With its three top universities, research centers, the largest student body in Southeast Europe, and a vibrant startup ecosystem, the Greek city of Thessaloniki is increasingly drawing major multinationals that are helping to establish it as the innovation capital of Southeast Europe.

Among the major multinationals that have set up R&D hubs in the city are: Pfizer, Cisco, Deutsche Telekom, Deloitte and Chubb. It is home to one of Europe’s leading research centers – The Centre for Research and Technology-Hellas (CERTH) – and Thessaloniki is slated to have its own 4th generation science & technology park, Thess INTEC, that will be developed on a 75-hectare site near the airport.

The regional authorities are undertaking digital upgrades at the universities, research centers and chambers of commerce, and are seeking to develop the region as an international hub for innovation and new technologies. This spring, Thessaloniki was also host to the annual congress of the European Business Angels Network, which was co-sponsored by Enterprise Greece.

Foreign business executives say that, above all, the city’s draw is its pool of skilled and talented young people, the startup ecosystem, and the collaboration with universities and research centers.