Economy Minister: 10 reasons to boost investments and exports

Economy Minister Dimitris Papadimitriou on Monday said there were 10 basic reasons why attracting investments and boosting exports have very positive prospects in the country.

Addressing an event organized by the Athens Chamber of Commerce and Industry on “EBEA Export Forum 2016”, the Greek minister said that a new development model is limited by a strict fiscal framework defined by an economic adjustment program and a new European economic governance and a fiscal pact that demanded balanced budgets, while a strict fiscal adjustment has led to high tax rates which in some cases are prohibitive to investments. However, Papadimitriou said there were 10 reasons why attracting investments and boosting exports have positive prospects:

1- Tax rates have reached their ceiling

2- Greece escaped a Grexit risk

3- A prolonged recession pushed the economy to extremely low levels and stabilized profitability of those enterprises that endured the recession

4- Agreements reached with the country’s creditors and completion of a the first review of the Greek program has markedly improved economic sentiment in the country

5- Greece offer a number of comparative advantages such as specialized and cheap labor, labor market flexibility, a stable tax framework, a new development law, a sustainable pension system, political stability, a huge reserve of human and natural resources, strong trade negotiating power and institutional safety because of its participation in the euro currency

6- The country has a safe banking system following its restructuring and successful recapitalization
7- Greece has secured funds from EU funds until 2020 and through a Juncker Investment Plan

8- A seven-year recession has created opportunities for the participation of foreign capital in dynamic Greek enterprises

9- In the period 2016-2017 Greece will have implemented one of the biggest privatization programs in the world (Cosco, regional airports, Hellinikon, etc)

10- Greece has products and services capable to attract investments and to conquer niche markets around the world
Papadimitriou said Greek exports showed both resistance and dynamism and stressed that the Economy ministry has get a green light from creditors on an action plan to boost exports. He added that the ministry recently approved three funding programs worth 234 million euros to support manufacturing enterprises in the country.

“I am very optimistic about the future of Greek exports now that the EU economy is recovering and Greece is moving out of the crisis. With the cooperation of all social partners, technical assistance from the EU and the consensus of political parties, Greek exports have nowhere to move but upwards,” the minister said.