A new promising era of prosperity for Greece
Capital Link is always a great opportunity for me to communicate the latest economic developments of Greece and, most of all, our renewed potential for investment partnerships.
It has been almost four months since we left behind the last financial assistance program, and with it, a prolonged period of crisis, uncertainty and low expectations. Greece has now regained its autonomy and -above all- the confidence in a future of prosperity, creativity and growth.
We are moving forward and the supporting conditions are more favorable than ever before.
The growth rate exceeds the 2% and all the projections suggest that its trajectory will remain upward. We succeeded a huge fiscal rebalancing with budget surpluses for four consecutive years. Furthermore, the recent debt relief measures agreed at the Eurogroup of June 2018 secured the Greek debt sustainability for many years ahead in the foreseeable future.
Thanks also to a series of deep reform application and coordinated action Greece has now a stable and modernized tax system, a business-friendly environment and a more effective public administration.
Today Greece is transitioning into an export-oriented, investment attractive country that focuses on innovation and high value-added production. You can now initiate a new company in less than an hour and new law frameworks facilitate strategic investments in a fast track manner.
It is not therefore by chance that OECD granted Greece the first place in deep reform application and the European Institutions wholly recognized our efforts.
Greece makes a new start and this time on a healthy basis.
This reform effort is facilitated by instrumental actions to foster growth such as:
The Growth Strategy plan, which sets and promotes in a coherent way the development targets.
The new Development Law, which provides funds and the right incentives to businesses and innovators.
The wide set of financial tools and schemes for enhancing liquidity via the Greek Development Bank, the partnerships with the EIB and EBRD and the best utilization of the available European funds and investment projects.
All the above allow Greece to take advantage of its geostrategic position at the crossroads of three continents in the Mediterranean Sea along with the comparative advantages we have in top quality human capital, Shipping, Tourism, Energy, Logistics and Agrifood business.
The agreement with our neighbors, the Former Yugoslav Republic of Macedonia, that resolved our long-standing dispute showed to the world that Greece is a power that promotes consensus and stability, always seeking for new ways of cooperation and mutual growth.
To conclude, Greece is again a promising and -above all- a safe investment destination and I urge you to trust its potential.
Source: “20th Annual Capital Link Invest in Greece Forum”, Monday, December 10, 2018, in New York City
