Six axes of intervention were presented by the Minister of Finance, Kostis Hatzidakis, for the strengthening of Greek exports, speaking at the conference of the Panhellenic Association of Exporters.
Mr. Hatzidakis referred to the significant progress achieved in recent years resulting in exports of goods and services, both in absolute numbers and as a percentage of GDP to be at record levels and the current account deficit in 2023 to be reduced by a third compared to 2022.
In particular, during the period 2018-2022 exports recorded the highest percentage increase in market share in the EU, while a significant improvement has also occurred in the composition of exports, as from 2020 exports of goods following many years exceed those of services and at the same time increase constantly the share of high-tech goods in exports.
“Greek exporters are making a national effort, which actually supports our economy,” the minister stressed. “For our part, we are determined to continue with even greater determination the effort to diversify and modernize our production model” he added.
In this context, the following actions are promoted:
1. Further development of the branches where we have a comparative advantage, such as agri-food, the pharmaceutical industry and the production of energy from renewable sources, if pan-European energy networks are created. “So that Greece does not depend either on the polluting and expensive lignite or on imported natural gas.”
2. Encouraging the growth of businesses so that they can stand up to international competition. “Some are attacking me because I am insisting on this, with a bill that will introduce tax and financial incentives. We don’t want to exclude any business, we are a free economy. What I am pointing out is that we have twice the number of small businesses compared to the EU and this is not good either for the competitiveness of the economy, or for the small businesses themselves,” said Mr. Hatzidakis.
3. Facilitating the digital transition of businesses, through grants from the Recovery Fund and the new NSRF 2021-2027. The Recovery Fund alone is expected to benefit 100,000 small and medium-sized businesses in the adoption of digital technologies and the purchase of digital services.
4. Further consolidation and strengthening of the robustness of the banking system, but also strengthening competition with reforms, such as the possibility of granting loans from non-banking institutions. At the same time, a Capital Market bill will soon be submitted with regulations that will shield the Capital Market Commission and make the Stock Exchange more attractive, strengthening the ability of companies to secure financing outside the banking system.
5. Utilization of public property, through concessions and privatizations, which send a positive message regarding the prospects of the economy, support its dynamics and indirectly strengthen the effort to eventually increase exports. In the nine months since the elections, 10 privatizations took place, bringing in revenues of over 7.1 billion euros.
6. Utilization of European funds from the Recovery Fund and the new NSRF. “Extroversion is one of the five pillars of the Recovery Fund’s loan program. Companies that have an export activity equal to 15% of their turnover or submit business plans in which exports constitute 15% of the projected revenue are eligible for granting loans on preferential terms”, said Mr. Hatzidakis. “Although in the NSRF 2021-2027 it is foreseen that every action financed by the Competitiveness Program should have a special mention of extroversion”.
According to the protothema, Mr. Hatzidakis finally underlined that the basis of economic policy is fiscal stability, which is a condition for attracting investments and promoting exports.
“We will continue”, he concluded, “closing our ears to the sirens of populism and continuing the policy of fiscal seriousness and the pro-business approach. This national effort will eventually be crowned with success. We deserve it because we have been through fire and iron and because we have proven that if we are united and make a serious effort, we will succeed.”
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