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Politics

Greek Government Presents New Development Law

November 4, 2021

ATHENS – The Greek development and investments ministry on Thursday initiated a period of public consultation on a draft new development law, until November 17. The draft legislation aims to promote economic growth by offering incentives for specific activities and sectors in order to achieve the digital and technological transformation of enterprises, a green transition, creation of scale economies, support for innovation, robotics and AI, the boosting skilled employment, support of new business activity and manufacturing, support of less favored regions and improved competitiveness in high added-value sectors. At the same time, the draft legislation seeks to improve and accelerate inclusion procedures for investment plans based on existing regimes of state subsidies. The draft legislation has taken in view all the characteristics, weaknesses and potential of the Greek economy, offering incentives to attract investments. The plan is designed to offer benefits to the Greek economy, with higher GDP, higher employment and boosting prosperity in the country.

More specifically, the new legislation introduces new regimes of state subsidies for investment plans in the following categories: digital and technologial transformation of enterprises, green transition, new businesses, fair development transition, research and applied innovation, agrifood, manufacturing – supply chain, openness, suppporting tourism investments, alternative tourism, large investments, European value chains and Business 360o.

The legislation puts a ceiling on state subsidy at 10 million euros.

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