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  • 2. Overview of Greece
  • 3. Greece can serve as the springboard for U.S. firms entering the evolving markets in the region <ul><li>Location:  Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey </li></ul><ul><li>Border countries: Albania 282 km, Bulgaria 494 km, Turkey 206 km, FYRoM 246 km </li></ul>
  • 4. Greece and the evolving markets in the region <ul><li>Greece’s proximity to other countries in southeastern Europe, and the traditional trade ties of Greek business people with these neighboring countries, offer a variety of opportunities for U.S. businesses with Greek partners. </li></ul><ul><li>Greece, particularly through its northern port city of Thessaloniki, offers a natural gateway to the Balkan countries. </li></ul>
  • 5. Greece and the evolving markets in the region <ul><li>Greek firms enjoy good commercial ties to central and eastern European markets as well, including the Black Sea region. </li></ul><ul><li>U.S. firms may wish to target these markets from a base in Greece or to explore three-way arrangements with Greek companies or partners. </li></ul>
  • 6. Location
  • 7. Greece offers investors a favorable investment environment <ul><li>Economic and political stability </li></ul><ul><li>Growth above EU average (4,2% in 2008) </li></ul><ul><li>Accessibility to the sizeable emerging markets of the Black Sea, the Eastern European and the Eastern Mediterranean regions. This may be achieved by setting up a company in Greece or by teaming up with one of the thousands Greek companies that are active in these markets . </li></ul>
  • 8. Greece offers investors a favorable investment environment <ul><li>Generous investment incentives (up to 60%) </li></ul><ul><li>Productive and highly skilled human resources </li></ul><ul><li>Competitive industry sectors, optimal supply and great variety of raw materials and infrastructure </li></ul><ul><li>A great infrastructure network, upgraded for the 2004 Olympic Games </li></ul>
  • 9. Greece offers investors a favorable investment environment <ul><li>One of the top tourist destinations in the world that attracts more than 14 million visitors annually </li></ul><ul><li>A unique culture and a good environment to live and to work! </li></ul>
  • 10. Sectors with Market Opportunities <ul><li>Information Technology and Business Software; Medical Equipment; </li></ul><ul><li>New Thermal and Renewable Energy Power Plants; Systems and Equipment; </li></ul><ul><li>Environmental Equipment and Engineering Services; Security and Safety </li></ul><ul><li>Equipment; Telecommunication Services. </li></ul>
  • 11. Sectors with Market Opportunities <ul><li>Services represent the largest and fastest growing sector of the Greek economy. </li></ul><ul><li>Trade, banking, insurance, transportation and shipping, communications, healthcare, education, and tourism are the largest service sub-sectors. The world-wide economic slowdown has already negatively impacted some of these sectors, however this represents an opportunity to enter . </li></ul>
  • 12. Sectors with Market Opportunities <ul><li>Energy is a best prospect for U.S. companies because of the deregulation of Greece’s energy sector. There are many opportunities for U.S. businesses in the electricity, gas and renewable energy sectors. </li></ul>
  • 13. Source <ul><li>US Commercial Service 2009 Country Commercial Guide for U.S. Companies </li></ul><ul><li> </li></ul>
  • 14. The role of the Special Secretariat for Competitiveness <ul><li>Our objective is to improve the competitiveness and extroversion of enterprises and industry emphasizing on innovation. </li></ul>
  • 15. The role of the Special Secretariat for Competitiveness <ul><li>This objective will be attained through actions supporting: </li></ul><ul><ul><ul><li>The development of healthy, sustainable and extrovert entrepreneurship, </li></ul></ul></ul><ul><ul><ul><li>The acceleration of the transition to the knowledge-based economy </li></ul></ul></ul>
  • 16. The role of the Special Secretariat for Competitiveness <ul><li>The goal of making Greece a more attractive place for developing business activities that promote sustainable development </li></ul>
  • 17. <ul><li>Our financial tools = 2 Operational Programmes , which are co-financed by the European Union: </li></ul><ul><li>Operational Programme “Competitiveness” 2000-2006 </li></ul><ul><li>3 billion € public spending </li></ul><ul><li>Operational Programme “Competitiveness and Entrepreneurship” 2007-2013 </li></ul><ul><li>3.2 billion € public spending </li></ul>
  • 18. <ul><li>We utilize funding for: </li></ul><ul><ul><li>Development of the necessary infrastructure for entrepreneurship and investments support </li></ul></ul><ul><ul><li>Simplification of Business Environment by simplifying business legislation </li></ul></ul><ul><ul><li>Motivation for business modernization and attraction of new investments </li></ul></ul>
