An impactful intervention regarding the country's political developments was made by the chairman and CEO of Metlen Group, Evangelos Mytilineos, ahead of the upcoming elections, which will be held by spring 2027 at the latest. Asked about domestic political developments, Mr. Mytilineos stated that if there is no single-party majority in the next elections, everyone must set political toxicity aside and figure out how to achieve proper and as beneficial as possible governability. "I do not see a disposition for political consensus, however I firmly believe that government stability is number one. If intense political instability wins out, it will be a very detrimental development for our country," he noted.
Geopolitics is dominant
The chairman of Metlen, Evangelos Mytilineos, intervened at the Kyklos Ideon Conference themed "How resilient is the Greek economy? - The review of the seven-year period 2019-2026 and the new challenges." Mr. Mytilineos underlined from the outset that every discussion about the economy must begin with geopolitics, noting characteristically that "geopolitics override everything." Referring to the Trump - Xi meeting, he commented that it took place in an environment with intense elements of confrontation and military power, pointing out that "behind the curtain, there were modern weapons systems." As he said, the meeting did not lead to substantial results beyond certain trade agreements, nor did it resolve the issue of Iran, at a time when "the US is now feeling China's breath."
Rare earths
He placed particular emphasis on the issue of rare earths, which he characterized as critical raw materials of high strategic importance. As he explained, their utilization requires specialized technology and long-term planning, something that China has been implementing for decades with absolute consistency. "The Chinese have concentrated in some cases up to 99% of rare earths," he stated, noting that pivotal technological sectors and primarily the defense industry depend on them. Referring to Metlen's large investment in gallium, Mr. Mytilineos noted that the Ministry of Environment and Energy recently announced the 400-million-euro investment at the company's facilities in Boeotia. As he stressed, this is the first major investment of its kind in Europe and constitutes the result of multi-year research and development. "We are very proud because, after years of R&D, we managed to reach this result," he stated, adding that Metlen succeeded in developing the production process at a cost lower even than that of the Chinese. "The way we approached the investment brought us to half the cost compared to China," he underlined, estimating that the first commercial agreements will also be announced soon. According to him, the investment will reach its peak in 2028, with demand originating mainly from the US, Europe, but also from technologically advanced countries like Japan and South Korea. "This is precisely where the geopolitical games begin," he commented.
Expensive energy eats away at the economy's core - Europe's mistake with Russia
Regarding natural gas, he underlined that the United States possesses a massive market and an oversupply of fuel, a fact that explains the low prices. Conversely, Europe does not possess the same capability and for years relied on cheap Russian gas. "Europe had the luxury of getting almost free Russian gas," he characteristically mentioned. Mr. Mytilineos also stressed that China does not constitute only a competitor to the West, but also a key trading partner, while referring to the alumina and aluminum market, he warned that Europe risks finding itself outside the global market if it continues to operate with high energy costs and sell the metal at high prices. "Expensive energy is eating away at the economy's core," he stated, estimating that this is a problem that will continue to plague Europe for many more years. Europe is heading toward full independence from Russian natural gas and other Russian energy sources, yet the fundamental question is not whether it will achieve it, but at what economic price, he characteristically noted. As the Metlen chairman explained, the EU will be able to be more energy independent, but it is likely to be forced to pay for natural gas two and three times more expensively, a fact that will translate into increased industrial costs and production.
Green transition
On the green transition front, the Metlen chairman exercised strong criticism against European energy policy, arguing that "whatever bad happens on the planet, Europe is always the one that pays the bill first." As he said, Europe's decision to pursue energy self-sufficiency through Renewable Energy Sources led to excessive and distorted subsidies. "We reached the point where the megawatt-hour was paid up to 500 euros just to build a wind farm," he characteristically mentioned, estimating that the political choice and public opinion regarding decarbonization cost massive amounts without yielding the expected results either for consumers or for industry. Despite all this, he clarified that the green transition did not fail entirely, bringing forward Spain as an example where –as he said– the model functioned effectively. Referring to Greece, he noted that the extensive development of photovoltaics has rendered the country a significant electricity exporter.
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