By Natassa Stasinou

 

 

National Economy and Finance Minister Kostis Hatzidakis presented a series of initiatives for the transition to an economy based on the quantitative and qualitative increase of investments, as well as for the further upgrading of Greece's credit rating, during his speech at the 6th Athens Investment Forum.

 

More specifically, the government planning includes:

 

1. Strict adherence to fiscal targets.

 

2. Improvement of the business environment by speeding up the delivery of justice, further digitization, strengthening the banking system among others with initiatives on bad loans as well as enhancing competition in the banking system.

 

3. Proper management of the largest amount of funds from the Recovery Fund and the new NSRF.

 

4. Exploitation of public properties focusing mainly on the remaining regional airports, the completion of the Egnatia Road concession and the listing of the Athens International Airport 'Eleftherios Venizelos' to the Stock Exchange.

 

5. Emphasis on the sectors in which Greece has proven that is more competitive (pharmaceutical industry, the agri-food sector, Renewable Energy Sources) but also an invitation to Greek shipowners to invest on land as well.

 

6. Supporting innovation and knowledge-intensive activities with high added value, such as IT services.

 

7. Incentives for business growth.

 

4. Incentives for the digital and green transition of businesses

 

5. More and better jobs by further reducing non-wage costs, providing incentives and removing barriers to the participation of young people and women to the labor market as well as further upgrading training and skills certification.

 

Two Chinese rating agencies upgrade Greek economy – Congratulations from the embassy

 

The Embassy of China sent a congratulatory notice to the Ministry of National Economy and Finance, after Greece's credit rating was upgraded by two of China's largest credit rating agencies.

 

The upgrade by the two rating agencies reflects China's confidence in Greece's improved economic situation, reduced risks in its banking system, the dynamics of reforms as well as growth prospects.

 

More specifically, on October 27, China Lianhe Credit Rating Co. upgraded Greece's rating to investment grade BBB from BBB- with a stable outlook.

 

On October 26, Chengxin Credit Rating Group also upgraded Greece's credit rating to BB+ from B- with a stable outlook.

 

The Chinese side estimates that the recovery of the investment grade by Greece will significantly contribute to the attraction of Chinese investments in the Greek market and will have a positive impact on the potential of economic and commercial cooperation between the two countries.