  • 19. <ul><li>The investment incentives law is applicable to enterprises having business activities in the following sectors: </li></ul><ul><ul><li>Primary (e.g. greenhouses, animal farms, fisheries etc.). </li></ul></ul><ul><ul><li>Secondary (e.g. manufacturing, energy etc). </li></ul></ul><ul><li>Tertiary: </li></ul><ul><ul><li>tourism (hotel units, conference centres, marinas, thematic parks, golf courses, development of mineral springs, thalassotherapy centres, health tourism centres, centres for training-sports tourism etc). </li></ul></ul><ul><ul><li>other services (e.g. applied industrial research laboratories, commercial centers, software development, supply chain services, logistic centers etc.). </li></ul></ul><ul><ul><li>Business activities which fall under the provisions of the Law are divided in  two (2) categories and are described in detail. The exempted cases which fall under other incentive means are also noted. </li></ul></ul>INVESTMENT INCENTIVES LAW
  • 21. INCENTIVES ON OFFER <ul><li>For the investment projects which fall under the provisions of the Law, the following incentives are available: </li></ul><ul><ul><li>Cash grant, which covers part of the expense for the investment project by the State </li></ul></ul><ul><li>AND OR </li></ul><ul><ul><li>Leasing subsidy, which covers part of the payable installments by the State relating to a lease which has been entered into for the use of new mechanical and other equipment </li></ul></ul><ul><li> OR </li></ul><ul><ul><li>Wage subsidy for employment created by the investment. </li></ul></ul><ul><li> OR </li></ul><ul><ul><li>Tax allowance. This incentive allows income tax exemption on non-distributed gains. The allowance is effective upon completion of the investment for the first ten (10) years of operation.  It is created through a tax exempted reserve.  </li></ul></ul>
  • 22. Cash grant / Leasing subsidy OR Wage subsidy for employment created To medium size enterprises, as these are from time to time defined in the E.U. legislation, an additional percentage of subsidy up to 10% is granted. To small and very small enterprises an additional percentage of subsidy up to 20% is granted. 35% 25%   15% Category 2 40%    30%   20% Category 1 Zone C   Zone B   Zone A Investment Category
  • 23. Tax allowance Employment positions relative to the investment are considered new employment positions which are created for the assistance of the investment within the first three years of its completion and start of productive operation. The subsidy is payable on the expenses for wages for the total employment positions relative to the investment for the first two years as of the creation of each employment position. By ‘expenses for wages’ it is understood the salary “before taxes” and the compulsory contributions to social security. Eligible for the grant are enterprises which operate in every sector of the economy, if they fulfill the criteria for the submission to the incentives system, as laid out in the Law. 100% 100%   50% Category 2 100%    100%   60% Category 1 Zone C   Zone B   Zone A Investment Category
  • 24. GREEK INNOVATION SYSTEM WWW.GSRT.GR <ul><li>12 research centers covering the following disciplines: </li></ul><ul><ul><li>natural sciences (33 institutes) </li></ul></ul><ul><ul><li>engineering (7 institutes) </li></ul></ul><ul><ul><li>information technologies (7 institutes) </li></ul></ul><ul><ul><li>social sciences (4 Institutes) </li></ul></ul><ul><ul><li>humanities (5 Institutes) </li></ul></ul><ul><li>S&T Parks and Incubators for the development of innovative and knowledge-intensive enterprises : </li></ul><ul><ul><li>7 public S& T Parks (Athens, Crete, Patra, Thessaloniki, Epirus, Thessalia, Lavrion) </li></ul></ul><ul><ul><li>8 Incubators with private sectors’ participation (Athens, Thessaloniki) </li></ul></ul>
  • 25. <ul><li>Sector oriented technology companies aiming at supporting the competitiveness of their corresponding sector through the provision of tailored services of technological or scientific nature to the enterprises of each sector : </li></ul><ul><ul><ul><li>c eramics and refractories </li></ul></ul></ul><ul><ul><ul><li>metallurgy and metallic materials sectors </li></ul></ul></ul><ul><ul><ul><li>textile and fibre, </li></ul></ul></ul><ul><ul><ul><li>food </li></ul></ul></ul>GREEK INNOVATION SYSTEM WWW.GSRT.GR
  • 26. <ul><li>Regional Innovation Poles (RIP) promoting the development of integrated strategy for innovation at regional level , in areas of great interest for each region in the following regions with the participation of public and private entities : </li></ul><ul><ul><ul><li>Central Macedonia </li></ul></ul></ul><ul><ul><ul><ul><li>priority areas : ICT technologies </li></ul></ul></ul></ul><ul><ul><ul><li>Thessaly </li></ul></ul></ul><ul><ul><ul><ul><li>priority areas :Biofuels , Foods and Textile </li></ul></ul></ul></ul><ul><ul><ul><li>Western Greece </li></ul></ul></ul><ul><ul><ul><ul><li>priority areas : ICT Technologies, Food, Environment </li></ul></ul></ul></ul><ul><ul><ul><li>Crete </li></ul></ul></ul><ul><ul><ul><ul><li>priority areas : ICT Technologies, Biotechnology and Medical Technologies </li></ul></ul></ul></ul><ul><ul><ul><li>Western Macedonia </li></ul></ul></ul><ul><ul><ul><ul><li>priority areas :energy </li></ul></ul></ul></ul>GREEK INNOVATION SYSTEM WWW.GSRT.GR
