The Draft Law entitled, Development Law - Greece Strong Growth was submitted for public consultation late at night on 3/11/2021 by the Minister and the Deputy Minister of Development and Investment Mr. Mr. Adonis Georgiadis and Nikos Papathanasis. According to the relevant announcement, the consultation will end on 17/11/2021.

Development Law - Targeted activities

The Development Law promotes the economic development of the country through the granting of incentives to targeted activities:

• For the digital transformation of businesses
• The green transition
• Supporting innovative investments and investments in line with the priorities of "Industry 4.0"
• Boosting employment
• Supporting new entrepreneurship
• Strengthening the areas included in the Just Development Transition Plan

In addition, the aim is to improve and speed up the procedures for integrating investment projects into the state aid schemes established.

Development Law - Categories of investments

The proposed arrangements establish thematic state aid schemes for investment projects, which may fall into one or more of the following categories:

1. Digital and Technological Transformation of Enterprises
2. Green Transition – Environmental Upgrading of Businesses
3. New Business
4. Just Development Transition
5. Research and Applied Innovation
6. Agri-food – Primary Production and Processing of Agricultural Products – Fisheries
7. Manufacturing – Supply Chain
8. Business Extroversion
9. Support for Tourism Investments
10. Alternative Forms of Tourism
11. Large Investments
12. European value chains
13. Entrepreneurship

All the proposed provisions are part of the general objective of the government's policy to support businesses, by providing for an effective tool for granting state aid, which has been structured on the basis of faster and flexible procedures.

For the first time, the possibilities provided by the General Exemption Regulation 651/2014 are exploited and concern the inclusion of investment projects independently, in its other parts in addition to regional aid. With this initiative, aid in areas such as research and innovation, environmental protection as well as social aid, such as for vocational training and for disadvantaged or disabled workers, can now constitute integrated investment projects.

Minister for Development and Investment Adonis Georgiadis

"Ο new Development Law which was compiled with great care by the team of Nikos Papathanasis and with my supervision, It offers the Greek economy a very great opportunity: its transformation according to the needs of the modern era, the green economy and investments in high technology. All this, combined with lower bureaucracy and higher state aid rates, I believe will lead to a growth boom in the coming years. Congratulations to Mr. Papathanasi".

Deputy Minister of Development and Investment Mr. Nikos Papathanasis

"The plan of new Development Law is one of the biggest steps of the government towards the strong growth of the Greek economy and the change of the country's production model. It is one of the most important institutional tools that promote healthy entrepreneurship and competition, addressing all modern challenges. With new thematic regimes and incentives, we give a very important boost to businesses of all sizes to implement their investment plans quickly and efficiently in a wide range of activities. We reduce red tape and create an investment community-friendly environment. We are continuing, reducing unemployment and strengthening regional development. Growth for Greece, growth for all".