In World Economy News 07/11/2016
Greek Prime Minister Alexis Tsipras praised ongoing Arab investments in the country, calling on others to “take advantage of the turning point in which Greece finds itself and take part in the great opportunities that now exist.”
Mr. Tsipras made his comments at the EU- Arab World summit, an event that drew government representatives from the EU and several Arab countries, 15 investment funds, and more than 40 companies and financial institutions of the Arab world.
Mr. Tsipras said, “Greece is a country strategically located at the crossroads of three continents. It is a hub for Asian products and the Middle East to Europe and vice versa.” He then noted the historical bonds linking Greece with the Arab world as Greece is ‘A country that systematically promotes, within the European Union and NATO, cooperation with Arab countries.”
The Prime Minister also commented on the importance of Greece as an energy player with such projects as “the TAP (Trans-Adriatic Pipeline) and the IGB (Interconnector Greece-Bulgaria), the upgrade of the LNG terminal at Revithoussa and the planned station FSRU in Alexandroupolis.”
In the area of investment, Mr. Tsipras emphasized economic links by both sides highlighting “investor interest and participation of Arab countries in investments in Greece in telecommunications, information technology, banking, shipbuilding and renewable energy sources” as well as “Pro-Growth and business friendly reforms” that the government has enacted such as a “New Investment Law that stabilizes tax rates and provides incentives to large investment” as well as “streamlining permit issues” and a systematic effort to eliminate bureaucratic Inefficiencies. Mr. Tsipras mentioned recent deals such as “the investment of capital from Abu Dhabi, through the Al Maabar and Global Investment Group, in the Hellinikon former Athens Airport area in a very large investment that is estimated to eventually reach EUR 8 billion and will contribute to the increase of the Gross Domestic Product Greece by two percentage points” as well as “the participation of Arab capital to the tune of 400 million euros from Abu Dhabi and Kuwait in the purchase of the Astir Palace Resort.”
“Greece is returning to Growth,” Mr. Tsipras said.
Source: Government of Greece
