A New Era for Investment in Greece - ‘Fast Track’ Licensing for Major Investments is Now Given the Green Light The Invest in Greece Agency to Act as a One-Stop-Shop

ATHENS - On July 14, parliament voted in draft legislation to expedite licensing procedures for significant investments. Invest in Greece Agency will be the official organisation which will manage the licensing procedure for investments to go forward.

Investments in industry, energy, tourism, advanced technologies and innovation that exceed 200mn euros, or exceed 75mn euros and create 200 new jobs, or investments of at least 1mn euros per year in advanced and innovative technologies may take advantage of Fast Track.

Fast Track licensing will be overseen by an Interministerial Committee (DEE). This committee will be placing the investments into Fast Track and monitoring their progress until the final license is issued.

The Minister of Economy and Finance will be the Committee President.

Invest in Greece will receive applications for Fast Track licensing, conduct the evaluation and will recommend their entry into the scheme. Invest in Greece will be acting on behalf of the investor, carrying out all the necessary procedures for licensing and will work closely with all the pertinent government bodies.

The effectiveness of Fast Track licensing is ensured by: - The priority which will be given to Fast Track investments - The fact that clearly defined and strict deadlines are set by the law in case any of the responsible government bodies request supplementary documentation from Invest in Greece or the investor. If deadlines are not kept, it will be assumed that the licenses have been issued (as it was done during the Athens Olympic Games).

Chief Executive Officer of Invest in Greece Agency, Dimitrios Assimomytis, commenting on the advantages of the draft legislation, said, “This is a huge step forward in the continuing modernization of the Greek economy. Our country can now more easily attract large investments, which will create jobs, help to foster expertise, and pave the way to a knowledge-based economy. The implementation of Fast Track licensing will facilitate the development of the entire state into becoming more efficient and investment friendly.

Invest in Greece Agency is the national agency responsible for promoting, attracting and supporting foreign direct investment into Greece. It operates on the basis of a new strategic business model which has, as its cornerstone, improved outreach for Greece and comprehensive support for investors. Invest in Greece presents the best investment opportunities to potential investors and provides information and advice throughout all stages of the investment process.

Media Enquiries

Invest in Greece Agency: Emmy Markoglou, Media Relations, +30-210-33-55-718, e.markoglou@investingreece.gov.gr

UpSet>pr: Mrs.Rania Finadaki, +1-210-72-57-37, rf@upsetpr.gr

Source: Invest in Greece Agency

Media Enquiries: Invest in Greece Agency: Emmy Markoglou, Media Relations,
+30-210-33-55-718, e.markoglou at investingreece.gov.gr; UpSet>pr: Mrs.Rania Finadaki, +1-210-72-57-37, rf at upsetpr.gr