News
Wednesday 20th October 2010
Oiling The Greek Bureaucracy
In order for Greece to become a more attractive proposition for potential foreign investment, she is looking to reduce the red-tape needed to do business in the country.
Whilst she has done well recently to secure large sums from countries like China and Qatar, the Greek central government is well aware that the smaller investor will also be an essential part of their recovery. The endless red tape and antiquated bureaucracy that has long plagued potential investors in Greece has seen it lose out on considerable investment over the years and Haris Pamboukis, the state minister in charge of investment, is pushing to streamline business processes.
Pamboukis says that with the help of foreign investment, the nation can capitalise on its strategic location on the continent along with its highly desired real estate. Pamboukis added "We are empowering the country because [these investments] increase the capacity of the country and its role in the world." He continued "We are very happy that the Chinese have shown a concrete and pragmatic interest, for instance. But we would be very happy if investment would happen not only with other countries but with other businesses."
Yiannis Stournaras, an economist leading the Foundation for Economic and Industrial Research was completely supportive of Pamboulis, saying "This legislation is crucial, especially since the government as a whole does not seem to have a clear strategy for realizing foreign investments at a time when Greece desperately needs them."
Although Greece has performed admirably so far in tightening its belt and attracting foreign investment from some of the world's economic powerhouses, improving the business procedures to make it easier for potential investors to put money into Greece will help even further. "It's not enough to bring in big hitters like the Chinese and the Qataris," Stournaras says. "We need to bring in as many investors as we can, all kinds of investors, as quickly as we can. And we need to keep them here."