BUSINESS

New fast-track system planned for industrial investments

DIMITRA MANIFAVA

TAGS: Economy

The Economy and Development Ministry is planning to introduce a fast-track process exclusively for investments in the industrial sector.

The decision was prompted by the failure of existing legislation on rapid licensing to attract strategic industrial investments. It also addresses the need to stop the practice of licensing in “exceptional circumstances,” as well as reflecting the realization that the growth Greece needs cannot come from the primary sector and from services only.

The main pillars of the new licensing system for industrial investments are the following: The creation of a central licensing authority in the ministry’s General Secretariat for Industry whose officials possess the necessary know-how; and the operation of a zoning office within the structure of the new licensing authority, so that there is rapid communication and cooperation that will avert any unnecessary bureaucratic delays.

On environmental licensing, the intention of the government is to put this under the joint purview of the ministries of Environment and Economy.

The criteria for an investment to enter the new fast-track system will be the number of jobs created and the amount of added value its product will generate.

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