Followed by a keynote address from the Greek Minister of Economy and Finance H.E. Kostis Hatzidakis
The Official Luncheon of the Annual Capital Link Invest in Greece Forum began with a written message from H.E. Kyriakos Mitsotakis, Prime Minister of the Hellenic Republic, who addressed the international investors.
Prime Minister Mitsotakis’ message was ready by Mr. Nicolas Bornozis, President of Capital Link, before H.E. Kostis Hatzidakis, Minister of Economy & Finance of the Hellenic Republic, gave his Keynote Address.
H.E. Mitsotakis began his message writing that he is delighted to address Capital Link’s yearly Forum as Prime Minister for the fifth time.
As he writes in his message, he is confident that Greece is on the right track.
Furthermore, he expresses his confidence that now is the time to accelerate investments for sustainable growth, which is also the title of this year’s Forum.
The Prime Minister reiterated his message from 2019 – Now is the time to invest in Greece:
“We have proven we can change. And do not have any doubt: we will continue on the same path of stability, consistency and reforms. Because this is the path that makes our country stronger.”
The Minister of Economy & Finance of the Hellenic Republic, H.E. Kostis Hatzidakis, in his Keynote Address, stated:: “Over recent years Greece achieved a remarkable economic turnaround and emerged as a pleasant surprise for Europe. The Greek economy recorded high growth rates, significantly higher than the EU average, a notable reduction in unemployment, impressive growth of exports and Foreign Direct Investments (FDI) and fast fiscal consolidation. This success has been reflected in the successive upgrades of our credit rating and the recent regaining of the investment grade.
This success was the result of an economic policy mix which combined fiscal prudence with a business-friendly reform agenda, laser-focused on tax reductions, simplifying licensing procedures and modernizing the labour market.
We are witnessing in Greece today a commonsense revolution. The populist rhetoric that dominated the public discourse during the debt crisis has been superseded by a rational approach, which focuses on solutions and results. The protracted crisis we endured has taught us that the country cannot live beyond its means; that you cannot have investments without investors and employees without employers. We are not trying to reinvent the wheel. We are following best European and international practices.
We still have a way to go and do not ignore the challenges ahead. Among them are short-term challenges such as the energy crisis and the inflation resulting from it, but also, long-term challenges such as climate change and the digital transition. However, we can now safely say that we have left the worst behind us.
As we move forward our aim is to preserve the gains achieved so far and to make sure the sacrifices and efforts of the Greek people do not go to waste. But we also want to take a further step forward. We have put in place a unique window of opportunity to transform the Greek economy into a model of fast, sustainable and inclusive growth, leaving no one behind. And we are determined to take this opportunity, because this is simply our patriotic duty.
Our economic policy therefore is going to be based on four pillars.
1. The first pillar is further improvement in our public finances, through fiscal prudence and our unquestionable commitment to fiscal sustainability. Over the next years we expect to have primary surpluses, above 2% of GDP and substantial debt reduction – well above the requirements set by the EU Stability Pact.
2. The second pillar is the intensification of our efforts to diversify the Greek economy. We will pursue this by further developing sectors where we have comparative advantages, supporting innovation and knowledge-intensive activities with high added value, providing incentives for business growth, facilitating the digital and green transition and addressing endemic problems, such as tax evasion and tax avoidance.
3. The third pillar is the intensification of our efforts to improve the prospects of our banking system even further. We are proceeding as planned with the state’s divestment program of its bank holdings. We are also taking measures to foster competition in the banking system and further reduce the NPL ratio.
4. The fourth pillar is the intensification of our efforts to attract investments and close the investment gap created during the crisis. We have set a goal of increasing investment by 70% by 2027. To achieve this, we will continue to improve the business environment, make full use of all funds available to Greece through European financing programs and improve the management and financial performance of state property, through privatizations and concessions.
Currently in Greece there is a unique opportunity. On the one hand we have the right economic policy mix that brings results. On the other hand, we have political stability. We have a stable government and a clear mandate to change our country and we are determined to succeed in this historic task.”
SOURCE; CAPITAL LINK FORUM
