Greek Economic Updates 05.10.2020

While the economic impact of the pandemic continues to register, measures are being carried out which have helped Greece to improve its image as an investment destination. EU Recovery Fund Greece is on track to receive €13.5 billion in grants from the EU Recovery Fund over the next two years, making it the biggest recipient across the EU-27 relative to its GDP. Of the funds received, 37% must be directed towards the green transition, and 20% towards digital transformation. Investment A survey of international investors by EY found that 38% think that the image of the country as an investment destination has improved over the last year, while 62% say that the policies followed in the last 12 months make it an appealing destination. Four in 10 said that the handling of the pandemic improved the country’s image. In 2019, Greece attracted 69% more European FDI, putting the country in 29th place, from 35th in 2018. Green Energy The Interministerial Committee on Strategic Investments has green-lit two renewable energy projects worth over €400 million since December, and is considering a further three in the next round, including a 1.5-GW solar investment by the Egnatia Group and two wind power developments, costed at close to €1.5 billion. Digital The Greek government announced the launch of Elevate Greece, a platform aiming to bring together start-ups and investors. The platform will centre on a database providing information on start-up companies and their funding status, while it will also include recruitment tools to assist companies in attracting talent. A digital hub being planned near Thessaloniki could create up to 7,000 jobs and attract €1.5 billion of inward investment by blue chips and tech start-ups. Thess Intec will cater to companies providing digital service outsourcing, as well as R&D, taking advantage of the introduction of 5G networks in Greece. Microsoft, OTE, Vodafone, Cisco, Pfizer, TeamViewer, and Beat are among the corporates signed up to participate in the venture. BeInvestor collected