The three bills which aim to make Greece an "investment-friendly" country were presented by the leadership of the Ministry of Development . According to the Ministry, these bills are expected to be passed by the Parliament by the end of the year. This is the bill on strategic investments, which includes a large part on technoblasts, the new development law and the Fair Development Transition, which concerns degassing areas.

Strategic investments

The bill on strategic investments and spin-offs is already in Parliament. Then the bill for the Just Development Transition will be submitted next Friday. By the end of the year, the bill for the new development law will have been submitted, which will be activated at the beginning of the new year. A key point of the bill on strategic investments is the creation of a new information system. The aim is to speed up investment appraisal procedures.

Investment projects of more than EUR 1 million Euros will come under the Ministry of Development and less than 1 million euros. in the Regions of the country. The investment plans of 700 thousand. Euro will be compulsorily audited by a statutory auditor in all schemes, with the possibility of auditing by the auditor, regardless of the type of investment. This will condense the process, eliminating all seven steps that were previously in place in checking business plans upon completion. Therefore, it will all result in a declaratory act of the statutory auditor.

Development law - Investments

With regard to the new development bill, for the major and the medium-sized enterprises the incentives will take the form of tax exemptions, while For small and micro-enterprises, the incentives of the new law will include subsidising, subsidising leasing costs and subsidising the cost of employment created.

The 13 thematic regimes touch on the pillars of the Pissarides plan but also on the pillars and axes of the Greece 2.0 programme. These are:

• Technological transformation
• Green transition
• Environmental upgrade
• New business
• Just development transition
• Research and applied innovation
• Agri-food - primary production - processing of agricultural products - fisheries
• Manufacturing
• Supply chain
• Business extroversion
• Strengthening tourism businesses and alternative forms of tourism
• Big investments
• European value chains
• Entrepreneurship 360

The Just Development Transition Bill

The draft law on the Just Development Transition, which focuses on lignite phase-out, is also submitted to Parliament. In this context, territorial plans for just development transition are being implemented in Western Macedonia, Megalopolis as well as in the islands of North and South Aegean and Crete. Part of the restoration will be channelled into industrial uses. However, most of the restoration will concern recreational areas, lakes, green areas.

Implementing bodies will be the Special Service for Just Development Transition as well as the company Transition S.A. It will lease and manage the lands, maintaining the ownership of the State in them. A Special service will prepare the central planning, monitor all plans under the just development transition provisions, provide solutions to restoration projects, manage available resources and facilitate communication, supporting the activities of each region as well as those resulting from the programmes.

Transition S.A. will receive the lands from PPC, will provide incentives to businesses to establish themselves in these areas. It will also offer end-to-end services for those businesses that want to settle in the areas that are being phased out of lignite. The intention of the Ministry of Development is to start the programs immediately. The Just Development Transition program starts from 1/1/2022. With the adoption of the law by December 8, the establishment of the stakeholders will begin, which will mark the beginning of the implementation programs.

Spin-offs

Finally, in the provisions on spin-offs included in the draft law on strategic investments, for the first time there is a clear legislative framework for this category of enterprises. Also, for the first time, an attempt is being made to connect with universities and research centers with the business community.