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Economy

Staikouras: Hellenic Vehicle Industry Can Now Become Lever for Growth

December 22, 2020

ATHENS — After six years of no progress and processes that went back and forth without result, the Hellenic Vehicle Industry (ELVO) could finally become a lever for growth for Greece's economy, especially in northern Greece, Finance Minister Christos Staikouras said on Tuesday. Staikouras was speaking after signing an agreement between the state and the highest bidder in the tender for ELVO, regarding the state's right to participate in the share capital of the new company ELVO 2020 with a share of up to 21 pct.

"The specific term in the tender was inserted due to ELVO's area of activity," Staikouras said, noting that it was a company with a long history that had been in special liquidation since 2014.

The minister noted that the company was now in a position to support the local community by creating many jobs, adding that the government will continue to work methodically and with determination to restructure the domestic industry on a sound basis.

 

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