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Newsletter February 2011


Invest in Greece Leads Effort for Common Investment Policy

Invest in Greece, represented by its CEO, Mr. Christos Alexakis, participated in the 1st Operational Meeting of the Parliamentary Assembly of the Mediterranean (PAM)—Panel on External Trade and Investments in the Mediterranean, on November 12-13, 2010 in Naples, Italy. The meeting was held under the auspices of the Italian Parliament, and co-organised by the Parliamentary Assembly of the Mediterranean (PAM), the Federation of Industrialists of Italy (Confindustria) and the Naples Union of Industrialists.

Parliamentarians of the member states of the Mediterranean Parliamentary Assembly, as well representatives of institutional, economic, and academic sectors (Governments, Chambers of Commerce, Investment Promotion Agencies, Associations of Industries, Banks, and Universities), were present at the meeting. The aim of the meeting was to propose operational measures that need to be taken by national parliaments to accelerate economic recovery in the Mediterranean. To this end, the meeting focused on identifying alternatives for the enhancement and facilitation of trade, the establishment of a Mediterranean Free Trade Zone, the creation of a Regional Investment Bank, and on implementing an international promotion of the region as a competitive investment destination.

The President of the Naples Union of Industrialists, Dr. Giovanni Lettieri;  the Italian Senator, Francesco Maria Amoruso; the President of Campania Region, Stefano Caldoro; and the Egyptian Senator and President of PAM, Mohammed Abou El Enein, launched the Meeting. Invest in Greece participated in the Meeting of the Standing Committee of the Parliamentary Assembly of the Mediterranean following the invitation of the Committee and as a result of fruitful networking that Invest in Greece established with participating stakeholders in May 2010, in Lisbon.  During his presentation during the session “Impact of the economic crisis on the Mediterranean region & the road to recovery: case studies from PAM countries”, Mr. Alexakis presented the institutional reforms that the Greek Government plans, such as the new Development Law, the Bill for Strategic Investments, and the simplification of licensing procedures to establish companies, in order to improve the investment environment of Greece.

The contribution of Invest in Greece in the dialogue for the enhancement of the competitiveness of the Mediterranean and in attracting investment was deemed to be particularly constructive. Mr. Alexakis presented Invest in Greece’s suggestion for multilateral cooperation with corresponding organisations in the Mediterranean. Such cooperation has the objective of drafting a proposal addressed to the Parliaments of the Med countries for a harmonised legal framework among all member states. The final proposal will be the result of codification and the comparative analysis of the legal frameworks of the member states, within the framework of showcasing best practices. The Greek proposal aims at facilitating procedures for international investors, since harmonisation will lead to a more straightforward, cohesive and homogeneous institutional investment framework, regardless of the recipient country of an investment. Participants warmly welcomed the proposal and PAM assigned the project coordination to Invest in Greece. Furthermore, Invest in Greece was invited to a assume membership on the Steering Committee of the Parliamentary Assembly of the Mediterranean.
The Parliamentary Assembly of the Mediterranean (PAM)
The Parliamentary Assembly of the Mediterranean (PAM) is a forum that promotes the development of forms of cooperation among the Mediterranean countries, in order to ensure that the wealth of land and sea-based human and natural resources available to the region are used in an optimal and sustainable manner. Through political dialogue, PAM aims at fostering and building confidence among Mediterranean States, guaranteeing regional security, stability, and promoting peace and development of member states. The member states of PAM are the following: Albania, Algeria, Andorra, Bosnia-Herzegovina, Croatia, Cyprus, Egypt, France, Greece, Israel, Italy, Jordan, Lebanon, Libyan Arab Jamahiriya, Malta, Monaco, Montenegro, Morocco, Palestine, Portugal, Serbia, Slovenia, Syria, The Former Yugoslav Republic of Macedonia, Tunisia and Turkey. Support and internationalisation of small-and medium-size enterprises, foreign direct investment attraction, and creation of a Mediterranean Investment Bank are the main objectives of PAM.