New Legislation to Attract Tourism Investment

To attract foreign investors to the tourism sector, three ministries are cooperating (Environment, Town Planning & Public Works, Tourism Development, and Economy & Finance) in an effort to develop a new legislative framework that would lift numerous and serious administrative obstacles and cut investment implementation times significantly.

At the same time, the government is promoting the long-delayed electricity market liberalization, where major foreign energy groups have already submitted investment proposals worth 1 billion euros.

New legislation on the future use of Olympic properties will help boost both tourism and investments, government sources say, adding that interest has been expressed in large investments that make the most of three specific areas. This will considerably boost Athens as a tourism destination.

The important thing, according to government officials, about the policies announced by Environment and Public Works Minister Giorgos Souflias (such as concessions of toll gates) is to secure the resources to complete these grand projects and to make the construction sector active again, offering tens of thousands of jobs.

The construction and completion of the Patras-Athens-Thessaloniki-Evzones national highway, the Ionian Road, the Egnatia Road and others will considerably upgrade Greece’s highway network; and this in itself will be an immense success, based largely on private capital.

The government is also determined to legislate longer shopping hours so as to facilitate competition in retailing and to limit inflationary pressures.