Stathakis outlines growth plan

Economy minister details timetable for implementation of investment incentives law, starting in September

The government is looking to start implementing its so-called growth agenda as of September, aiming to bring the economy back on track and to deflect attention away from tough reforms, such as the labor law shakeup, included in the second bailout review.

Economy Minister Giorgos Stathakis told a press conference yesterday that by the end of this month administrative acts for a new law governing investment incentives will be completed. It will apply as of September, with invitations for four fields of subsidies: General entrepreneurship, engineering equipment enhancement, new independent small and medium-sized enterprises, and major investments.

In the next six months the ministry will also assess the approxi- mately 800 outstanding applications from previous investment incentive procedures, starting with those that are jointly funded with the European Commission, investments on islands with increased refugee flows (Agathonisi, Chios, Kalymnos, Kastelorizo, Kos, Leros, Lesvos, Samos and Symi) and then investments in manufacturing and photovoltaic parks.

The jointly funded projects form part of the 2014-2020 subsidy pro- gram that is cofunded by the European Union.

In early September the ministry is planning to simplify the licensing process for enterprises in sectors where the necessary studies have already been completed, such as the food and drink industry, catering and tourism accommodation.

Later in the same month the ministry will legislate the changes Stathakis has announced for the 1.0991 fast-track investment system.

On the other hand, although the final extension to the deadline for the settlement of corporate debts expires on September 30, the minister stopped short of issuing a clear timetable for the legislation of changes on this front, also a bailout commitment. He just said that changes to the regulations of corporate debt settlement are the object of negotiations with the country’s creditors.