Prime Minister Kyriakos Mitsotakis participated in a discussion this morning, at Morgan Stanley’s offices in London, as part of the Hellenic Investment Conference organized by the bank in collaboration with the Athens Stock Exchange.
During the discussion with the head of Morgan Stanley International, Franck Petitgas, the Prime Minister emphasized the particularly good performance of the Greek economy, the emergence of Greece as an investment destination, its geopolitical and energy advantages, the dilemmas of the elections and the central political goals for the coming years.
Forewording the Prime Minister, Mr. Petitgas expressed his assessment of the economic course of Greece and its prospects, in an unfavorable international environment. “We certainly feel a lot of optimism in Morgan Stanley for Greece, especially when it comes to comparing it with the rest of the world, across all industries”, he said.
PM Mitsotakis stated on his behalf that, “in 2022 we achieved record investments and I expect that we will also set records in 2023. If you look at our growth rates, for 2022 we will be close to 6%, while for 2023 we expect 1.8% – three times higher than the eurozone average. I wouldn’t be surprised if it ends up being even higher. But, more important to me is that the current development has truly sustainable features. The economy is now much more extroverted”, noted Kyriakos Mitsotakis.
“We have managed to convince international investors that this is the moment to come to Greece. If Foreign Direct Investments are an indicator of the interest that Greece has managed to attract, 2022 was another year in which we achieved records. And I expect that we will also achieve a record in 2023. There is one variable, which you will certainly ask me about, and it has to do with the elections and the political situation. Once this issue is resolved, I expect a new boost of investor interest in Greece”, the Prime Minister added.
Referring to the elections and analyzing the process of the second elections, the Prime Minister underlined that “the possibility of double elections should not worry investors. Because the second elections will be set up very quickly, after the first ones. There will be a period of weeks – not months – maybe four, five, six weeks of interim government between the two election contests. The choice in Greece is now, I believe, clear. Citizens can evaluate almost four years of our own governance and the governance of my predecessor, who is the main contender in the elections. So the comparison is clear: four years of Tsipras and SYRIZA, four years of Kyriakos Mitsotakis and New Democracy. We have our own path with our deeds, they have their own path”.
“At the end of the day the question is who can steer the ship in these uncharted waters. Greeks want to feel safe, they want to ensure that we do not go back to the regime of high taxes and low growth that existed under the previous government. I am quite optimistic that we will manage to form a government. After the elections I expect a new wave, a new ‘explosion’ of investments, because we will have four years ahead of us, hopefully with fewer crises”, said Kyriakos Mitsotakis.
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Referring to the priorities of the next 4 years, the Prime Minister emphasized: “Essentially my goal is a very, very fast, not only convergence with Europe, but also a repetition of what happened in the case of Ireland, which started with significantly lower wealth in proportion to its population and ended up being one of the high performing countries at European level. There is no reason why Greece could not do something similar”.
“My priority will be the quality of the development”, continued Kyriakos Mitsotakis. “This is not just about 5%, 6%, 7% growth – or 2%, 3% in tough years – but about growth being sustainable. This is a top priority for me. We are putting a strong emphasis on digital transformation in a way that allows us to overtake other countries and will be socially just, in the sense that available income and wages, especially minimum wages, will rise and everyone will have a fair share of the wealth that we create. So for me that element of the quality of development that we can create is very important. And sustainability, the digital and social element, must be part of our policies at all levels. My aim is to reduce unemployment well below 10% and we are moving towards this goal. Of course, we place great emphasis on the acquisition of new skills, training our workforce, ‘opening’ our universities to the challenges of the future. And at the social level, we place great emphasis on Health”, said the Prime Minister.
“Major explorations are also underway by Exxon and Helleniq Energy southwest of Crete and the Peloponnese. Exxon is very interested in this area and I suspect they have some good indications”, Mr. Mitsotakis added.
