ECONOMY

New law to bolster investment and tourism in Greece

The Greek Parliament approved legislation late on Thursday to boost private investment, a key condition to get the crisis-struck country out of its worst-ever peacetime recession.

The new investment incentive law aims to cut red tape by making a broader range of projects eligible for fast-track licensing and by creating a new one-stop-shop agency for investors.

Among other things, the law sets out for the first time specific rules for licensing and operating seaplanes.

Greece, which has hundreds of poorly connected islands and a big tourism industry, says this will encourage seaplane operators and improve access to many holiday resorts.

“We can’t achieve growth and employment with theories alone… we need new investment,” Deputy Development Minister Notis Mitarakis (photo) said during the parliamentary debate.

[Reuters]