After emerging from three successive bailout packages that came with severe austerity measures, Greece is back on track with a growing economy and a strong desire to show the world that things are going to be different from now on. The recently appointed government of Kyriakos Mitsotakis has embarked on an effort to streamline business creation, diversify the economy and encourage investment. Minister Adonis Georgiadis unveils some of the ambitious development projects that are already getting underway in various parts of the country

What are your main priorities as development and investment minister?
My main priority is to change the perception that foreign and internal investors have of Greece. If people once thought that investing here was a loss of time and money, this attitude must become a thing of the past because it is not the case anymore. If you come here you will find people who will work to make your life easier, who will respect your time and money, and who will help you make your vision come true.

You have been very proactive about creating a favorable business environment, and the government is working on a new development bill. What types of reforms are you planning to introduce?

We want a reduction of bureaucracy in business creation: right now you need to stop by several ministries in order to secure various licenses, but with the new law you will simply start your business, and the checks will come later. There will be no permission required at the beginning. We are also giving very strict timelines to government workers in order to handle all questions from investors. And we are finding ways of reducing the time frames for environmental studies by as much as 70%. With this new law, when someone wants to invest, they will find a completely new environment in which to do so.

The European Commission is forecasting economic growth of 2.1% for 2019, which could even accelerate next year. What are your own expectations?

The EU Commission makes its forecasts based on what it sees, and it cannot calculate the effects of our new laws. The way things are going right now, economic growth would be somewhere around 2%, but with all the measures we are introducing, we think that 3% is absolutely reachable by 2020.

The Hellinikon Project, on the former airport site, will test Greece’s ability to handle large-scale investments. What can you tell us about this land development project?

When this government took over in July, Hellinikon was a dead investment that nobody believed would ever get started. But only three months later, everyone sees that it will get started between now and the end of the year. We took a dead investment and we gave it life. It was a top priority for us, not just because it represents 10,000 jobs during construction and a total investment of €8 billion, but mostly because it symbolizes the will of the country to solve complex issues. Such a huge urban real estate project would be problematic in any European country, from a legal and environmental standpoint. In Barcelona, for instance, a similar project never got off the ground. So this is our way to prove that we mean what we say.

What other projects are in the pipeline?

We have Afandou in Rhodes, Kassiopi in Corfu, and a Four Seasons in Mykonos to name a few. One of our biggest recent successes was that we helped the US investment giant Blackstone invest in this country for the first time. They have already bought five hotels for €200 million and are spending another €200 million on renovating them. They understand that they have a government here that can provide help, and this is important for an investor.

The privatization of Greek assets has been a key element in the bailout packages. How is that process coming along?

We were given the mandate to accelerate the privatization program. This was promised before the elections and now we have the mandate of the people to do so. We have already launched a tender for the sale of 30% of the airport of Athens and also we have launched the privatization process for gas company DEPA. At the same time we are ready to launch the privatization for Hellenic Petroleum. We have already enrolled multiple privatizations on multiple fronts.

How do you aim to boost trade and key sectors of the economy?

For internal commerce and trade we are helping our businesses with very strict laws and a crackdown on the underground economy. One of our main goals is to expand our exports because the main purpose of the reforms is to make Greece more competitive, which means producing products and services that are good quality, at good prices. Tourism is also very important to us, and we had a very good 2018. This year figures are also high and we will probably end the year with even better results, both in terms of tourist arrivals and spending. Public revenues in August and September were the highest of any other year since Greece joined the euro zone.

How can Greece raise the profile of the average visitor to attract more affluent spenders?

Tourism has changed. Ten years ago the industry only had all-inclusive packages, which represent a cheaper form of tourism. But recently we have built many boutique and five-star hotels. The government supports this transformation, and Blackstone’s renovated hotels are also aimed in this direction.

What are Greece’s advantages from an industrial perspective?
We have areas where we have significant advantages such as a highly skilled workforce, especially compared with our neighboring countries, and wages are also competitive. It is true that we have had higher taxes and social security contributions, and we also had high-energy costs, so we are working very hard with the energy ministry to liberalize the sector and reduce costs, which is very important for industry.

What about diversifying the economy? Is Greece too reliant on tourism?

We don’t want just tourism as our main source of income, since it is a little bit unstable because it is a sensitive sector. We want to support other sectors to ensure sustainable growth, such as renewable energy based on our plentiful sun and wind resources. This could attract European funding as well, and we could easily become a leader in this field. We want to find ways to accelerate our agriculture as well. We still have a lot of ground to cover in this area.

How can Greece raise the profile of the average visitor to attract more affluent spenders?

Tourism has changed. Ten years ago the industry only had all-inclusive packages, which represent a cheaper form of tourism. But recently we have built many boutique and five-star hotels. The government supports this transformation, and Blackstone’s renovated hotels are also aimed in this direction.

What are Greece’s advantages from an industrial perspective?
We have areas where we have significant advantages such as a highly skilled workforce, especially compared with our neighboring countries, and wages are also competitive. It is true that we have had higher taxes and social security contributions, and we also had high-energy costs, so we are working very hard with the energy ministry to liberalize the sector and reduce costs, which is very important for industry.

What about diversifying the economy? Is Greece too reliant on tourism?

We don’t want just tourism as our main source of income, since it is a little bit unstable because it is a sensitive sector. We want to support other sectors to ensure sustainable growth, such as renewable energy based on our plentiful sun and wind resources. This could attract European funding as well, and we could easily become a leader in this field. We want to find ways to accelerate our agriculture as well. We still have a lot of ground to cover in this area.

Could renewable energy also open up new forms of cooperation with Germany?

Yes. Renewables, tourism and industry can bring us together. As a minister, as a member of parliament and as a Greek civilian, I want to say a big thank you to Germany for having helped Greece more than anyone else during these past 10 years, and to my political colleagues in the Bundestag who often had to make difficult decisions and were held accountable for it. Greece would not still be in the EU were it not for them. We want to explain to people here at home that Germany is a friend, and to the people in Germany that we will make you proud to have helped us, that you have helped shape a success story.