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Newsletter December 2012


Prime Minister Meets with Multinational Heads

Signaling the importance of investment in Greece, Prime Minister Antonis Samaras met with representatives from 14 multinational companies operating in Greece at his office, the Maximos Mansion, on Monday, December 17, 2012.

The meeting was designed to further attract investment and capitalize on the positive climate and the favorable position of the Greek economy following the disbursement of the tranche of 34.4 billion Euro. It is hoped, following the discussion, there will be an expansion of activities by these companies and the creation of new jobs.

The Prime Minister stressed the government's determination to implement structural changes and stressed that the competitiveness of the Greek economy has improved while privatizations will accelerate.

He also called on companies to strengthen their presence in the country through the transfer of production.

The Minister of Finance Mr. Giannis Stournaras, the Minister of Development Mr. Kostis Hatzidakis, the Deputy Minister of Development Mr. Notis Mitarachi and the CEO of Invest in Greece Mr. Stephanos Issaias also attended the meeting.

Minister Stournaras, immediately following the meeting, said the government wants investment and development, noting that businesses want ease of operation and the removal of barriers to business, a stable and fair taxation system and a reduction of bureaucracy.

"We are focusing on easing the environment in which they operate. Already, we stress that there is a significant improvement in the business climate, as measured by the World Bank's «Doing Business Report» and we are making every effort to remove obstacles and barriers to more entrepreneurship," said Mr. Stournaras.

Notis Mitarachi said that companies seek stability. "We hope to see an increase in production by existing companies in Greece and we expect to see acquisitions by foreign companies of Greek firms," said Mr. Mitarachi.

Invest in Greece CEO Mr. Stephanos Issaias underlined that companies intend to maintain their activity in the country and Greece is prepared to proceed with all necessary reforms. "It was important that the Greek government approached these company representatives, all of whom said that their companies are here to stay, have been present in Greece for many years and will be here for many more years. This will certainly be the case if we help them and especially resolve the issue of uncertainty, which is the biggest obstacle to bringing even more investment," said Mr. Issaias.

The leaders of the multinationals expressed their concerns to Mr. Samaras regarding fiscal stability and issues relating to the regulatory framework while recognizing that the risk of Greece leaving the Euro did not exist anymore.