Greece will become a ‘’positive surprise” over the next two to three years with a new leader

It’s not a surprise, but Greece appears to be a great place to invest. New Democracy President Kyriakos Mitsotakis has supported the opinion that  Greece will be a “positive surprise” over the next two to three years.The President noted that Greek companies have 12 billion euros deposited abroad and called on Greek businesses to support his efforts by repatriating at least some of that money. He has a strong chances to win the forthcoming election, which will take place in July 7th. Kyriakos Mitsotakis have met, with the Emir of Qatar in March 2018, in order to underline that Greece can offer significant investment opportunities as it is recovered from the economic crisis, providing an investment-friendly environment, a stable tax system and a regulatory framework that facilitates foreign investments and he stressed that all agreed investment conditions could be guaranteed by New Democracy.

(Photo: GNE) New Democracy President, Kyriakos Mitsotakis

Today, Greeks feel pressured by excessive taxation and dwelt at some length on his plan to cut taxes both for households and enterprises, adding that Greece cannot go back to a period where growth mainly helped businessmen with the proper connections. It seems that priority of New Democracy is to reduce corporate tax to 20 percent, especially for small and medium enterprises, and to reduce the property tax by 30 percent within two years. This will be a relief for the middle class and an incentive for more investments by foreigners now discouraged by high taxation. Over the years – and even including the financial crisis – the American, European and Asian firms that dared to venture into the Greek market did well on balance. Not all of them prospered and some failed. Greece is still not the easiest place to invest.

Dr. Theodore Theodoropoulos, CEO of POWERGLOBE ‘’recognizes that Greece holds many potential investment opportunities across the energy, renewable sources, natural gas and power production industries. Greece, could be an ideal place for energy transfer to SE Europe and Central Europe with cross-border interconnectors. Today, Greece imports all the gas it consumes, as around 70% comes via pipeline from Russia, 15% from Turkey via the Greece-Turkey interconnector and the rest from liquefied natural gas from different sources.  A mix of Qatar LNG and US LNG could be an ideal source to diversify the natural gas sector in Greece, and reduce substantially the electricity cost for houses, companies and industries.  The country’s sole LNG terminal is at Revithoussa, a small island west from Athens which began operations in 2000, could support country’s energy diversification’’ Dr. Theodore said.

(Photo: QGN) Kyriakos Mitsotakis met, March 2018, with the Emir of Qatar His Highness Sheikh Tamim Al-Thani

Dr. Youssef Hegazy, Vice President of Business Development for Europe ‘’supports the floating storage and regasification units across Greece, along with floating power generators to support the electricity for the Greek islands which are not connected with the main grid of the country.Additionally, floating facilities for Greece will be ideal scenarios to deliver more energy sources from all around the world and transit them across Europe. Based, on POWERGLOBE’s estimations, countries like Greece, with great potentials of floating assets, could reduce its natural gas and electricity expenses by 60%’’. Furthermore, many investments could support that local infrastructure of Greece, including ports, marines, airports, and transportations. Don’t forget that Greece holds one of the world’s largest shipping fleet in terms of tonnage’’, Dr. Youssef highlighted.  

Greece as ‘’The Western Gateway’’ for Business Developments: Regarding the Greece tourism and hospitality, Greece is located at the crossroads of Europe, Asia and Africa. Greece is considered to be the cradle of western civilization by being a birthplace of democracy, western philosophy, the Olympic Games, western literature, historiography, political science, major scientific and mathematical principles and medicine. Greek’s unique cultural heritage, large tourism industry, prominent shipping sector and geostrategic importance classify it as a middle power. Notice that Greeks and Qataris share common cultural, literature, family ethics and values across many decades. Greece is becoming very pleasant, safe and ideal destination for Qatari families regarding education, sports inspiration, health tourism, historical visits and family holidays. Qatari state companies are holding ownership in Greek business assets including banks, power plants and hospitality assets and Athens city becomes the closest European destination city to Doha, only 4 hours distance. Greek companies hold a substantial presence in Qatar with high growth, mainly in construction, media, IT and sport management industries. Qatar became a very friendly and business efficient destination for Greek entrepreneurs.

With the leadership of Kyriakos Mitsotakis, President of New Democracy, the Greek economy after a deep crisis in the last decade expected to growth, accelerating its annual GDP grow at 3.0%. The implementation of assistant programs and stabilization of the economy, including public sector, will contribute to reduce the Country’s risk. “We want to offer employment and hope to the children born in the 21st century and not divide the people by keeping the wounds of the 20th century open,” Kyriakos underlined. Referring to the reforms that will allow Greece to attract investments and return to a sustainable growth cycle, Kyriakos supported this would require: reduction of tax and labour costs, comprehensive tax reform that will facilitate business and promote transparency, reform of the state to meet the citizens’ needs and support entrepreneurship by changing practices for licensing projects and activities, radical reform of governance mechanisms related to justice and the settlement of disputes, improvements in the regulatory system by introducing good legislative principles and practices that reduce disputes arising from the misinterpretation of regulatory acts, through improvements in the quality and clarity of legislation, new development law as a tool for promoting productivity, competitiveness and extroversion, better targeting and effectiveness of tax audits.

The private sector and private investments will create new jobs, which is ND’s priority, Kyriakos said. POWERGLOBE could foresee that with such measures announced by ND, the country will be able to attract more than 2.6 billion euros and has hired more than 7,000 employees on annual basis.Based on the above Greece could build a bilateral business gateway with Middle East and Qatar, based on long term economic relations on a very promising business perspective and to make  “positive surprise” over the next two to three years.

Sources: QGN, GEN, Peninsula Qatar, Grobs, FT, BBC News, PG, QIA