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Newsletter October 2011


German Business Community Boost Investment in Greece

A Delegation to Greece was led by Vice Chancellor Philipp Rösler

German Vice Chancellor Philipp Rösler said at an event of the Federation of Hellenic Enterprises, the German Industry Federation and the Greek-German Chamber of Commerce, on October 6, that reforms in Greece must go ahead because it is important that there should be investments.

He added that he is in Athens "with great joy" to give a message of optimism. "We are going through difficult times" he said, "but the businessmen and the politicians can provide the economic support that the country requires."

Greek Development, Competitiveness and Shipping Minister Michalis Chryssochoidis said that Minister Rösler came as a friend of Greece with the criterion of support for the effort being made and stressed the importance of all forces working together for the course towards growth and the exit from the crisis. Minister Rösler was accompanied by 80 German entrepreneurs, who participated in a Greek-German business forum.

The following day Germany and Greece signed an agreement aimed at boosting investment in Greece and getting its economy growing again.

The German Minister said deals worth 2.5 million Euros have already been signed, creating 50 new jobs in Greece, adding that there was additional German interest in investing in major infrastructure projects in the country worth 1.5 billion Euros, including pipeline construction. "I believe the energy sector is one that is truly geared towards the future for Greece," Minister Rösler said.

"We believe that Greece can become a very important investment destination." "We're sending out the message that we can implement those things that we have decided on." He added that the investment agreement sets a legal framework and clears administrative hurdles that aim to impart a "sense of security" to businessmen seeking to invest in the country. "We have to see this as a very positive, very strong message to the markets," said Mr. Rösler.

Minister Rösler said he would convey the message to other EU partners that Greece offers good investment opportunities and that an investment in Greece would translate into an investment in Europe. Minister Chrisochoidis said he would travel to the French capital next week to encourage investment in Greece.

Ministers Rösler and Chrysochoidis also signed a memorandum of understanding aimed at creating a Greek development bank to unlock and channel European Union funds.

The agreement comprises a three-point plan to help the Greek economy, will commit Germany’s KfW Group development bank to helping Greece set up the bank, and will also draw on European Investment Bank expertise.