A 20% increase in advance payments and completion of investment projects under the development and investment law 4146, show the figures of the absorption of the Directorate General of Private Investments. The amount of approved payments amounted to 610 million euros for 2013, up from 510 million euros in 2012.

The aim, according to the Deputy Minister of Development and Competitiveness Notis Mitarachi, is for small projects of the NSRF to be included in the Development Law.

Investments through the Development Law

In terms of strategic investments, in the last 18 months, three new ones have been included in the Fast Track regime as well as the major TAP gas pipeline project. The total budget reaches €3 billion euros. The aim is for the new investments to create a total of more than 17,000 jobs.

"The Development Law 4146 and the changes it brought about, contributed to the rapid improvement of the business environment. In 2013, 379 investment projects were submitted to the development law, with a total budget of €1.4 billion. euro," said the deputy minister.

In the first cycle of 2013, the data from the applications for inclusion in the development law recorded an increase of 40% compared to the second cycle of 2012. The second cycle of 2013 recorded a further increase of 57% compared to the first cycle of 2013.

To tackle red tape and attract large, strategic investments for the economy, their licensing process has now changed radically. The Central Licensing Authority was established, which was established by law 4146 and presidential decree 157/2013. It has been operating normally since the beginning of November 2013, noted Mr. Mitarachi.

Equally important for the Greek economy is the construction of projects implemented through the method of public-private partnerships. In the last 18 months, 14 new projects with a total budget were approved by the Interministerial Committee (DEPPPP) 1,8 billion euro. This brings the total budget of the 23 projects that are now in the implementation phase to €2.8 billion euro.

For 2014, it is planned to implement actions that will contribute to enhancing the extroversion of the Greek economy and further improving the investment environment.

Analytically:

The creation of the Unified Extroversion Body is implemented.

Under the name "Hellenic Company of Investment and Foreign Trade SA" and distinctive title "Enterprise Greece". The aim is to be the essential ally in the effort to promote exports and attract direct investments from abroad (FDI), key pillars of the national strategy for the extroversion of the national economy.

A new round of investment project submissions for the programme is launched "Youth Entrepreneurship" . It is part of the effort to combat youth unemployment and to make use of the remarkable human potential that our country has.

The operation of an Independent Inspection Office for Strategic and Private Investments, a pioneering institution of self-control that contributes to the enhancement of transparency, begins.

The framework for the conduct of investment audits of the Development Law by certified bodies is put in place.