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Greece, a winner’s choice
stability and opportunity
Join the Athens Business Club
Registration and membership, including
all club benefits, are absolutely free.
G r e e c e
Greece is part of Euroland and with its new Euro currency will take on the ultimate challenge, that of hosting the Olympic Games in Athens 2004. The Olympic Games signify, for Greece, the opportunity to convey to the world the strides that it has made in the last decade and its potential for further growth.
An economic environment instrumental to sustainable growth was built during the last years and is characterized by low deficits, low inflation and high growth:
• The Budget deficit fell from 13.8% of GDP in 1993
and reached a surplus of 0.1% in 2001 and will reach
a surplus of 0.8% in 2002.
• Inflation fell sharply in the nineties from 14% in 1993 to
3.6% in 2001 and to 3.5% in August 2002. An inflation
target of 2.7% for the period 2003-’04 indicates that
price stability will be sustained.
• Growth of GDP has been consistently above 3% since
1997. In 2001 it was at 4.1%, well above the European
average. It is expected to remain at about 3.8% in 2002
and rise again to 4.0% for 2003 and 2004.
Liberalisation of the telecommunications, finance, energy, air and sea transport sectors is improving infrastructure and creating opportunities for investment.
Privatisation creates a competitive climate and higher efficiency in key business sectors such as banking, energy, telecommunications and air transport.
Massive Infrastructure Changes Have Altered the Face of the Country
Highway arteries, rail networks and upgraded port and airport facilities: the actual Community Support Framework 2000-’06 (48 bn EURO) will be partially allocated along with private sector funds towards the completion of large infrastructure projects, the basis for long-term growth.
Greece is the springboard to the regional markets of the Balkans, Black Sea, Eastern European and Eastern Mediterranean regions. Greece has maintained its strong cultural and economic ties in these regions while Greek corporations have invested more than USD 2.5 bn in the Balkans, to date.
Some advantages for investors:
• 2004 Olympic Games invites investors to take advantage
of opportunities.
• A well educated, multilingual and highly adaptable work
force at competitive cost levels.
• Low effective marginal corporate tax rate in Europe.
• Generous investment incentives are available for specific
regions and sectors, in the form of cash grants, interest
rate subsidies or tax allowances.
Invest in Greece
R&D
Today, the globalisation of the world economy and the direct access to information and networking, bridge the distance between countries, companies and scientists. Knowledge, integrated into new technologies is one of the prime factors for global competitiveness. The use of “centers of scientific excellence” worldwide, is easy and cost effective for new product development or product adaptation. Today more than 25% of the R&D staff of all high-tech multinational firms is employed abroad collaborating with foreign high level scientific groups.
Greek R&D resources and infrastructure can support your development plans. Here are some reasons why:
• Highly competitive scientific teams in leading edge research fields
like information technologies & telecommunications, biotechnology,
advanced materials and biomedical technologies.
• Internationally oriented scientific teams with well established collaborations
with large global enterprises and other high level R&D centers in Europe
and worldwide.
• Advanced infrastructure research institutes, technology parks and business
incubators near metropolitan areas.
• Low labour cost with well educated labour force.
• Favourable investment incentives that could lead to a reduction of up to 45%
of the total investment.
• Greece is the metropolitan center for the Balkans and Middle East, with good
knowledge of the neighbouring markets and advanced commercial and
investment activities.
• Good climate conditions against a rich cultural backdrop.
Invest in Greece
Energy
The establishment of a single energy market in the member states of the EU, based on open and competitive markets presents a great challenge for Greece, since it will have a major effect on both industrial and consumer markets.
In line with EU directives, the Greek Government introduced new legislation (LAW 2772/1999) for the deregulation of the electrical energy market and regulation of energy policy matters. Under this law, domestic production, transmission and the distribution system for electricity is being modernized, and an independent Energy Regulatory Body (RAE) and an Independent System Operator (DESMIE) were set up.
On February 19, 2001, thirty-four per cent of the Greek electricity market was liberalized. This liberalization affected 6,500 consumers who use middle and high tension electricity. These customers now have the option to obtain their electricity from producers other than Public Power Corporation (PPC). It is estimated that competition will start first from electricity imports and in the longer term from new plants which are now being planned.
As a result of the anticipated increase in electricity demand it is estimated that from 2004 onward a new unit of 450 MW must be added annually to the system for the next 10 years. The large anticipated demand for electricity is expected to lead to serious competition and to encourage the construction of new units (thermoelectric, cogeneration and renewables).
The basic goal of the EU is to achieve an open, single, and wide market in this sector in the broader European domain through further facilitation of inter-state electricity and natural gas arrangements. The purpose of this goal is to reinforce the security of the European Union energy supplies in the short, medium and long terms.
Why Invest In Greek Organic Farming
• Increase in consumer demand for organic agricultural products
• Prospects for development in the production and processing of organic
agricultural products, particularly in fruits and vegetables, olive oil and
cotton.
