“I am proud because we are handing over the Ministry in an extremely better position than when we received it” noted the outgoing minister Adonis Georgiadis
In 2023, public investments are expected to reach 12 billion euros, the outgoing Minister of Development and Investments, Adonis Georgiadis, pointed out at the ceremony of handing over the Ministry to acting minister Eleni Louris. “I am proud because we are handing over the Ministry in an extremely better position than when we received it,” noted Mr. Georgiadis.
For her part, Mrs. Louri noted that “with the contribution of the service agents, I will monitor the ongoing issues”.
Deputy Minister of Development and Investments Nikos Papathanasis and Deputy Ministers Christos Dimas and Yiannis Tsakiris mentioned their work.
Mr. Georgiadis proceeded to a small assessment noting that 4 years in the Ministry are characterized by “development for Greece, Development for all”
In detail, the data that Mr. Georgiadis mentioned were as follows:
1. We contributed to strong growth with a total GDP growth of 7% in 4 years, despite the pandemic, the war and the triple (energy-inflation-supply chain) crisis. The GDP rose in 2022 to 208 billion euros from 179.6 billion euros in 2018. In 2022 Greece emerged as one of the first developing countries in the EU with almost double the growth rate of the European average, while in 2023 it is estimated that we will have triple growth rate of the European average.
2 We achieved consecutive records in investments.
• Total investment increased by 45% and as a percentage of GDP to 13.7% from 10.7%. In 2022, total investments (gross fixed capital formation) amounted to 26.71 billion euros, increased by 32.47% compared to 2018 (20.16 billion euros).
• Foreign direct investments set historical records in both 2021 and 2022, while in the 4-year period they increased by a total of 43%.
In 2022 they reached 7,230 billion euros, which is an all-time record, showing an increase of 114% compared to 2018 (3.36 billion euros).
• Iconic investments such as Elliniko, which is the largest urban redevelopment in Europe (total investment amount of 8 billion euros) and Eldorado Gold in Halkidiki (investment amount of 1 billion dollars) proceeded.
• Global giants such as Amazon web services, Microsoft, Google, Pfizer, Cisco, Deloitte, Chubb, Meta (Facebook), Digital Realty, Goldman Sachs, JP Morgan invested in Greece for the first time
• 42 investments worth approximately 9 billion euros were included in the regime of strategic investments, while another 40 investment projects worth 8.5 billion euros are under evaluation.
• Development Law: Investment project submissions increased by 282% on an annual basis, while the first 4 regimes of the new Development Law 4887/2022 have already been announced and the evaluation of investment projects has begun.
• PPP: 49 PPP projects, with a total budget of almost 8 billion euros, have been signed and approved by the Interministerial Committee for PPPs or the Governmental Committee for Contracts of Strategic Importance.
• Public Investments. In the 3-year period 2020-22, resources of approximately 30 billion euros were invested through the Public Investment Program, an amount almost double the corresponding amount of the previous three-year period 2017 – 2019. While in 2023, public investments are expected to reach 12 billion euros
3. We made Greece a pioneer in the NSRF in the European Union
For the first time in history Greece:
• 1st in the absorption of resources from the most important structural funds and consistently in the first 2-3 places in the absorption of the NSRF 2014-20 overall. The absorption rate exceeds 90% from 24.43% in July 2019. From July 2019 until today, 19.4 billion euros of actions and projects were included in the NSRF, while 9 billion euros were allocated to support workers, businesses and social actions in the pandemic.
• 1st in the implementation of the new NSRF 2021-27 amounting to 26.2 billion euros with an increased budget of 7% and a clear strengthening of the Regions in which 30% of the resources are allocated as we were the first to submit it to the EU and the first to receive approval for both program as a whole as well as the sectoral and regional operational programmes.
