Thank you for your question. The remarkable turnaround in the Greek economy since 2019 has been a source of pride for Greeks everywhere and I am particularly proud to see this transformation recognised by the Economist over the past few years.
Our recent achievements are a huge testament to the hard work that so many have put in during that time to restore the health our country’s financial health.
Our recent achievements are a huge testament to the hard work that so many have put in during that time to restore the health our country’s financial health.
The underlying statistics back this up: GDP growth was 1.2 per cent last year, significantly above the Eurozone average.
Investment grew by 15 per cent, and there was an incredible 43 per cent rise in the real value of our stock market.
The Economist are not the only ones to have picked up on this, these results have not gone unnoticed. We have seen our credit rating upgraded by major ratings agencies. Including, last October, when Standard and Poors returned Greece to investment status for the first time in over a decade.
In a significant economic and symbolic move, this month the Greek government has completed the sale of its remaining stakes in five banks bailed out during the debt crisis. This marks the end of an era marred by mismanagement and opens a new chapter where the proceeds can be reinvested into public services for the Greek people.
In your opinion, how was this achieved?
The answer lies in the political and economic stability provided by two successive terms of a New Democracy Government. We have demonstrated internal unity and external clarity, which our Syriza predecessors lacked.
Since 2019, we’ve had a robust economic plan, and we’ve adhered to it.
That’s meant no populist pledges to increase spending irresponsibly.
It’s meant rising pensions, wages, and benefits – but in line with growth and not outstripping it.
And it’s meant keeping inflation low.
That’s what I mean by stability. And stability breeds certainty, in a government’s policies and their proper implementation.
Certainty encourages investment. And investment equals growth.
I have always known that Greece is a country with endless potential, and now thanks to stable politics and economics, the rest of the world is starting to see it too.
Are there lessons for other EU member states to learn from Greece?
In my view, one of the key advantages of the EU is the opportunity it provides for its member states to learn and emulate from the successes of others. I am incredibly proud that Greece is now being recognised for its success at a regional and global level, and that other member states are looking to us for inspiration and to learn how they too can succeed.
What innovations in particular can other European cities emulate?
Greek cities have learned from the mistakes of the past and have utilised EU Covid recovery funds to diversify away from their reliance on traditional industries such as tourism. Recently, we have seen investments from some of the world’s leading companies such as Microsoft and Pfizer.
Moreover, tax incentives have been tailored to make investments in certain sectors like renewable energy more appealing. This includes reduced tax rates and exemptions that significantly lower the operational costs for businesses, thus attracting more foreign direct investments.
Other EU cities should study what sectors they may be over reliant on and what sectors they would like to grow in and then look to the example of these incentives and see which they could implement at either a national or regional level in order to facilitate the level of investment that Greek cities have enjoyed in recent years.
And specifically, what programs would you highlight that do this?
The diverse residence permit options have been a game-changer, providing a welcoming entry pathway for international investors who are attracted to the many opportunities and wonderful life that Greek cities have to offer.
The Greek Golden Visa program in which I am an expert, in particular, has been instrumental in this regard, offering a swift route to residency for important investors. That’s why we have this incredible total of €1.26bn invested by third-country nationals last year, and why we expect this figure to continue its rapid growth.
What more can the EU do to stimulate investment in the European economy?
Through the work that we undertake at Georgaki & Partners law firm, I assist high-net-worth individuals from Europe and all over the world identify and seize investment opportunities in Greece.
This role has given me a deep understanding of just how vital it is to establish the right platform for investors.
For Greece, this has involved the swift and effective implementation of EU legislation in key sectors such as energy and tourism. These moves have resulted in significant investment in our economy from non-EU countries, such as Switzerland, China, the USA and Canada, all of whom have significantly increased their investment presence in Greece in recent years.
You mention Foreign Direct Investment, what role does that play?
Put simply, in the sectors that I have mentioned, if the EU ensures smooth alignment across the bloc, we can attract a huge amount of Foreign Direct Investment (FDI) that will greatly benefit member countries and their economies.
Stability, standardisation, and regulatory compliance are three of the key things that investors tell me time and again they are looking for when making a decision on where to invest.
The structure and cooperative nature of the European Union puts it in a unique position to ensure those conditions are met across the whole region, unlocking an untold benefit in Foreign Direct Investment.
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Publish date : 2024-12-09 16:00:00
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