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Newsletter July 2010


Investment Momentum

Thousands of Investment Plans to Proceed; DSGI and Qatar on the Move

3,438 Investment Plans to Move Forward
The government announced in May that it expects completion of an evaluation process for a total of 3,438 pending investment plans by the end of September, allowing a new development law—scheduled to begin funding investment plans from 2011 onwards—to move smoothly, free from past obstacles.

An economy ministry announcement said ministry agencies approved investment plans budgeted at nearly 71 million Euros between May 10-14. The new plans cover investment in manufacturing (33,857,864 Euros), tourism (29,608,231 Euros), and renewable energy sources (7,165,670 Euros), and state support will total 32,539,413 Euros.

The government said it has funnelled roughly 450 million Euros into the market so far, as part of state support for investment plans, with another 700 million Euros earmarked for the remainder of the year.

DSGI to Invest 15 Million Euros in Greece
DSGI Greece, a group including Dixons and Electroworld of the UK and Greece’s Kotsovolos, unveiled an ambitious expansion program, envisaging investments of 15 million Euros in the period 2010-2011.

Presenting the plan Chris Matthews, DSGI’s chief executive, said it was the group’s response to a difficult period for the country and the electric appliances’ sector.

DSGI will invest in upgrading its existing retail sales networks and enhancing its presence on the Internet. Under the plan, DSGI has already transformed nine shops under the brand name Kotsovolos into new modern shops. Part of the plan also includes Electroworld, which will be transformed into a digital brand, with a new upgraded site on the Internet offering online shopping. Electroworld’s four shops in Athens will be put under the Kotsovolos brand name.

Chris Matthews said the management’s ambition was to transform Electroworld into the top online shop in Greece and to ensure new, dynamic conditions to boost the profitability of Kotsovolos.

Greece and Qatar Sign Agreements
Greece and Qatar signed five bilateral agreements, in the presence of Prime Minister George Papandreou and Qatar's Prime Minister Hamad bin Jasim bin Jabir al-Thani. Qatar's premier expressed his country's sincere hope to secure further investments in Greece, while the two sides stressed their determination to circumvent bureaucratic obstacles to the speedy implementation of investment plans. Cooperation in the energy sector concerns both natural gas—Qatar is among the biggest exporters of liquefied natural gas in the world—and renewable energy sources.

The five agreements signed include a strategic cooperation memorandum for the Astakos Energy Centre; a modifying agreement for bilateral air travel cooperation; a memorandum of understanding for tourism cooperation; and an agreement for the exchange of news items between the two countries national news agencies.