“The Draghi proposals are unworkable,” said Spyros Theodoropoulos, chairman of the Board of the SEV (Association of Businesses and Industries), in his speech at the 5th Institutional Management Conference of the Institutional Investors Association.

He added that “Greece has an investment gap, it is not covered” and that “food inflation will not decrease as long as we have a climate crisis”.

In particular, this year’s theme was focused on the prospects and challenges of investments in Greece, with capital market reforms, real estate development, tourism, developments in artificial intelligence, geopolitical developments, as well as the financial literacy of our young people. of 5th Institutional Management Conference of the Association of Institutional Investorsheld on Thursday, October 3, 2024, at the Athens Concert Hall-International Conference Center, with the support of ethosEVENTS.

The beginning of the Conference was marked by Mr. Chris AesopChairman of the Board of the Association of Institutional Investors and CEO of Alpha Trust. Mr. Aesop said:

“This year our Conference opens its topic beyond the narrow environment of institutional management to many aspects of the Greek economy with Greece as an Investment Destination in common. 2024 is for the 38 members of the Union of Institutional Investors a year of growth, with 30.6.2024, the total amount of funds under management in the institutional sector amounted to € 34.32 billion, an increase of more than 15% since the end of 2023. We believe that these figures can become much more important with targeted interventions that we have proposed in the regulatory framework of mutual funds and Alternative Investment Organizations and for AEEAPs in particular with a modern framework that we have submitted to the Authorities.”

At the beginning of the conference, the Minister of National Economy and Finance, Mr. Kostis Hatzidakiswho reported:
“Zwe live in an era of rapid developments. In such an environment, professional management is a key parameter of sustainable development. It is a condition for attracting capital, strengthening the domestic economic development. For five years now, our economic policy has achieved firsts. In period 2019-2023we achieved the largest reduction in the unemployment rate, the largest reduction in public debt, an increase in the level of competition, a reduction
of the bond spread. The supposed reduction of taxes, the adoption of modern labor legislation, the adoption of an investment grade made Greece more attractive for investment. Investments are a prerequisite for a better future».

Mrs. Vasiliki LazarakouD.N., chairman of the Capital Market Commission, said:

“The investment stage brought a change of climate. Greece has political stability. There is quality of the portfolios they invested in (foreign institutional)
in Greece. There is a recovery of confidence in the stock market. We, as a Commission, have harmonization on the legislation side, we integrate all the changes, what we are trying to achieve is supervisory convergence. The Commission’s challenges concern the changes coming at the European level, understaffing, digital transformation”. And he emphasized that “for the first time all the supervisors of Europe are dealing with the competitiveness and development of the capital markets”.

Mr. Spyros Theodoropouloschairman of the Board of Directors of SEV (Association of Businesses and Industries), said:

“In the last five years, serious steps were taken, which brought Greece to stand internationally. During the crisis years, we had a current account problem. Let’s be happy for today. The Draghi’s proposals are unworkable. Greece has an investment gap, it is not covered. The Recovery Fund will close its cycle at some point. We need many and large investments, which until today the development laws do not encourage. There must be a change in investment logic on the part of the State. We must aim for large investments that have a multiplier effect, with generous tax incentives. Seven out of ten strategic investments concern industries. Food inflation will not go down while we have a climate crisis. It has brought, and will bring, greater increases in food prices. Needs adjustment».

Dr. Haris Lambropoulospresident of the Hellenic Development Investment Bank SA (EATE, formerly TANEO), said: “In order to absorb public resources, private participations are also needed. The debate is about how to free up more private resources. Over 470 billion can be injected into the European economy. The role of the Capital Market Commission and institutional investors is pivotal. Greece has a unique opportunity to absorb in the best way the funds that come and go irretrievably.”

Mr. Nikos Vettas, general director of IOBE and professor of the Athens University of Economics, noted:

“We have reached the level where we have earned trust. Internal demand does not bring large investments. If you produce what others produce, you will not have high incomes. Over the past five years, significant strides have been made. The total savings we have in the country is very low. You have to build domestic savings mechanisms. The percentage of manufacturing in Greece is increasing, albeit gradually. Exports of Greek products are increasing (medicines, industrial products). All analyzes show that, due to both climate change and demand from Asia, food has become more expensive».

Mr. Chris Aesopos, Chairman of the Board of the Institutional Investors Association, CEO of ALPHA TRUST, pointed out the following:

“In recent years, we have recovered investment grade, confidence, political stability, stable banking system. But an inflow of funds is needed. It is important for development. Four years ago, we celebrated the arrival of Microsoft. It took four whole years for this giant to get permission. Bureaucracy, responsibility phobia, etc. Microsoft also experienced them. For foreigners, the issue of suffering is crucial. We must move on to further reforms, a radical transformation of the production and development model (energy, technology, human resources, capital market competitiveness, speed of trial and administration of justice). A political cost must be taken and the next (necessary) reforms proceed».