Today, Tuesday 18 January 2022, the bill, Development Law - Greece Strong Development, is introduced to the Committees of the Parliament for processing before its final passage. Ministry of Development and Investment .

The bill includes regulations aimed at improving the investment environment in Greece. At the same time, it looks forward to the acceleration and flexibility of the administrative procedures envisaged for private investment.

It is based on specific pillars of business development in order to achieve:

• the digital and technological transformation of businesses following the dictates of the 4th Industrial Revolution (Industry 4.0)
• The green transition, creating economies of scale
• supporting innovative investments

In addition, the following areas are strengthened:

• of tourism
• processing
• agri-food

There is special care for the investments that will be implemented in the areas of lignite phase-out.

13 thematic schemes are established

1. Digital and Technological Transformation of Enterprises
2. Green Transition – Environmental Upgrading of Businesses
3. New Business, with the main purpose of supporting young entrepreneurs who want to implement their investment initiatives
4. Just Development Transition Scheme, through which the approved European policy to strengthen investment projects in the areas of the Territorial Just Transition Plans will be implemented to support the jobs and growth of these areas
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, in order to provide special treatment to investment projects that significantly affect local economies and in general the rise of economic sectoral indicators
12. European value chains
13. Entrepreneurship 360º

The new Development Law Introduces major innovations that offer clear acceleration in all Procedures of the "life cycle" of an investment project (submission, evaluation, affiliation and control process) in order to make possible the direct benefits of administering the highly attractive incentives in business initiatives, as pointed out in a relevant announcement by the Ministry of Development and Investments. The utilization of the certified statutory auditors and the new modern Information System will contribute decisively in this direction.

Regional Aid Map Development Law 2022-2027

At the same time, the new Regional Aid Map 2022-2027 provides for high aid rates in the majority of the country's Regions (30-50% for large enterprises, 40-60% for medium-sized and 50-70% for small enterprises) with an additional 10% surcharge for Just Development Transition areas.

It is noted that for the first time, possibilities provided by the General Exemption Regulation 651/2014 are being exploited and concern the inclusion of investment projects independently, in addition to regional aid. With this initiative, aid in areas such as research and innovation, environmental protection and social aid (e.g. vocational training of disadvantaged or disabled workers) can now constitute integrated investment projects.

The Ministry expects the new Development Law - Greece Strong Growth to be the beginning of a major investment cycle, with significant benefits for both entrepreneurship and the national economy. The main goal is the creation of new and quality jobs in all regions of Greece and the health of local communities and economies.