T
he Ministry of Economy and Development
aims to facilitate sustainable long-term
economic growth, the qualitative features
of which will radically distinguish it from the illusion
of growth that had taken over the country until
2009. Therefore, our aim is to replace the old
(counter)productive model with a new economic
growth model, free from the ills of the past, on the
basis of major and urgent structural and sectoral
changes. In this context, we deem crucial to instil
the Greek economy with the new mentality that
governs the new growth model, and this is some-
thing we are working on.
Our immediate priorities include the design of a
new growth strategy for the country, based on the
new culture that will distinguish the new econom-
ic growth model. Having fully understood the
structural problems of the state-subsidised
growth model the country used to follow, thus cre-
ating the over-consumption bubble, we are
designing a truly productive and extrovert growth
model, in which the state plays a coordinating and
supportive role in regard to entrepreneurship,
effectively helping redistribute resources from the
non-tradable to the internationally tradable sector.
A key feature of the new model, which also marks
this change of culture, is the shift from a closed
economy towards an economy based on strategic
investments in productive industries and on the
export of high-added-value goods and services,
fully utilising the country’s comparative advan-
tages.
In order to attract and accelerate large and crucial
investments, we intend to revise the Law on
Strategic Investments, with a focus on widening
the parameters for designating an investment as
productive, by uncoupling them from the amount
of the funds invested, offering tax incentives and
further facilitating the procedures concerning the
licensing and maturity of the properties on which
Trade with Greece
22
This year will be of paramount importance for
the Greek economy. After a protracted, deep,
and socially painful recession, the country is
expected to return to strong growth rates.
Our aim is to replace the
old (counter)productive
model with a new
economic growth model
By Stergios Pitsiorlas,
Deputy Minister of Economy and Development