We have already received the first 140 million euros from the NSRF 2021-27 and the first announcements of actions with a focus on entrepreneurship have begun (actions for the green and digital transition of businesses from the “Competitiveness” program, with a budget of 1 billion euros) . Approximately 2 months after the start of submitting applications, more than 6,500 small and medium business applications, with a total public expenditure of over 650 million euros, had been submitted and finalized in the new Integrated State Aid Information System of the Ministry of Development, while others were being processed for final submission 5,100 applications. By the end of 2023, based on planning, actions and projects corresponding to 1/3 of the NSRF 2021-27 budget will have been announced.
4. We made Greece the 1st country on the planet in the rate of improvement of the business environment, rising 16 places in a year, according to the Economist.
• In their successive reports both the World Bank and the European Commission as well as other international and European institutions highlight the significant progress of our country in improving the business environment through the design and implementation of a comprehensive reform plan.
5. We financed the Greek economy with 8.5 billion Euros through the Hellenic Development Bank and modern financial tools.
• 1st Greece in the EU activated financial tools during the pandemic which, together with the resources of the NSRF and the budget, contributed to keeping businesses “alive”.
• 41,000 loans to 34,000 businesses in 4 years.
• Over 6,000 loans of €1.44 billion were approved in just 10 days through the innovative Know Your Customer platform.
6. We were instrumental in achieving back-to-back all-time records in exports.
• In 2022 they reached 54.89 billion euros, increased by 21.89 billion euros or 66.3% compared to 2018.
• In the first quarter of 2023 they increased again by 17.8%.
• Exports of goods exceeded 26.4% of GDP in 2022 from just 9% in 2010.
• It is extremely positive that the percentage of Greek exports of high-tech products in total industrial exports has increased over 13%, significantly higher than the countries of the European south (Italy 9%, Spain 7.7%, Portugal 7.1%) and approaching of Germany (15.5%).
7. We made Greece the protagonist in the field of research and innovation with Greece 1st in the European Union in the rate of improvement of innovation.
• A 20% increase in spending on research and innovation in 4 years.
• All-time record in 2022 in research and innovation spending growth.
• Substantial incentives for investment (over 200% cost discounts, stock options, incentives for investment “angels”).
• Funding through NSRF programs.
• Funding of more than 500 million euros for research and innovation from the Recovery Fund.
• Establishment of Elevate Greece – mapping of the start-up entrepreneurship ecosystem.
• Iconic investments: State of Innovation – CHROPEI in Athens and ThessIntec in Thessaloniki.
• Greece investment hot-spot of the wider region of the Southeast Mediterranean and the Middle East through transnational agreements.
8. We brought the industry back into the focus of investment interest
• The shipbuilding industry was reborn after 10 years with the reopening of the 3 most important shipyards
• Greece acquired for the first time a National Industry Council and a National Industrial Strategy in collaboration with industry and market stakeholders
• We implement this strategy in the direction
strengthening the green and digital transition of industry by utilizing the resources of the NSRF and the Recovery Fund,
promoting new reforms
infrastructure integration (Industrial Parks)
and attracting new investments by seizing the opportunity of the great return of industries near the major financial centers of the West
• Characteristic of the dynamics developing in Greek manufacturing is that in the “Smart Manufacturing” action of the Recovery Fund, budget (public expenditure) 73 million euros, 507 investment projects were submitted, with a requested grant of 400 million euros and a total subsidized budget of 707.5 million . euro.
9. We have effectively waged the “battle” against imported inflation, substantially supported trade enterprises and significantly improved the institutional framework for consumer protection.
• With the largest financing program of over 4 billion euros to support 534,000 businesses during the pandemic.
• With click away and programs to support the digital transition of businesses.
• With innovative initiatives, the “household basket”, the “Santa’s basket” and the “Godfathers’ basket”, adopted by many countries in the EU.
• With the institutionalization of the Interagency Market Control Unit for the suppression of smuggling and the suppression of unfair profiteering phenomena.
• With the most and strictest controls on the market and the highest administrative fines that have been submitted in the last 10 years.
• With reforms to facilitate and strengthen commercial activity and more effective consumer protection (e-katanalotis, electronic commerce, street markets-outdoor commerce, public contracts, GEMI, phising).
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