The bill of the Ministry of Development entitled “New Incentives for Foreign Direct Investment, Restructuring of the Foreign Direct Investment Directorate and Other Provisions” has been submitted to Parliament.

As noted in the explanatory memorandum, the bill addresses the need to establish a special, coherent and functional framework for Foreign Direct Investment (FDI) in key sectors of the Greek economy.

More specifically, it seeks to address the need to provide targeted investment incentives for investment projects financed by non-domestic capital, as well as to establish unified procedures for their evaluation, approval, monitoring and completion. To ensure effective administrative support for the new framework, the organizational structure of the competent Foreign Direct Investment Directorate must also be adapted, with the relevant responsibilities assigned to a specialized organizational unit. The bill provides for a special state aid framework, procedures for evaluation, approval, inspection and certification, and a support mechanism for FDI.

The parliamentary committee responsible for examining the bill will begin its work next Friday.