Budget rules, incentives for innovation and mergers are coming, Superfund within 2024

The message that the country has a unique historical opportunity in general and not only in the economy, but a prerequisite for success is to continue the effort and, above all, fiscal seriousness, the Minister of National Economy and Finance sent, speaking today at a conference, making it clear that which the government has announced incentives for innovation, mergers and for the superfund, come within 2024. “The prospects are unique, because the country comes out of the crisis, so there is the phenomenon of the spring,” said Mr. Hatzidakis, before explaining the bills that are being made by the government. “We have the right economic policy mix combined with political stability. This combination rarely happens we’ll be unwarranted if we don’t make it. The danger is complacency. Cyclists who do not ride, fall and that’s why the effort continues. The government’s will to continue its course of gravity this year marks the new financial framework bill based on the new rules adopted by the Council and to be adopted by the European Parliament. There is no complacency,” the Minister said. “That’s why he added, when they ask me what you will give, I answer: what we can bear. Because if we cross some boundaries we risk going back and that would be at the expense of all society itself.” Mr. Hatzidakis announced the deposit of three other bills – beyond the new financial framework – concerning: Establish incentives for innovation. The new law will be passed in 2024 and will provide for tax incentives and aid from the NSRF and the Development Bank for innovative enterprises, an area in which there is already progress with companies that produce and export. Strengthen incentives for mergers , also through tax arrangements, NSRF funds and specific programmes by the Development Bank. “I have nothing against small businesses, but there is a problem as to their competitiveness. We have twice the number of small businesses in relation to the EU and this is not good for either the economy or for them. We will exhaust the margins to make it visible that the government is pushing things in this direction and that there are opportunities,” he said. Rules of flexibility in recruitment and changes in procurement regulations for subsidiaries of the Superfund (ELTA, OSE, EBRD, etc.) in PPC’s standard. “We have a successful example and we cannot close our eyes,” he said. Answering a question about the sectors in which opportunities are identified in the coming years, Mr. Hatzidakis stressed: “We are no longer talking about tourism, which we want to strengthen so that it can continue upwards not at the expense of the environment, and the shipping we are already using for land investments, for example in hotels, real estate, shipyards. We want to encourage all the comparative advantages of the country that exists, even if we do not discuss them. For example, the country can become an energy exporter in a few years thanks to renewable sources in which we already have a very significant rise. We also have two pleasant surprises that are the pharmaceutical industry, which proved export and – even more surprising – agri-food. Despite the fact that the agricultural sector has problems, there are businesses that have succeeded and come forward. Logistics is still a privileged sector for Greece. The port of Piraeus with the decision made by the “triscan” government of the NW in 2008 has risen to fourth place in Europe. We have potential with the rest of the ports and if the modernisation of the railway network goes ahead it will give additional momentum. Exports from 20 % of GDP have gone to 50 % and we can go even higher.” Greece, ended up with Mr. Hatzidakis, in the big crisis fell victim not only to public deficits and debt but also to the current account deficit. “Although the second issue is not discussed too much, it is for us a priority to keep both ‘Cercoports’ closed. With fiscal seriousness and reasonable primary surpluses, pro-investment policy and social cohesion based on the rise of the economy.”