Greece is established as an investment destination

Tomorrow, Tuesday, November 23rd, the Bill is introduced in the Parliament for a vote: “Strategic investments and improvement of the investment environment through the acceleration of processes in private and strategic investments and creation of a framework for spin-offs.”

As stated in an announcement by the Ministry of Development and Investment, the Bill ensures the necessary legal clarity and creates more attractive conditions for prospective strategic investors.

The bill includes new categories of strategic investments in modern sectors of the economy. It promotes research and development, biotechnology, robotics, artificial intelligence, space industry, digital business transformation, cloud computing provision, data centers, the creation of permanent facilities for film productions (studios), medical tourism, agri-food, waste management, Business Parks and Important Projects of Common European Interest (IPCEIs).

At the same time, it is easier to characterize an investment as a strategy as the required financial figures are reduced. New capital incentives are introduced in specific categories of investments. At the same time, the procedures for the licensing and control of the implementation of strategic investments are accelerated by entrusting the monitoring to private entities. A new category of Strategic Investments is introduced under the title “Emblematic Investments of Exceptional Importance” linked to the resources of the Recovery Fund. Moreover, more favorable arrangements are applied for investments implemented in areas included in the Territorial Just Transition Plans, aiming at the maximum investment development of these areas.

As far as private investments are concerned, by amending the current Development Law 4399/2016, substantial improvement interventions are promoted in the procedures for the evaluation and control of investments in order to make them faster and effective. The bodies from which the members of the Evaluation Committees will come are expanded, involving more certified auditors coming from the market and specific deadlines are set for the evaluation and control of the implementation of investment plans.

With this Bill, the announcement noted, Greece consolidates its position as an attractive investment destination.

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