Investment plans worth 16 bln euros currently planned, SEV head says

Investment plans worth 16 billion euros in the next four years are currently in the phase of planning, Theodoros Fessas, president of the Federation of Hellenic Enterprises (SEV) said on Monday.

Addressing an Investment Congress organised by SEV, Fessas said there was widespread mobility on the level of interest, discussions and evaluations, while there were sectors where disinvestment has been reversed and net investments were slightly positive, such as manufacturing, mining, energy and construction. “Greek investments are underway, however, these are not enough to cover the gap. We need more foreign direct investments, that’s why we must improve the investment environment,” Fessas noted.

He said that significant investments, recently completed or expected to be completed in the coming years, included: the Hellinikon project, telecommunication infrastructure (broadband networks, fiber optic networks, etc), energy (DESDA, natural gas distribution grid in 43 cities, island interconnection), gold mines in Skouries, new production units (Mytilineos, Papastratos, Elval), tourist infrastructure (Astir Vouliagmeni, Atalanti Hills, Elounda Hills, Costa Navarino), logistics infrastructure (Cosco, CMA CGM) and air transport (regional airports and the purchase of 50 Airbus aircraft by Aegean Airlines).

Fessas said that investments fell from 60 billion euros in 2007 to 21.5 billion in 2017, or from 26 pct of GDP to 12.6 pct of GDP, during the crisis and noted that the scenario of raising investments with an annual growth rate of 15 pct – to help the country’s GDP grow by an annual rate of 4.0 pct – was an one-way road for SEV. He urged the Greek state to become more focused on attracting investors and said that every investment musts become a national goal. He also urged the prime minister to lead a National Investment Council.