The possibility of constructing Greece’s first submarine domestically within eight years, provided the relevant decision is made, was highlighted by the founder and president of ONEX Shipyards & Technologies and president of the Union of Greek Shipyards, Panos Xenokostas, speaking at the “Greece 2030” conference, within the framework of the National Defense and Defense Industry section. Mr. Xenokostas referred to Project Trident, the €1.35 billion investment initiative being promoted in cooperation with entities from Greece, the United States, and South Korea, emphasizing that the goal is to strengthen the domestic shipbuilding and defense industry.
Xenokostas: Significant development in establishing minimum 25% domestic participation in defense programs
As he noted, the plan develops in three phases. The first concerns supporting the US 6th Fleet and allied naval forces, with a budget of €150 million. The second includes investments in dual-use infrastructure and strategic mobility, worth €200 million, while the third phase, with a budget of €1 billion, provides for the development of production lines for submarine construction. The ONEX president argued that if a submarine shipbuilding program started in Greece today, the first vessel could be delivered to the Hellenic Navy within eight years. As he said, the venture would be based on Greek industrial participation, Korean shipbuilding expertise, and American systems.
At the same time, he characterized the establishment of a minimum 25% domestic participation requirement in defense programs as a significant development, noting that it creates conditions for greater involvement of Greek industry in defense procurement. Referring to the progress of the Elefsina and Syros shipyards from 2019 to today, Mr. Xenokostas noted that more than 900 ship repairs and constructions have been carried out, while, as he said, a broader network of companies has been developed around the shipyards’ activities. During his presentation, he argued that strengthening the domestic production base in the defense and shipbuilding sector can contribute to enhancing the country’s strategic autonomy, while emphasizing that Greece has the prerequisites to acquire a stronger role in the European defense industry and international production chains.
