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Giorgos Stathakis
Minister of Economy, Development and Tourism
Following a prolonged period of economic crisis, the Greek economy is
about to return on a sustainable growth path. A necessary precondition is to
create an environment of credibility and stability. In order to achieve this, the
Greek government reached an agreement, after painstaking negotiations with
the international lenders, on a new adjustment program. The latter, secured
the country’s fiscal position and debt sustainability in the short and near term.
Until the end of 2015 the government implemented 48 reforms, which were
preconditions to secure initial funding from the program. On the same time,
Greek banks were successfully recapitalized, staving off systemic risk. Successful conclusion of the 1st
assessment of the program’s implementation will mark the completion of almost 70% of the required
measures andwill initiate the debate on long run debt sustainability.
In this context, the Greek government is about to launch growth-promoting policies funded
throughfiscal tools suchas thenewinvestment lawandEuropeanCohesionFundsaswell asdomestic
and foreign private investments. The bulk of academic and empirical literature has demonstrated
that a clear and predictable institutional framework is the principal prerequisite to attract credible
and long term investment schemes. Investors seek prior knowledge of required license procedures
and legal regimes that regulate their investment project throughout its life-cycle.
Inthisdirection, theGreekgovernmentworks inthreedifferentdimensions,whichshare twocommon
features, i.e. regime stability and adaptation of international best practices. There is a close collaboration
with European institutions and international organizations, like theOECD, to achieve this goal.
The three dimensional national strategy involves:
a) A new Investment Law, which will offer foreign investors a stable tax regime over a 12 year
time-span.
b) A new Law on public procurement that incorporates the latest EU directives on the issue
(24/2014- 25/2014). The major idea is digitalizing the whole process to facilitate participation on
equal footing for everyone willing to get involved. The new system secures competition along
with transparency and encourages the participation of SMEs in public procurement.
c) Last but not least licensing facilitation, through the creation of one-stop centers, where foreign
investors will be able to acquire information and submit applications through swift and speedy
procedures.
In the frameworkdescribedabove, it ismyfirmconviction that theeditionof“GreekLawDigest –The
Official Guide to Greek Law”will be a useful tool for foreign investors, wishing to exploit opportunities
that the Greek economy offers, at a periodwhen a newera of growth and prosperity is about to begin.