Newsletter View

Newsletter July 2010

EDITORIAL



Recent positive developments in Greece provide us with an opportunity to welcome the global investment community with a renewed sense of optimism. Confidence among businesspeople is key to decision-making and a number of critical factors are creating essential, confidence-building measures that open new opportunities in Greece.

Just a few months after announcing sweeping austerity and fiscal reform measures, Greece’s Finance Minister, George Papaconstantinou, said the country is on track to meet its 2010 deficit targets, citing H1 data that shows the budget deficit in the first half of 2010 was 4.9% of GDP, an improved performance on the target of 5.8% agreed upon with the IMF and EU.

In addition, Greece has been very successful in two T-Bill auctions on the market, achieving rates of 4.65% and 4.05%, considerably better than the 5% rate on IMF/EU funds.

Other important developments concern the major investment deals and agreements between Greece and China and Qatar. China and Greece have signed agreements  worth hundreds of millions of Euros, on top of the recently signed agreement by China’s COSCO to operate a major part of the Port of Piraeus. And agreements with Qatar to invest in Greece demonstrate the dynamic opportunities Greece provides to investors worldwide.

In the “Green Economy” sector, Greece is advancing rapidly to attract innovative, cleantech companies that can take advantage of the country’s vast RES potential. The recently passed new RES Law offers a wide variety of investment options in solar, wind, biomass, and geothermal, with highly attractive feed-in-tariffs, drastically reduced time for licensing procedures, and a one-stop-shop service for RES investors.  

We are confident that Greece is on the right track to develop a new economy in a new investment era. And we are pleased that the international investment community shares our confidence, participating in major investment projects that will create even more investment opportunities, upgrade the country’s infrastructure, and create new jobs, at the same time providing attractive returns to the investors themselves, a win-win proposition with a bright future.


Sincerely,

Christos Alexakis
CEO
Invest in Greece Agency