Mitsotakis at the Capital Link conference: Now is the time to invest in Greece

The prime minister referred to the goals that the Greek economy has achieved, to the adversities that it managed to overcome, but also to the next day’s steps, Kyriakos Mitsotakis, in a video message shown at Capital Link’s annual Greek investment conference. The conference is titled “Sustaining Growth and Investment Momentum” and takes place on Friday, December 9, in New York.

During his message, the Prime Minister stated that today he is more confident than ever that Greece is on the right track, as, as he said, our country maintains high growth, steadily reduces unemployment and is expected to be the first to reduce government debt among EU countries from 2019.

“As we head towards 2023, we are in the top tier of European Union countries in terms of growth: 8.4% in 2021 and 5.6% in 2022, according to the latest forecasts. Unemployment continues its downward trend, in fact it has fallen by around five points, to its lowest level since 2010. Last year proved to be a record year for inward foreign direct investment, worth around €5.3 billion. We think we have a good chance of breaking this record again in 2022. And according to the latest official EU forecast, by the end of 2023, Greece is expected to be the EU country with the largest cumulative debt reduction as a percentage of GDP from 2019″, he noted.

Continuing, the Prime Minister gave credit for the progress that has been achieved in such a short period of time both to the Greek people and to Greek businesses. At the same time, he focused on the resilience that our country demonstrated when it was called upon to manage the various adversities caused by a series of international crises

As he explained, “Greek companies have proven to be resilient throughout and are now much more competitive globally. Exports have more than doubled to almost half of GDP, a level higher than many other EU countries. The vast majority of Greek citizens, despite the difficulties they have experienced, have shown a level of maturity that has allowed Greece to remain at the center of the EU And thanks to their choices and their efforts, populism fortunately did not prevail in Greece.”

At this point, Mr. Mitsotakis emphasized the importance of the reform project, which he said has significantly improved the business environment. As he explained, “it is equally true that change would not have come so quickly without the structural reforms we have implemented in the last three years, with almost 400 bills passed by Parliament. Reforms that remove unnecessary obstacles, lighten the taxation of businesses and citizens and that provide solutions to long-term shortcomings of the Greek state. It is no coincidence that Greece topped the ‘Economist Intelligence Unit’ list of countries that have seen the greatest improvement in their business environment over the last three years.”

Nevertheless, the Prime Minister acknowledged that we are experiencing a period of repeated international tensions, which in turn create a number of challenges that cannot be ignored. However, he appeared optimistic that the Greek economy is properly prepared to face the difficulties that will appear in 2023.

“Greece’s position in the world has changed significantly for the better. Nevertheless, we cannot ignore the fact that we live in a period of many tensions. Inflation has reached multi-decade highs around the world. Russia’s illegal invasion of Ukraine contributed to an energy crisis that is straining the economies of all states. And political instability is on the rise again in many parts of the world. However, Greece is much better prepared to face a difficult 2023. We forecast continued economic growth of 1.8% despite global economic turmoil. Our finances are in order. And our appetite for reforms remains undiminished”, he emphasized.

The prime minister also referred to the fact that 2023 is also an election year for Greece, saying “we are sure that the Greek people will renew their trust in us and that the path we have set in the last three years will not be stopped. Because the right policies matter. They have a real impact on people’s lives. And despite the multiple crises we have faced, the results of these policies are visible.”

Mr. Mitsotakis closed his message to international investors by saying that “more than ever, now is the time to invest in Greece. We have proven that we can bring about change. Rest assured: we will continue on the path of stability, consistency and reform. Because only this road will continue to develop our economy and because only this road will make our country stronger.”

RES-EMP

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