GREEK LAW DIGEST

Dimitris Avlonitis General Secretary for Commerce & Consumer Protection This year’s edition of the Greek Law Digest coincides with a landmark moment for the people and the enterprises of Greece: after eight difficult years, the economic adjustment programmes have been completed and the economy is growing again, thanks to a significant increase in exports and foreign direct investment, rising consumer confidence, lower poverty rates and revamped infrastructure. This is only the first step towards not only economic recovery, but also the implementation of a holistic growth strategy, with an emphasis on exports, foreign investments, innovation, employment and sustainability. For the first time ever, Greece’s economic policies are guided by a coherent action plan, which resulted from an extensive consultation process, both domestically and internationally. This plan is fully in line with the United Nations 2030 Agenda for Sustainable Development. A completely revamped legal framework will underpin this transition toward full ownership of a reform programme. Investors can already benefit from new provisions on company law (law 4548/2018 on SA’s, law 4541/2018 on LTD’s), public procurement (law 4412/2016), investment licensing (law 4442/2016) and incentives for private investment (law 4339/2016); hundreds of OECD recommendations regarding barriers to competition on product and services markets have been legislated; starting a business is easier and more affordable than ever, thanks to law 4441/2016, which introduced a fully online start-up process. In the few months since the electronic One Stop Shop (e-OSS) was launched, hundreds of entrepreneurs have benefited from this innovation, which has reduced the average time for founding a company to a few hours. The legislative iniatives which have been scheduled for the near future are just as significant: new laws on mergers and acquisitions, which have already been drafted and published for consultation, will fill a long standing void in national law, by implementing European best practices and should help companies grow and restructure. The provisions on the General Business Registry will also be updated in order to increase transparency and efficiency through the life cycle of a company. A national Development Bank will also be created, while the legal framework on fast-track processes for investments of strategic significance will be modernized. The strategic objectives of these reforms are to increase legal certainty, reduce administrative burden and safeguard public interest, in order to encourage investment and help create new, quality jobs. This effort will only intensify in the near future and will rely heavily on the