Greece Grows In Investment Popularity among Foreigners
Greece, with its popularity in tourism and its successful Greece Golden Visa Program, keeps growing in the investment arena among foreigners. The country’s attempts to create a political and economic structure that lures foreign investors in pay off year by year. Greece gradually becomes a favourable destination for investors from all around the globe. Yet, it is not that easy to become a very popular investment hub all of a sudden. According to a survey presented at an investment forum in Athens, there are several challenges on the path of the Mediterranean country.
Growth is Consistent
According to Bank of Greece data, in 2018 foreign direct investment expanded by a very robust 12.5 per cent over 2017, reaching 3.6 billion euros; this represents the third year in a row of increasing investment in the country.
A survey by Metron Analysis presented at the InvestGR Forum showed that 60 per cent of the chief executive officers of 35 multinational companies active in Greece say it is likely their corporation will make further investments in the country, up from the 53 per cent seen the same survey last year.
Moreover, the respondents answered another question in which they evaluated their beliefs about the Greek economy for the next five years. The vast majority of the participants of the survey expressed optimism and claimed that Greece will continue to improve as an investment destination over the next few years.
Many Areas Enjoyed Increased Investment
The main sectors seen as attractive for investors in Greece, according to the survey, are the areas of tourism, food catering, education, energy, health services, transport and real estate. The results of the survey, conducted for a second straight year by Metron Analysis in collaboration with Public Affairs & Networks, was presented at a seminar in Athens on Monday on investments in the country, where BoG also unveiled figures on FDIs (foreign direct investment) over the past three years.
Nuances that Might Bother Investors
Nevertheless, there are several factors in the Greek economy which are slowing down incoming investments and which are seen as negatives by the CEOs, including Greece’s administrative environment, its tax framework, and corruption. Other factors of concern to foreign investors are the slow speed of Greece’s judicial system and the limited amount of research and innovation which is undertaken in the country. Yet, as the Greek government proposes new policies and methods to tackle these problems, the investor trust in the country keeps growing even though problems exist. It is not a far-fetched argument though to believe that Greece will do better in the near future by looking at the success of the Greek Golden Visa Program.