Invest & Trade in Greece Newsletter (19 Sep 2019)

Date: Sep 2019

Greece will press ahead with its reform drive while also seeking to unblock major investment projects like the landmark redevelopment of the old Athens airport at Hellenikon as part of its renewed growth effort.

Speaking at the Thessaloniki International Fair, Greece’s leading international exhibition, Prime Minister Kyriakos Mitsotakis promised “a bold wave of reforms” to boost the country’s standing with international investors and creditors. He also detailed a series of cuts in corporate and personal taxes, and reductions in social security contributions.

Greece’s economy grew at a 1.9% rate in the second quarter, confirming the country’s two-year long recovery from its recent crisis, and is expected to grow by more than 2% this year. But the government wants to boost growth further by reducing taxes and cutting red tape on investment projects.

It is also seeking to reduce fiscal surplus targets agreed with creditors to free up billions of euros for increased public investment, a move that has received the cautious endorsement of the IMF and international analysts.

Emerging from the crisis, the Greek economy has under- gone a transformation based on increased exports and foreign direct investment. Both are at historic highs with Greek exporters reaching out to new overseas markets and the country welcoming many first time foreign investors.

This year the TIF hosted India as the Honored Country, reflecting the country’s emergence as an economic and investment powerhouse. Within the next five years, India’s economy is expected to double in size to more than $5 trillion, making it the world’s fastest-growing major economy.

India’s evolution as a leading world economy has drawn increasing interest from both investors and exporters around the globe, including Greece. Late last year, Enterprise Greece led a business mission to India, while Indian companies have also been eyeing opportunities in Greece: earlier this year, a consortium led by India’s GMR Group was awarded the €850 million contract to build a new airport on Crete.

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