• Climatic conditions are excellent and there is a large variety of microclimates
• Soil is of good quality
• Operating costs are low
• Agricultural labour costs are exceptionally low
• Competitive investment incentives
• The start up time for organic food processing of vegetables, fruits and animal
products is very short
Why Invest in Greek Tourism
• Attracts more than 12 million visitors annually
• Ranks in the top-15 tourism destinations in the world
• Unique combination of unparalleled natural beauty, temperate climate and over 3,000 years of history
• Offers excellent climatic conditions for year round tourism
• Government support for investment in luxury hotels
• Government commitment to alternative forms of tourism (golf courses, marinas, spas, thalassotherapy centers, conference centers)
• Specific opportunities through tourism privatization programme
• Tourism investment leading up to the 2004 Olympic Games
• Well-trained and experienced human resources
• Comparatively, low operating costs
• Generous financial incentives
Athens business club
p a r t n e r i n g f o r g r o w t h
From its launch in February 2002, until the start of the Athens Olympic Games in August 2004, the Athens Business Club will have its home on the Internet at www.athensbusinessclub.gr. In addition, members will be able to attend specially focused investment promotion events throughout the world.
During the Games, the Club moves from online to onsite in Athens. Amid the glory and excitement of the Olympic Games, members who visit Athens can mingle and meet, talk business, and find everything they need to create or clinch new business partnerships in Greece and throughout the world.
How the Club works, how the Club helps you
Online, members have access to Greek investment information and trade leads, are able to network with literally thousands of international businesspeople, and receive assistance to make real business connections. Complete and up-to-date data on Greece’s sectoral investment opportunities, with a special help line, are available just for members.
In addition to its online activities, the Athens Business Club will host events throughout the world highlighting sectoral investment opportunities in Greece. At the Club website you can find out if an event will be held near you.
At the Games
During the Olympic Games, from August 13-29, 2004, the Club becomes the members’ Athenian meeting place that will host receptions, dinners and presentations. Members will be able to discuss projects, keep in touch with home, and find first-hand in the latest information on Greece’s dynamic economic opportunities. And, an interactive videowall will display all the Olympic action, all the time. Special opening and closing receptions will ensure that your Olympic experience is second to none.
The benefits of membership
• Customized global networking
• Direct trade leads
• Joint venture opportunities
• Personalized business assistance
• Private business communiqués
• Exclusive club access
• Unique events before and during the Games
• Plus many, many more
Who can join
Anyone with a serious interest in creating winning business partnerships in Greece, in Southeast Europe, in fact, anywhere in the world, is welcome to join the Athens Business Club.
How to join
If you are interested in joining the winning side of business at the Athens Business Club, simply fill out the attached form and return it to by mail or fax. Or, register online at www.athensbusinessclub.gr. Registration and membership, including all club benefits, are absolutely free.
The Hellenic Center for Investment (ELKE) is the one-stop shop for foreign investors. Its mandate is to seek, promote and support foreign direct investment in Greece and international alliances with Greek companies.
ELKE investment project managers present the advantages of Greece as a business location, make known the existing investment opportunities and provide reliable, up-to-date information on the regulatory and institutional framework in Greece.
ELKE also supports investors during the implementation stage of their projects. This includes assistance in securing necessary licenses and support during all stages of the investment. Its services are without charge.
ELKE counsels investors on investment incentives on offer from both the Greek Government and the EU to ensure maximum utilization of cash grants, interest rate subsidies, tax allowances and other incentives. ELKE participates in the development of the national, institutional and regulatory framework on investment. It also handles applications on behalf of investors for incentives on offer by the Greek Government.
“Greece is transforming itself as it prepares to accommodate swarms of visitors during the Games period and in the future. This transformation will turn the Capital and the country into a unique investment location where modern infrastructure and services blend with 3,000 years of history”.
Ioannis Spanudakis, Managing Director Organising Committee for the Olympic Games Athens 2004
For further information contact:
The Hellenic Center for Investment
3 Mitropoleos St., 105 57 Athens, Greece
Tel. +30 210.32.42.071-8 Fax +30 210.32.42.079
www.elke.gr
e-mail: admin@elke.gr
To apply for all the provisions and incentives for investing in Greece write for an application, “Organization Emplmenting the Investment” and for the 11 page questionnaire, applicable to L. 2601/98.
Write to:
Ministry of National Economy
General Secretariat For Investment &
Development
General Administration For Private
Investment
Private Investment Approval &
Control Administration
Evaluation & Promotion Department
5-7 Nikis Street, Syntagma Square
Postal Code 10180
We hereby submit an investment proposal accompanied by all
the necessary documents and information and we ask you to
act for the subordination of our investment to the incentives
provided by L.2601/98, to the incentive group.
For further information contact:
The Hellenic Center for Investment
3 Mitropoleos St., 105 57 Athens, Greece
Tel. +30 210.32.42.071-8 Fax +30 210.32.42.079
www.elke.gr
e-mail: admin@elke.gr
Attn: Helen Desylla
Special permission granted by Helen Desylla, ELKE |
