Reforming a regulatory framework to attract foreign investments is one of the goals aimed by the Greek Economy ministry, along with a new development law, Lois Lambrianidis, secretary-general of Strategic and Private Investments of Economy ministry said on Tuesday.
Addressing a forum on attracting investments, Lambrianidis said the government was expecting the go-ahead signal by the institutions to present a new development law which will be accompanied by amendments to an existing legislation over attracting foreign investments. These amendments will focus on strategic investments, business centers and a immigration code (allowing foreign citizens to invest and stay in the country).
Lambrianidis also referred to the seven innovations of the new development law:
1. putting a ceiling on state support offered to an investment plan
2. introducting special support categories (export, merger, employment, sectors, special regions, industrial zones, high added value)
3. new funding tools, loan guarantees, capital participation
4. offering tax breaks
5. state support will reach 70 pct of allowed percentage of Regional Support Chart
6. simplifying procedures to combat bureaucracy and
7. consultation with more than 70 agencies in drafting the new legislation.
Lambrianidis said an economic crisis led to a large-scale disinvestment in the country and noted that Greece needed at least 70 billion euros to bring the private economy’s fixed capital back to 2010 levels. “Therefore, a new development law must help in creating the necessary trend of attracting new investments. It is the only way to escape from a vicious cycle of under-development,” he noted.
He acknowledged that the new development law would not be able to change the country’s course all by itself but it could give a clear signal of the direction and could become a tool to achieving the country’s development vision combined with other actions. Lambrianidis said the development law was fully harmonized with a Growth Strategy currently drafted by the government and was expected to be completed by June.
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