Greek Government Unveils Ambitious €8.5 Billion Economic Stimulus Plan

11:01 22/10/2024 - Πηγή: iEfimerida

In a high-profile televised address on Monday evening, Prime Minister Kyriakos Mitsotakis announced a sweeping €8.5 billion economic stimulus package designed to transform Greece's production model.

This major initiative aims to fuel investment and create jobs throughout the country, particularly in regions

that have traditionally lagged behind.

Mr. Mitsotakis underscored the importance of this plan, noting Greece's strong economic performance with consistent primary surpluses and a rapidly declining public debt. He emphasized the government's commitment to achieving economic parity with more advanced EU nations across all sectors.

Development Minister Takis Theodorikakos, speaking at the National Gallery in Athens, provided further details, outlining the plan's core objectives: to revitalize the Greek economy over the next decade by focusing on industrial and manufacturing investments, with a strong commitment to green technologies, digital advancement, and innovation.

This ambitious plan will inject significant funding into key sectors. Over €1 billion will be dedicated to supporting investment proposals in tourism, manufacturing, agri-business, and general entrepreneurship. To modernize infrastructure, €90 million will be allocated for upgrades to 20 industrial parks across the country.

Leveraging EU funds, €170 million from the post-pandemic Resilience and Recovery Fund will be channeled into strategic investments.

Furthermore, substantial tax incentives will be offered to encourage large-scale investments, with €150 million in tax exemptions for projects exceeding €10 million.

Recognizing the need for regional development, a dedicated €150 million fund will support investments in border regions and areas impacted by the recent floods in Thessaly.

An additional €150 million will be used to bolster the manufacturing sector, with half dedicated to direct support and the other half to tax exemptions.

Finally, in partnership with the European Investment Bank, a €300 million bank assurance fund will be established to further encourage investment and economic activity.

This comprehensive economic stimulus plan demonstrates the Greek government's strong commitment to driving sustainable growth, generating new opportunities, and promoting economic development across the nation.

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Greek Government Unveils Ambitious €8 5 Billion Economic Stimulus Plan,