One of the main goals of European Union was for the states mambers to become the "most competitive and dynamic knowledge-based society in the world". The development of vocational training is an important and integral part of this strategy. Primary aim is the development of closer cooperation in vocational training for the states members in parallel with higher education. An integral part of this process and a prerequisite to its success is the identification, measurement and continual monitoring of skills needs and training requirements from the viewpoint of businesses and employers in general. This dynamic process, which entails many methodological complexities, is vital for the correct design and implementation of education and training systems and programmes.Failure to take into account the close links between demand for and supply of labour and skills, may lead to skill mismatch, loss of financial and human resources and finally to unemployment and disappointment amongst both employers and employees. The present study is focused on these questions, we attempt a review of relative bibliography concerning the contribution of the training system in the development of the adequate skills The Greek system of education and training is synoptically presented. Then certain data from research conducted on graduates of vocational training istitutes, with the methodology of quantitative research, is presented in order to detect a) which skills, at their opinion, are required in the labour market, and b) if these skills have been developed during their studies at Istitutes of vocational training.In conclusion, the I.E.K. can carry out an important role in the creation of most competitive and dynamic knowledge-based society. Further discussion is required regarding the objectives and educational policy of I.E.K. and more generally of the vocational training system. Also the development of the research and the monitoring of the VET system in relation with the evolution of the labour market will show the real problems and will contribute in the growth of relative reflection and in the appropriate revisions.