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Mitsotakis: Greece enters a new era – Recovery in 2021 more dynamic than expected

“The recovery of the Greek economy in 2021 was even stronger than expected and will exceed pre-pandemic levels by the end of the year.” This was stressed by Prime Minister Kyriakos Mitsotakis during his speech at the 23rd Annual Capital Link Invest in Greece
Forum “A New Era – A New Direction for Greece”.

He said, among other things, that unemployment has fallen at a faster rate than in other countries, Greek businesses have become more competitive, dynamic and outward-looking, while Greece is becoming a major technological hub, with Greek start-ups growing rapidly.

In detail, Mr Mitsotakis’ message to investors:

“Ladies and Gentlemen,
Dear Friends,

It is with great pleasure that I address you today on the occasion of the 23rd annual Capital Link. The first to be held in physical presence after two consecutive digital forums.

After almost three years in government, we are now in a position to take stock of both the policies we have implemented and the results we have achieved. We are now a resilient nation that is confident in its future.

The recovery of the Greek economy in 2021 has been even stronger than expected, and will surpass pre-pandemic levels by the end of the year. And unemployment has fallen at a faster pace than in other countries, reaching lower than pre-pandemic levels, the lowest rate since 2010.

We know, of course, that we still have a lot of work to do. We cannot be complacent. 2022 is proving no less turbulent than previous years. The war in Ukraine poses a serious challenge on multiple fronts. Inflation is affecting households and businesses in both Europe and the US. And of course pandemic is always looming.

The good news is that Greece’s position in the world is very different from where we were three years ago. We have proven that we can overcome major challenges and bring about change for the better.

Last week we announced that Greece has repaid all its debts to the International Monetary Fund, which were caused by the financial crisis, two years ahead of schedule.

Large multinationals are making significant investments in a variety of sectors, from tourism to data centres, and from renewable energy to semiconductor technology.

Greek companies are becoming more competitive, dynamic and outward-looking in their efforts to excel in an ever-changing world.

And our country is becoming a major technological hub, with Greek start-ups growing rapidly and building partnerships with global leaders in their respective fields.

In this context, it is not surprising that many Greeks who left the country during the crisis are thinking of returning – and this is happening. Their experience abroad is a valuable asset for us. Asnew opportunities present themselves, more Greeks of the so-called brain drain generation will choose to take advantage of them. And as the talent pool grows, more companies will choose to invest in Greece, leading to a virtuous circle for the economy and the country as a whole.

Ladies and gentlemen,

In 2019, when I first spoke to Capital Link as Prime Minister, I outlined our ambitious agenda in a number of areas. I referred to our goal of easing taxes and reducing social security contributions. I referred to the restructuring plan of the PPC, our efforts to digitise the state, but also to our goal of drastically reducing non-performing loans in the banking sector.

Almost three years have passed since then, and despite the pandemic and several other crises that arose, we have delivered on our promises. Taxes and social security contributions have been reduced, the value of PPC’s share has increased almost tenfold and the company has completed a successful share capital increase. The digitisation of the state is well advanced and the four systemic banks are heading for single-digit NPL ratios next year.

And, of course, there is more to come. I can assure you that our appetite for reform remains undiminished. Beyond our already ambitious agenda, we have the accelerator that goes by the name of “Greece 2.0”, the Greek Recovery and Resilience Plan, a set of investments and reforms.

The country will receive more than €30 billion in grants and low-interest loans. Most of this will facilitate our plans for green transition and digital transformation. All of the loans are channelled to the private sector through the banking system in a transparent and efficient way.

I firmly believe that – as the title of this year’s conference indicates – Greece is indeed entering a new era. In this great chapter, every Greek – no matter where he or she lives – can play an active role in our collective effort.

Together we are building something very important.
And I am particularly grateful to you.
Thank you and I wish you every success.”

Read more:

Athens Stock Exchange ‘powered by PPC’ – At the high of the day with gains of more than 1%

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