Greece Turns Page, Announces Initiatives to Empower the Economy

National Economy and Finance Minister Kostis Hadzidakis. Photo source: Athens Investment Forum.

Greece is finally moving away from a decade of financial crisis to a strong, healthy economy that is attracting investor interest, said National Economy and Finance Minister Kostis Hadzidakis during the 6th Athens Investment Forum.

In this direction, Hadzidakis announced a set of government initiatives aimed at increasing the number of higher quality investments as well as improving the country’s credit rating.

Addressing the event, which was co-organized by the Technical Chamber of Greece and Vertical Solutions, the minister said the actions were designed to ensure stability and to further improve the economy’s performance.

“Being awarded investment grade by Standard & Poor’s two weeks ago was very important. It was preceded by DBRS, Japan’s R&I, Germany’s Scope and, just yesterday, two Chinese agencies constitutes a seal of credibility for the prospects of the Greek economy,” said Hadzidakis.

The minister went on to announce the following key actions: strict adherence to fiscal targets; improving the business environment; utilizing the largest-ever “package” of public resources as part of the national recovery fund and the new NSRF (ESPA round); putting public property to the best possible use with priorities the development of smaller regional airports, the completion of the Egnatia Road concession, and listing Athens International Airport on the stock exchange; tapping into competitive sectors such as the pharmaceutical industry, the agri-food sector, and renewable energy sources; invititing Greek shipowners to invest on land; supporting innovation and knowledge-intensive activities with high added value, such as IT services; offering incentives for business growth and for the digital and green transition of businesses; and creating more and better-paying jobs.

Photo source: Athens Investment Forum.

“Our goal,” said Hadzidakis, “is to achieve a paradigm shift. To complete the transition from an economy that was in deep crisis for an entire decade to an economy that is surprising the whole of Europe and the world and is growing rapidly and dynamically.”

This week, two of China’s largest credit rating agencies – China Lianhe Credit Rating Co. (Lianhe Credit) and Chengxin Credit Rating Group – upgraded Greece’s credit rating respectively to investment grade ‘BBB’ from ‘BBB-‘ with a stable outlook and to ‘BB+’ from ‘B-‘ with a stable outlook.

The upgrade by the two agencies reflects China’s confidence in Greece’s improved economic situation, reduced risks in its banking system, in the dynamics of reforms as well as its growth prospects, said the Chinese embassy in Athens, adding that the upgrades will significantly contribute to attracting Chinese investments to the Greek market and have a positive impact on the economic and commercial cooperation potential of the two countries.