ECONOMY

ELKE describes counterincentives to investment

Inadequate infrastructure, stiff labor regulations, a lack of specialized staff at regional level, low productivity, a cumbersome fiscal system, the small size of the market and the geographical isolation from developed markets are the main counterincentives that make Greece lag behind in attracting direct foreign investment among developed countries, according to a study presented yesterday by Costas Bakouris, chairman for the Hellenic Center for Investment (ELKE). Greece attracted just $1 billion of the $706 billion of foreign investment funds worldwide in 2000. Two thirds of this sum were absorbed by just 10 countries. ELKE is holding a presentation of the advantages of investing in Greece next week, while a high-level interministry committee yesterday began probing into the problems faced by foreign enterprises investing in Greece by looking at the cases of two large tourism investment projects in Styra on Evia, and Crete, budgeted at a total of 1.4 billion euros. – In the Med., Petrogal for 80,000 tons of cargo loading May 26 Syria discharging Portugal has fixed M/T «Velimir Skorpic» at W/S 112.5.