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According to local press reports, foreign investors and large foreign enterprises are targeting some of the most important Greek ports and all airports, expecting that the country’s tourism development will continue and expand, in particular into the winter season.
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An association representing foreign investors has teamed up to deal with Greek government bureaucracy and convoluted regulations that both stall and dissuade investments in large tourism projects.
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A group of foreign real estate developers recently formed an association that aims to pressure government to revamp a golf course development law. The president of the Association of Foreign Investors in Tourism, Clemente Pinedo, says foreign investors thus far have steered clear of the country’s tourism sector because of its notorious bureaucracy and conflicting laws.
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Government and its consultant firm, Lazard, along with three banks (National, Emboriki, Alpha), published a call for tenders last month in foreign financial papers for the sale of Olympic Airlines’ subsidiary company Galileo Hellas.
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A new international airport costing more than 1 billion euros will be built on Crete, according to a government announcement. The new airport will be able to serve 5,000 holidaymakers at a time and will also serve as a transport hub for air cargo in the eastern Mediterranean.
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A number of properties of the Tourism Development Company are soon to turned over to private enterprises through long-term leasing agreements, and thus bring some much-needed coins to the state.
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The Greek economy can advance and prosper in the international environment only if it develops itself to cater to up-market tourism and wealthy foreigners wishing to acquire holiday homes, said well-known investor and American fund manager, George Soros, during a recent visit to Athens. “This is virtually the only prospect that could attract foreign investment capital,” he said.
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Olympic Airways will relocate to the new airport at Spata come March next year following approval from the European Commission for the diversion of funds intended for plane purchases.
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