The Draft Law entitled “Development Law – Greece Strong Development” was put to public consultation on 3/11/2021 by the Minister and the Deputy Minister of Development and Investment, Mr. Adonis Georgiadis and Mr. Nikos Papathanasis. The consultation will end on 17/11/2021.
The bill promotes the economic development of the country through the provision of incentives for targeted activities for the digital transformation of enterprises, the green transition, the support of innovative investments and investments in accordance with the priorities of “Industry 4.0”, the strengthening of employment, the support of new entrepreneurship, as well as for the strengthening of the areas included in the Fair Development Transition Plan. In addition, the aim is to improve and speed up the procedures for integrating investment plans into the established state aid schemes.
The proposed arrangements establish thematic schemes for granting state aid to investment projects, which may fall into one or more of the following categories:
1. Digital and Technological Transformation of Businesses
2. Green Transition – Environmental Business Upgrade
3. New Business
4. Fair Development Transition
5. Research and Applied Innovation
6. Agri-food – Primary Production and Processing of Agricultural Products – Fisheries
7. Manufacturing – Supply Chain
8. Business Extroversion
9. Support for Tourism Investments
10. Alternative Forms of Tourism
11. Large Investments
12. European Value Chains
13. Entrepreneurship 360o.
All the proposed provisions are part of the general objective of the government’s business support policy, with the provision of an effective state aid tool, which is built on the basis of faster and more flexible procedures.
For the first time, the possibilities provided by the General Exemption Regulation 651/2014 are utilized and concern the inclusion of investment plans independently, in its other parts besides the aid with Regional Character. With this initiative, aid in areas such as research and innovation, environmental protection as well as social assistance, such as vocational training and for the disadvantaged or disabled, can now be integrated investment projects.
The Minister of Development and Investment Mr. Adonis Georgiadis stated:
“The new Development Law drafted with great care by the team of Nikos Papathanasis and under my supervision, offers the Greek economy a great opportunity: its transformation according to the needs of the modern era, the green economy and investments in high technology. All this, combined with lower bureaucracy and higher state aid rates, I believe will lead to a growth boom in the coming years. Congratulations to Mr. Papathanasis “.
The Deputy Minister of Development and Investment Mr. Nikos Papathanasis stated:
“The draft of the new Development Law is one of the biggest steps of the Government towards the strong development of the Greek economy and the change of the productive model of the country. It is one of the most important institutional tools that promote healthy entrepreneurship and competition, facing all modern challenges. With new thematic regimes and incentives, we give a very significant impetus to companies of all sizes to implement quickly and efficiently their investment plans in a wide range of activities. We reduce bureaucracy and create an investment-friendly environment. We continue to reduce unemployment and boost regional development. Growth for Greece, growth for all “.
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