Mitsotakis: I am optimistic for an independent government – The priorities for the new 4 years

In her offices Morgan Stanleyin London, Kyriakos Mitsotakis was on Monday morning, as part of the Greek Investment Conference organized by the bank in collaboration with the Athens Stock Exchange.

During the discussion with the head of Morgan Stanley International, Franck Petitgas, Mr Prime Minister he emphasized the particularly good performance of the Greek economy, the emergence of our country as an investment destination, the geopolitical and energy advantages of Greece, the dilemmas of the elections and the central political goals for the coming years. Forewording the Prime Minister, Mr. Petitgas expressed his assessment of Greece’s economic course and its prospects, in an unfavorable international environment. “We certainly feel a lot of optimism in Morgan Stanley, especially when it comes to comparing with the rest of the world, across all industries,” he said.

In 2022 we achieved record investments and I expect that we will also set records in 2023

“If you look at our growth rates, for 2022 we will be close to 6%, while for 2023 we expect 1.8% – three times higher than the eurozone average. I wouldn’t be surprised if it ends up being even higher. But, more important to me is that the current development has truly sustainable features. The economy is now much more extroverted”, noted Kyriakos Mitsotakis.

“We have managed to convince international investors that this is the moment to come to Greece. If Foreign Direct Investments are an indicator of the interest that Greece has managed to attract, 2022 was another year in which we achieved records. And I expect that we will also record in 2023. There is one variable, which you will certainly ask me about, and it has to do with the elections and the political situation. Once this issue is resolved, I expect a new boost of investor interest in Greece,” the Prime Minister added.

“I am optimistic that we will form a self-sufficient government. After the elections I expect a new explosion of investments”

Referring to the elections and analyzing the process of the second elections, the Prime Minister underlined that “the possibility of double elections should not worry investors. Because the second polls will be set up very quickly, after the first ones. There will be a period of weeks – not months – maybe four, five, six weeks of interim government between the two election contests. The choice in Greece is now, I believe, clear. Citizens can evaluate almost four years of our own governance and the governance of my predecessor, who is the main contender in the elections. So the comparison is clear: four years of Tsipras and SYRIZA, four years of Kyriakos Mitsotakis and New Democracy. We have our own path with our deeds, they have their own path.

“At the end of the day the question is who can steer ‘the ship’ in these uncharted waters. Greeks want to feel safe, they want to ensure that we do not go back to the regime of high taxes and low growth that existed under the previous government. I am quite optimistic that we will manage to form a self-reliant government. After the elections I expect a new wave, a new “explosion” of investments, because we will have four years ahead of us, hopefully with fewer crises”, said Kyriakos Mitsotakis.

The priorities for the new 4 years

“I’ve always believed that you need two full terms in Greece to really “turn the page” and raise the level of perception that exists for the country. The world now associates Greece with positive feelings. In the past when someone talked about Greece, during the financial crisis, it was all about difficulties – borrower-lender relations, crisis, social unrest. I have a feeling this is no longer the case. And it is important”, noted Kyriakos Mitsotakis.

Referring to the priorities of the next 4 years, the Prime Minister emphasized: “Essentially my goal is a very, very fast, not only convergence with Europe, but also a repetition of what happened in the case of Ireland, which started with significantly lower wealth in proportion to its population and ended up being one of the high performing countries at European level. There is no reason why Greece could not do something similar.”

“My priority will be the quality of the development”, continued Kyriakos Mitsotakis. “This is not just about 5%, 6%, 7% growth – or 2%, 3% in tough years – but about growth being sustainable. This is a top priority for me. We are putting a strong emphasis on digital transformation in a way that allows us to overtake other countries and will be socially just, in the sense that disposable income and wages, especially minimum wages, will rise and everyone will have a fair share of the wealth that we create So for me that element of the quality of development that we can create is very important. And sustainability, digital and social must be part of our policies at all levels. My aim is to reduce unemployment well below 10% and we are moving towards this goal. Of course, we place great emphasis on the acquisition of new skills, training our workforce, “opening” our universities to the challenges of the future. And at the social level, we place great emphasis on Health,” said the Prime Minister.

Major investigations are underway by Exxon and Helleniq Energy

Referring to the issues of energy sources, the Prime Minister developed the government plan: “We must move away from Russian natural gas as soon as possible. This means we need other energy sources in the short term. Greece can play a role in this, on two levels: first, as a liquefied natural gas hub. Many investments are being made, a large amount of LNG will be transported to Europe and the wider region through Greece. Also, for the first time in many years, Greece is investigating whether it has its own natural resources in terms of hydrocarbon deposits. Very important explorations are being carried out by Exxon and Helleniq Energy southwest of Crete and the Peloponnese. Exxon is very interested in this area and I suspect they have some good indications. We will probably know in a year if something substantial is going to be discovered.”

At the same time, the Prime Minister pointed out that Greece is a pioneer in the penetration of renewable sources into the energy mix: “Of course, we are an important player in the field of renewable energy sources. We are major producers of energy through renewables. We have 10 GW of installed capacity from wind and solar power, another 2.5 GW from hydro. We want to reach 25 GW. We want to become a clean energy exporter. And for us it is a real challenge. We have a lot of interest from investors. The issue is to prioritize investments, to ensure that we have the networks and infrastructure to bring all this energy from renewable sources. And of course we can also bring renewable energy from Africa,” he said.

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