Greek Omnibus Bill Revisions Aim to Facilitate Business Activity

In efforts to attract investment and facilitate the launch of business projects in Greece, the economy ministry has made five revisions to an omnibus bill set to be voted on in parliament on January 15, as part of the country’s third bailout requirements.

The five amendments to the bill tabled today in parliament aim to stimulate development and bring in foreign investments while making it easier to launch business ventures.

Specifically, the bill foresees incentives for foreign enterprise to set up ventures in business parks; the upgrade of the Industrial Property Organization (OBI) framework which protects inventions and industrial designs; the introduction of new building criteria for bakeries; the simplification of the framework covering quarrying activities and a series of regulations aimed at speeding up the implementation of public works.

A ministry priority is the creation of business parks and industrial areas which will house industry and trade activities backed by the relevant infrastructure while ensuring lower running costs, enhancing synergies and partnerships, creating integrated value chains, and sharing technology know-how. The goal is to increase productivity and improve competitiveness of the Greek economy.

Once passed, the omnibus bill provides fast-track procedures for the creation of such parks and areas and simplifies the transfer of businesses there.

Another key revision provides for the quicker implementation of public works. In this direction, Deputy Economy Minister Alexis Charitsis has called for the creation of two working groups: one overseeing archaeological studies and works, and the other expropriations.