Greece: Foreign Capital Inflows Up

Creating a Trustworthy Market

Foreign capital inflows in Greece grew by 40.5%, (€6.48 billion) with net inflows soaring by 147.8% (€3.47 billion), in 2008, compared with the previous year, Invest in Greece Agency – the Hellenic investment promotion body – announced yesterday.  Citing figures on Foreign Direct Investments in Greece, published by the Bank of Greece, the Agency said this positive development – amidst an unprecedented international financial crisis – was evidence of foreign investors’ trust towards the Greek market (mainly from the EU and US).

I.T. Is “The Key”

Meeting with Israeli and British businesspeople, Invest in Greece Agency presented Greece’s comparative advantages in the field of advanced technologies such as Information and Communication Technologies (ICT) systems.  Both in Israel and United Kingdom, the agency provided information on the advantages deriving from a possible expansion of major technology companies’ business activities in Greece. The Greek ICT sector offers highly skilled human capital and geographic proximity to the markets of Southeast Europe and East Mediterranean , elements which can accommodate the growing need for alternative R&D investment locations around the globe, given the fact the ICT sector still offers considerable room for growth, profit margins and projects of high added value.  See also: Business Works: Greece: the economic hub of the region

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Greece: Invest in the “Fast Track”

(GREEK NEWS AGENDA)   “Invest in Greece Agency” is now the official agency to manage the licensing process for investments.

A new licensing system is underway – Fast Track – according to which investments in industry, energy, tourism, and advanced technologies and innovation that exceed €200 million, or exceed €75 million and create 200 new jobs or investments of at least €1 million per year in advanced and innovative technologies may take advantage of Fast Track licensing.  This is overseen by an inter-ministerial committee, which will be speeding up the process before the final license is issued.   The agency will process applications for Fast Track and conduct the evaluation. Invest in Greece will act on behalf of the investor, carrying out all the necessary procedures for licensing while working closely with all pertinent government bodies.   Invest in Greece agency: www.investingreece.gov.gr & view the corporate video

Hellas = Greece: For Business & Pleasure

(GREEK NEWS AGENDA) “Business Works” reports on Greece with three features covering Greece’s business opportunities and tourist delights.  Introducing Greece, the Greek Ambassador to the Court of St James’ presents the modern face of Greece, “a modern, vibrant country at the crossroads of three continents,” or a country with a respectable past and a promising future. 
The accompanying business feature titled “Greece: the economic hub of the region” explains why Greece has played a leading role in the transformation of a region with a still unsaturated potential for growth. The article provides information on the country’s reform agenda and the advantages of investing in Greece. 
The tourist feature titled “Greece, 5,000 old: a masterpiece you can afford” provides a pleasant guide to Greece’s two largest cities: Athens and Thessaloniki, giving tips for a joyful trip to the country’s entertainment and culinary qualities. Greece: Invest in Greece & Visit Greece  Visit: Athens & Thessaloniki  Athens Festival 2009: www.greekfestival.gr; Acropolis Museum: www.theacropolismuseum.gr

Greek Finance Minister at 10th Venture Capital Forum

(GREEK NEWS AGENDA)   Economic growth will come from within business activation and through collaboration between public and private sector, economy and finance minister Yiannis Papathanassiou said on Tuesday, addressing the 10th Venture Capital Forum organised in Athens by the Invest in Greece Agency in cooperation with the New Economy Fund (TANEO) and the PRAXIS network.  Papathanassiou also said that the government will continue to fulfil its duty with responsibility, adding that it was seeking consensus, unanimity and understanding at the national level.  In the framework of the country’s safe exit from the crisis, he said, businesses were called on to assume their significant role with new initiatives, a creative disposition, and investments in sectors on which growth in the new era will be founded. Ministry of Economy and Finance: Statement by Minister at 10^th Venture Capital Forum (in Greek, 16.6.2009) 

Invest in Greece

(GREEK NEWS AGENDA)  Invest in Greece Agency: Investment Overview .The publication is also available in German, Russian, Japanese and Arabic.  Greece offers businesspeople a wide variety of investment opportunities that utilise the country’s strategic geographic location and unique competitive advantages.  It is a natural gateway to more than 140 million consumers in Southeast Europe and the Eastern Mediterranean, a region with a GDP of almost €1 trillion.  Investors are discovering that Greece has a combination of characteristics that are unequalled in Europe. It is a leading global tourism destination, an emerging regional energy hub, and possesses human capital that is outstanding. Key economic sectors are: tourism, energy, shipping, food & beverage, real estate, logistics, banking and finance, ICT & R+D, as well as environment and waste management. More Publications: Invest in Greece Agency – Media Centre 

A Sea of Opportunity

Being a worldwide popular tourism destination, Greece is a natural haven for sailors. With a coastline of more than 15,000 kilometres, one of the longest in the world, and more than 3,000 islands and islets, Greece offers sailing enthusiasts endless opportunities to enjoy its crystal clear seas, natural beauty, and renowned cultural and historical attractions. New modern marinas, hotel ports and moorings for the safe docking of boats already operate or are under construction, as demand for professional marina services is growing, ushering in significant investment opportunities, for construction and upgrading of infrastructure at favourable pricing. Public Private Partnership legislation is also an attractive platform with which to meet the needs of marina expansion through the development of state-owned real estate. Invest in Greece Agency: Tourism – Marinas; Greek National Tourism Organisation: Marinas – Moorings

Invest in Greece

(Greek News Agenda)  Information on the wide range of investment opportunities in Greece is available at the new website of the Invest in Greece Agency: www.investingreece.gov.gr Greece has a dynamic, growth oriented, outward looking economy. Learn more about the Greek economy, trade and foreign direct investment, investment incentives, access to financing, human capital, Greece’s expanding infrastructure and the central role Greece plays as the economic hub of Southeast Europe. Learn what other investors are saying about Greece and discover links to extensive resources. Also, an electronic News service provides valuable info relevant to foreign direct investment in Greece and international alliances with Greek companies. View and download Invest in Greece Agency Publications that include a wide variety of useful overviews that can help you make better investment decisions and learn more about the many investment opportunities Greece offers today: Main steps on how to establish an S.A (A.E.) in Greece , Main steps on how to establish a branch in Greece, Main steps on buying real estate property in Greece

Doing Business in Greece

(GREEK NEWS AGENDA)   According to the Doing Business 2009 Report, Greece has improved its overall Ease of Business index, moving up to rank 96 (from 106 in 2008). Greece cut the minimum capital requirement to start a business by 80%, reduced capital tax and made publication of company statutes quicker. It also introduced electronic payment of social security tax, and passed a new bankruptcy law that is expected to allow more companies in distress to emerge as going concerns. Finally, Greece strengthened director accountability by making it easier for shareholders to sue directors for damages caused by related-party transactions.  The Doing Business Report, published by the World Bank Group, is tracking reforms in 181 economies. Greece’s areas of reform were: Starting a Business, Protecting Investors, Paying Taxes, Closing a Business  InvestInGreece Agency: www.investingreece.gov.gr; Competitive Greece: Surveys on Competitiveness;  Ministry of Economy &  Finance: Tax Reform & Investment Incentives Law  Greek News Agenda: The Greek Economy-Pointers; Secretariat General of Information: About Brand Greece- A New Economic Policy: creating a favorable environment for investment  Secretariat General of Information: World Media on Greece – Special Reports