Greek economy. At the same time, the plan provides for a strong participation of the Greek defense and shipbuilding industry, with a target of a domestic added value rate of up to 70% in the programs to be developed.
The first phase of the project, worth €150 million, is intended to strengthen ship maintenance and repair capabilities through new large-scale facilities and tanks. The second, amounting to €200 million, includes the upgrading of port infrastructure and the creation of modern logistics and supply chain facilities.