  • 27. GREEK INNOVATION SYSTEM <ul><li>Hellenic Technology Clusters Initiative </li></ul><ul><li>CORALLIA </li></ul><ul><li> </li></ul><ul><li>(Micro electronics and embedded systems cluster) </li></ul><ul><li>➭ provides support and incentives for expanding the cluster members’ activities, attracting foreign and local investment and establishing strong human networks </li></ul><ul><ul><li> The member-companies of the microelectronics cluster already export innovative products in developed markets abroad. Their customers include major names of the global ICT market </li></ul></ul>
  • 28. <ul><ul><li>The implementation to date of the Operational Programme “Competitiveness” is considered as being particularly positive. The first results of the action include : </li></ul></ul><ul><ul><ul><li>Noteworthy increase of the number of enterprises members of clusters and of their performance: 60% increase of turnover, 110% increase of exports, 93% increase of specialized personnel and 213% increase of patents </li></ul></ul></ul><ul><ul><ul><li>Preservation of the exporting nature of cluster members at 75% of total turnover </li></ul></ul></ul><ul><ul><ul><li>Significant strengthening of networking between researchers and enterprises in the field of microelectronics: cooperation of twenty university and research laboratories with fifty enterprises within the cluster </li></ul></ul></ul><ul><ul><ul><li>Attraction of venture capitals </li></ul></ul></ul><ul><ul><ul><li>The cluster was included among best practices out of a total of 151 participations from all European Union member states within the “ Strengthening SME dynamics at technology level ” in a corresponding initiative of the GD Industry of the European Commission </li></ul></ul></ul>
  • 29. <ul><ul><ul><li>We support the second phase of development of clusters, aiming at the participation of a much larger number of micro-electronics enterprises and agencies, an action enthusiastically supported by the European Commission </li></ul></ul></ul><ul><ul><ul><li>The action is supported with 33 million euro from various Regions distributed to the corresponding regional agencies that participate in the action. </li></ul></ul></ul><ul><ul><ul><li>This new action set ambitious goals: by the end of the 2014 programming period it is expected that there will be 150 cluster enterprises that will achieve at least the following results: </li></ul></ul></ul><ul><ul><ul><ul><li>100% turnover increase -1.2 billion euro </li></ul></ul></ul></ul><ul><ul><ul><ul><li>50% increase of employment – 5000 working places </li></ul></ul></ul></ul><ul><ul><ul><ul><li>100% increase of exports </li></ul></ul></ul></ul><ul><ul><ul><ul><li>100% increase of patents </li></ul></ul></ul></ul>GREEK INNOVATION SYSTEM
  • 30. GREEK INNOVATION SYSTEM <ul><li>Innovation Intermediaries following the initiative & financial supported by EU : </li></ul><ul><ul><li>The Hellenic Innovation Relay Center (HIRC) aiming to promoting the diffusion of innovative technologies services and know-how and to facilitate international technology transfer agreements </li></ul></ul><ul><ul><li> </li></ul></ul><ul><ul><li>The Hellenic Project for Wider Application of R&D (PRAXIS), offering brokerage services to companies and Research Institutions and to provide information, mediation and advisory services to all stages of technology transfer and exploitation of research results </li></ul></ul><ul><ul><li> </li></ul></ul>
  • 31. Innovation promotion in all the sectors of the economy, as the main factor for the restructuring of the Greek economy and the transition to the economy of knowledge .
  • 32. Opportunities for Investments <ul><li>Creation of new clusters </li></ul><ul><ul><li>Clusters constitute a really powerful tool for the establishment of permanent collaborations of strategic significance between research institutions and businesses. </li></ul></ul><ul><ul><li>After the especially successful experiment of Corallia in Microelectronics we aim at the creation of more clusters in cutting-edge sectors such as: </li></ul></ul><ul><ul><li>In Biotechnologies in two sectors: the first one in medical biotechnology and the second one in agro biotechnology- food technology </li></ul></ul><ul><ul><li>In the Energy sector where the objective is the promotion of innovative solutions in the fields of photovoltaic , biomass , wind energy , hydrogen etc as well as in the field of the production of materials used for construction </li></ul></ul><ul><ul><li>In the sector of Culture, the promotion of the Greek culture with the use of new technologies : language technology , multimedia etc </li></ul></ul><ul><ul><li>Maritime Cluster </li></ul></ul>
  • 33. Opportunities for Investments <ul><li>Development of special forms of tourism (marine tourism, spa tourism, therapeutic tourism, religious tourism, cultural tourism, congress tourism etc) </li></ul><ul><li>Investment plans for the upgrade of marine structures and tourist ports </li></ul><ul><li>Restoration and tourist exploitation of traditional buildings, vessels, etc. </li></ul>
  • 34.
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