ECONOMY

Tax attack worries industrialists

The head of Greece’s industrialists, Theodoros Fessas, expressed concern on Friday about the “cynical negotiating practices” of the government and its creditors, with the private sector of the Greek economy suffering as a result. He made the comments while speaking at a conference marking the centennial of the Federation of Industries of Northern Greece in Thessaloniki.

“We are supporting the Greek government in its effort to bring about a sustainable agreement,” said Fessas, the president of the Hellenic Federation of Enterprises (SEV), but he added that “the excessive taxation on enterprises is not about taxing wealth, as it effectively taxes work, given that it discourages investment activity and the creation of jobs.”

Fessas further spoke of the immediate need for an industrial renaissance in Greece, based mainly on investments in modern production. He stressed that industry and manufacturing are the pillars of the Greek economy that over time offer sustainable and quality jobs rewarding knowledge and skills.

For the acceleration of the reorganization of production and the creation of more jobs, Fessas said that “we require a new and modern mentality regarding public and private investments that will concern the new investment incentives law, funding instruments and EU subsidy programs.”