Ad. Georgiadis: Public investment is expected to reach €12 billion in 2023.

In 2023, public investment is projected to reach 12 billion euros, noted outgoing Minister of Development and Investment Adonis Georgiadis at the handover ceremony for the Ministry to Acting Minister Eleni Louri. «I am proud that we are handing over the Ministry in a far better position than when we took it over,» Mr. Georgiadis noted.

For her part, Ms. Louri noted that «with the assistance of the relevant officials, I will be monitoring these ongoing issues.».

Deputy Minister of Development and Investment Nikos Papathanasis and Deputy Ministers Christos Dimas and Giannis Tsakiris spoke about their work.

Mr. Georgiadis gave a brief overview, noting that his four years at the Ministry have been characterized by «growth for Greece, growth for all.»

The specific details cited by Mr. Georgiadis were as follows:

1. We contributed to strong growth, with total GDP growth of 7% over the four-year period, despite the pandemic, the war, and the triple crisis (energy, inflation, and supply chain). GDP rose to 208 billion euros in 2022 from 179.6 billion euros in 2018. In 2022, Greece emerged as one of the top-performing countries in the EU in terms of growth, with a growth rate nearly double the European average, while in 2023, it is estimated that we will have a growth rate three timesthan the European average.

2. We have set one investment record after another.

• Total investment increased by 45%, and as a percentage of GDP, it rose to 13.7% from 10.7%. In 2022, total investment (gross fixed capital formation) amounted to 26.71 billion euros, an increase of 32.47% compared to 2018 (20.16 billion euros).

• Foreign direct investment reached historic highs in both 2021 and 2022, and increased by a total of 43% over the four-year period.

In 2022, they reached 7,230 billion euros, an all-time record, representing an increase of 114% compared to 2018 (3.36 billion euros).

• Flagship investments have moved forward, such as the Elliniko project—Europe’s largest urban regeneration project (total investment of 8 billion euros)—and Eldorado Gold’s project in Chalkidiki (investment amount: $1 billion)

• Global giants such as Amazon Web Services, Microsoft, Google, Pfizer, Cisco, Deloitte, Chubb, Meta (Facebook), Digital Realty, Goldman Sachs, and JPMorgan have invested in Greece for the first time.

• 42 investments totaling approximately 9 billion euros have been included in the strategic investment program, while another 40 investment projects totaling 8.5 billion euros are currently under review.

• Development Law: The number of investment projects approved increased by 2,82% year-over-year, while the first four schemes under the new Development Law 4887/2022 have already been announced, and the evaluation of investment projects has begun.

• PPPs: Contracts have been signed and 49 PPP projects have been approved by the Interministerial Committee on PPPs or the Government Committee on Contracts of Strategic Importance, with a total budget of nearly 8 billion euros.

• Public Investment. During the 2020–22 period, approximately 30 billion euros were invested through the Public Investment Program, an amount nearly double that of the corresponding period in the previous three-year span of 2017–2019. Meanwhile, public investment is projected to reach 12 billion euros in 2023

1. We have established Greece as a leader in the NSRF within the European Union

For the first time in history, Greece:

• Ranked first in the absorption of funds from the major structural funds and consistently among the top 2–3 regions in the overall absorption of the 2014–20 NSRF. The absorption rate exceeds 90%, up from 24,43% in July 2019. From July 2019 to the present, actions and projects totaling 19.4 billion euros have been included in the NSRF, while 9 billion euros have been allocated to support workers, businesses, and social initiatives during the pandemic.

• Ranked 1st in the implementation of the new NSRF 2021–27, totaling 26.2 billion euros, with a budget increase of 7% and clear support for the Regions, to which 30% of the funds are allocated, as we were the first to submit it to the EU and the first to receive approval for both the entire program as well as the sectoral and regional operational programs.

We have already received the first 140 million euros from the 2021–27 NSRF, and the first calls for proposals—with a focus on entrepreneurship—have been launched (initiatives for the green and digital transition of businesses under the «Competitiveness» program, with a budget of 1 billion euros). Approximately two months after the application submission period began, more than 6,500 applications from small and medium-sized enterprises had been submitted and finalized in the Ministry of Development’s new Integrated State Aid Information System, representing total public expenditure of over 650 million euros, while another 5,100 applications were being processed for final submission. By the end of 2023, according to the plan, initiatives and projects corresponding to one-third of the 2021–27 NSRF budget are expected to have been announced.

