By Adonis Georgiadis*

From the very first day that the government of Kyriakos Mitsotakis assumed power, Greece has entered into a period of change and reform, in order to become a more business-friendly country. All of us are working towards the national goal described by the prime minister, namely, a more advanced economy and greater prosperity for the Greek people.

*Adonis Georgiadis is the minister of Development and Investments.

Within this framework, investments and attracting investors has been rendered as a national goal for Greece. We consider that attracting new and greater investments to the country is imperative for increasing job spots, especially higher paying positions, as well as generating higher annual GDP growth. Allow me to reiterate that the government’s goal is for annual economic growth to reach 4 percent of GDP, and in any case to exceed previous years’ growth rates. This translates into higher revenues for state coffers, and by extension, to a greater “fiscal space” for implementing the Mitsotakis government’s commitments, especially a standing pledge for a reduction in tax rates.

Attracting more investments also goes a long way in restoring the country’s credibility vis-a-vis the international business community, as well as towards Greece’s institutional creditors. Let me just emphasize that in my first meeting, as the new minister of the development & investments ministry, with representatives of the “troika”, the first issue they broached was the course of the Helleniko privatization.

It’s more than obvious, therefore, that this specific privatization has previously surpassed the narrow margins of a mere investment, given its location and size, now estimated to exceed eight billion euros. It serves as tangible proof that Greece is recovering and looking to the future. I am absolutely certain that if the Helleniko project proceeds - something I am confident of - then several other major investments will follow, while commencement of the massive property redevelopment investment will substantively contribute to the government’s goal of achieving creditors’ acquiescence for a reduction in the annual primary budget surplus targets, as a percentage of GDP.

Our strategy is to first implement all necessary reforms in Greece, and then, with the country’s credibility restored, to push for a reduction in fiscal targets that the Greek state must annual achieve - something I believe we will accomplish.

In conclusion, within 2019 we aim to unblock all of the major investment projects that have languished for years, in cluding the real estate developments at Kassiopi on the island of Corfu; the Afantou site on the island of Rhodes and Elounda, on Crete, which account for an investment budget of between 200 to 400 million euros, along with another 1,500 investment proposals of all sizes and types.

With coordination under the auspices of the prime minister’s office, no less than nine ministries have drafted recent legislation to simplify licensing and regulatory procedures; exploit private sector know-how in evaluating public sector investment proposals and projects; digitalize land and deed registries, as well as to minimize, where possible, “red tape”.

In a year’s time we want Greece to record a noteworthy improvement on the World Bank’s “Ease of Doing Business” index - up from its current and disappointing 72nd place, where it stood during the previous SYRIZA government.

By implementing steady and careful measures, such as lower tax rates, reduced social insurance contributions and less bureaucracy, in essence, a state that is friendlier to the entrepreneur and investor, we’re confident that we will achieve an economic restart that results in strong annual economic growth. A watershed in this course is the 84th Thessaloniki International Fair, which will herald Greece’s entry into a new era.