ECONOMY

State officials strive to block major investment projects

state-officials-strive-to-block-major-investment-projects

The state mechanism is again blocking several key foreign investments, which according to independent observers such as the Foundation for Economic and Industrial Research (IOBE) add up to more than 10 billion euros over the medium term.

It seems the governing party’s obstructive habits are back in full swing ahead of the general election: State officials are hampering investments that are vital to the improvement of the investment climate in this country, either as a conscious political decision or as the collateral damage of an anachronistic bureaucracy and a slow-moving justice system.

The projects in Piraeus and Elliniko again face uncertainty as public sector agencies and obstructive party strategies delay the authorization of investments worth 580 million euros by Cosco via Piraeus Port Authority, and up to 8 billion euros by the Lamda Development-led consortium at the old Athens airport. The same applies to dozens more projects, such as that by M.A. Angeliades and Aegean Sun at Afandou on Rhodes, that by NCH Capital at Kassiopi on Corfu and that by the Minoan Group at Cavo Sidero on Crete, which add up to hundreds of millions of euros.

The issue of reactionary opposition to investment has resurfaced following the rejection of the Piraeus project by a council consisting of minitry representatives that has blocked investments of 354 million euros.