1. We have made Greece the world’s top-ranked country in terms of the pace of improvement in the business environment, climbing 16 spots in one year, according to *The Economist*.

• In a series of reports, the World Bank, the European Commission, and other international and European institutions have highlighted the significant progress our country has made in improving the business environment through the design and implementation of a comprehensive reform plan.

1. We provided 8.5 billion euros in financing to the Greek economy, with a focus on small and medium-sized enterprises, through the Hellenic Development Bank and modern financing instruments.

• Greece was the first country in the EU to activate financial instruments during the pandemic, which—together with resources from the National Strategic Reference Framework (NSRF) and the national budget—helped keep businesses «afloat.».

• 41,000 loans to 34,000 businesses over the past four years.

• More than 6,000 loans totaling 1.44 billion euros were approved in just 10 days through the innovative Know Your Customer platform.

1. We helped set one all-time export record after another.

• In 2022, they totaled 54.89 billion euros, an increase of 21.89 billion euros, or 66.3%, compared to 2018.

• In the first quarter of 2023, they rose again by 17.8%.

• Exports of goods exceeded 26.4% of GDP in 2022, up from just 9% in 2010.

• It is extremely positive that the share of Greek high-tech exports in total industrial exports has risen to over 13%, significantly higher than that of other southern European countries (Italy 9%, Spain 7.7%, Portugal 7.1%) and approaching that of Germany (15.5%).

1. We have positioned Greece as a leader in the field of research and innovation, with Greece ranking first in the European Union in terms of the rate of improvement in innovation.

• A 20% increase in spending on research and innovation over the four-year period.

• An all-time record in 2022 for the increase in spending on research and innovation.

• Substantive investment incentives (excessive tax deductions in 200%, stock options, incentives for angel investors).

• Funding through NSRF programs.

• More than 500 million euros in funding for research and innovation from the Recovery Fund.

• Establishment of Elevate Greece – mapping the startup ecosystem.

• Flagship Investments: Innovation City – CHROPEI in Athens and ThessIntec in Thessaloniki.

• Greece is an investment hotspot in the broader region of the southeastern Mediterranean and the Middle East through intergovernmental agreements.

1. We have put industry back at the center of investor interest

• After decades, the shipbuilding industry has been revitalized with the reopening of its three most important shipyards

• For the first time, Greece has established a National Industry Council and a National Industrial Strategy in collaboration with industry and market stakeholders

• We are implementing this strategy with a view to

to support the industry’s green and digital transition by leveraging resources from the NSRF and the Recovery Fund, to promote new reforms aimed at integrating infrastructure (Industrial Parks), and attracting new investments by seizing the opportunity presented by the major resurgence of industries near the major economic centers of the West.

• A key feature of the momentum building in the Greek manufacturing sector is that, under the «Smart Manufacturing» initiative of the Recovery Fund, with a budget (public expenditure) of 73 million euros, 507 investment projects were submitted, requesting grants totaling 400 million euros and representing a total funded budget of 707.5 million euros.

1. We effectively fought the «battle» against imported inflation, provided substantial support to retail businesses, and significantly improved the institutional framework for consumer protection.

• With the largest financial assistance program, totaling more than 4 billion euros, to support 534,000 businesses during the pandemic.

• Through "Click Away" and programs to support businesses' digital transition.

• Through innovative initiatives such as the «household basket,» the «Santa Claus basket,» and the «godparents» basket,” which many EU countries have adopted.

• With the establishment of the Interagency Market Surveillance Unit to combat smuggling and curb practices involving unfair profiteering.

• With the most and strictest market oversight and the highest administrative fines imposed in the last 10 decades.

• Reforms aimed at facilitating and strengthening commercial activity and providing more effective consumer protection (e-katanalotis, e-commerce, street markets and open-air trade, public procurement, GEMI, phishing).