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Economy

4th Investors Forum 2021: Four Greek Ministers Outline Government’s Work and Outlook

ATHENS — Four key ministers outlined the government's work in attracting foreign investments, in digitization progress and in labor policy, before Greek and foreign companies' CEOs attending the 4th Investors Forum 2021 in Athens on Wednesday.

Justice Minister Constantine Tsiaras said that despite the pandemic, a new legal framework was legislated for mediation and out-of court settlements in civil and commercial legal cases. He also mentioned that new departments were also set up in first-instance and appeal courts for the settlement of development-related disputes.

Over the next 100 days, added Tsiaras, several changes relating to the simplification of judicial procedures and to infrastructural improvements will benefit the citizen's experience with the overall legal and judicial system.

Deputy Minister for Economic Diplomacy & Openness Kostas Fragogiannis said that in a few weeks' time Prime Minister Kyriakos Mitsotakis will present the strategic national plan for extroversion, which includes approximately 105 actions in one year alone. He also mentioned an upcoming law on strategic investments to boost the attraction of foreign investor and he referred to the green project on the island of Astypalea, which has attracted American families interested in residing there.

Labor Minister Kostis Hatzidakis underlined the implementation of the employees' digital clocking card and recent key changes in social insurance legislation, particularly in the plan for supplemental pension to younger generations. He said that June data from the Ergani labor platform shows that there are 73,000 more hirings than firings.

Finance Minister Christos Staikouras spoke of some 68 reforms and 106 investments, which will create between 180,000 to 200,000 jobs, will raise the country’s GDP by 7 pct, and will also mobilize significant investments from the private sector.

Staikouras concluded by citing the latest estimates of the European Commission, according to which Greece will see a growth rate of 6 pct in 2022, against a European average of 4.5 pct. Investments, in particular, will rise at a 15 pct rate (EU average: 5 pct) and exports by 8 pct (EU average: 0 pct), he underlined.

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