The tariffs imposed by US President Trump have sparked a “global economic war” from which everyone will lose, Deputy Prime Minister Kostis Hatzidakis warned during a speech at an event organized by the Hellenic-Italian Chamber of Commerce at the Athens Club.
The Deputy Prime Minister reiterated that the Prime Minister will announce in September “new tax cuts for all consistent taxpayers.”
“Greece is not very exposed to the US. Only 5% of Greek exports go to the United States,” Hatzidakis said, adding, however, that “it would be wrong to assume that we are not affected. There will be secondary consequences for the European and Greek economies. That is why we need to double check our decisions,” he noted.
“The European Union and Greece must be shielded with projects that strengthen their autonomy in strategic sectors such as energy and raw materials. We must become more competitive,” Hatzidakis said, pointing out that Greece “has the largest increase in investments among EU countries,” while admitting, however, that there is still an investment gap.
Referring to the government’s initiatives, he referred to the further improvement of the business climate, the implementation of the land registry, and the reform of the framework for attracting foreign direct investment.
Hatzidakis made particular reference to the strengthening of the financing of the real economy, while also referring to the reduction of “bad loans”.
Extroversion needed
Hatzidakis pointed out the strengthening of the financing of the real economy and extroversion, saying: “We have more than doubled exports, but much remains to be done. We will seek to strengthen exports and expand them to India and China. The Greek economy must become more extroverted.”
He made special reference to the upgrading of the country’s infrastructure, such as energy. “We are now an energy exporter”, he noted, while referring to the expansion of the Thessaloniki Metro and the construction of the new airport in Kasteli, Heraklion”.
“It is wrong to believe that we have investments only in tourism and real estate, Hatzidakis said and referred to the increased role of industry in GDP. “Let those who doubt see what has happened in the pharmaceutical and food industries.” “Greece is changing, and we want to emphasize technology, health, robotics, shipbuilding,” concluded Hatzidakis, who, turning to fiscal matters, revealed that “the Prime Minister will announce new tax cuts for all consistent taxpayers in September.”
“Greece is now an example of success” and “all the evidence shows that we are on the right track,” Hatzidakis said pledging that “we can take the country even higher.”
