BUSINESS

Greece becoming more attractive to investors

TAGS: Economy

The country’s stable political environment, its performance in sustainable development and its policies regarding climate change are features that make Greece an attractive destination for investors, according to the EY Attractiveness Survey Greece 2020.

The local Ernst & Young subsidiary’s report showed almost two-thirds of investors (65%) consider political stability to be the country’s strong point as far as wooing investments is concerned, while 56% of respondents view Greece’s record in sustainable development matters favorably, especially as regards the huge volume of investment projects in the renewable energy sources sector.

Greece}s quality of life, telecommunication infrastructure and human capital are also considered to be among the country’s advantages, but it must take significant steps toward supporting innovation and high-technology industries in order to improve its stature and competitiveness, the survey found. It will also need to focus on tax reduction, improving judicial procedures and strengthening education and skills.

The survey that EY Greece chief executive Panagiotis Papazoglou recently presented at a Capital Link conference further showed that 67% of investors say they would be more willing to invest in Greece if the negative points they identify are tackled. That rate grows to 83% among investors already located in Greece.

Over two in three (69%) anticipate a further improvement in the country’s image as an investment destination in the next three years, while the rate of those who consider that Greece is currently implementing investment policies that make it attractive has soared from 50% last year to 62% in 2020.

Notably, 28% of the investors surveyed said they intended to make an investment in Greece in the next 12 months, which is the highest rate among all European countries where EY has conducted similar surveys.

Industry has tripled its contribution in the investments planned, as it accounts for 26% of projects now being considered against just 9% a year earlier. However, the investment plans originate almost exclusively with enterprises already located in Greece, as the rate drops to only 5% among those not present in this country. Papazoglou proposed that the state could use the investors that already have a presence in the Greek economy as ambassadors.

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