Page 19 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

“COMPASS” REPORT 2022 – COUNCIL ON COMPETITIVENESS OF GREECE 17

Nevertheless, Greece’s low score on patent applications, Investments and
compared to other European countries, in conjunction with financing tools
the country’s scores on indicators concerning research-
ers and the quality of publications and patents, contrasts
In the past year, the world economy has been faced with
with the large, skilled labour force and significant scientific
soaring inflation resulting from a prolonged period of very
output. The clearer institutional framework for the use of
low or negative interest rates and heavy borrowing, due
research produced by the aforementioned institutions and
to supply chain disruptions as a result of the pandemic.
the development of a framework for technology transfer
Accelerated by the war in Ukraine, rising inflation impacted
offices at tertiary education institutions, research centres
interest rates, slowing consumption and decreasing compa-
and tech hubs, indisputably facilitates the development of
ny profitability. Greek businesses were forced to find ways
the structures, procedures and human resources necessary
to adapt to the new, more challenging circumstances and
to support technology transfer from academic and research
preserve their resilience.
institutions to industry.
As regards financing tools and investments, we are seeing
Greece must pick up the pace significantly and more actively
the availability of a significant number of instruments that
support the role of research potential for innovation and
will further support innovation, thus expanding the financ-
technology. Immediate priorities include the systematic mid-
ing resources available to SMEs; to start with, the recent
and long-term exploitation of research results in line with
significant decision to implement the National Recovery and
good practice standards set by other countries and organi-
Resilience Plan (NRRP) – Greece 2.0, which will make avail-
sations, recognising which actions have been tried by coun-
able €18.2 billion in grants and €12.7 billion in loans over
tries of a similar size and culture, such as the Czech Republic
the next four years. The plan, which will leverage additional
and Slovenia, and not yielded the expected results.
private funding to mobilise a total of €57.4 billion, includes
a list of 172 investment projects and reforms that address
Furthermore, fiscal measures must be simplified and addi-
many of the needs facing the Greek economy, aiming to
tional incentives introduced to promote new technology up-
contribute towards changing the country’s production mod-
take; the formation of business clusters must be encouraged
el and boost its competitiveness.
so as to promote the exchange of best practices, shared
learning and technology transfer; a stricter regulatory frame-
The Plan is structured around four pillars, in accordance with
work must be established in order strengthen investment
European Commission guidelines: 1. Pillar 1 – Green Transi-
in green projects and practices; and the necessary reforms
tion (€6 billion), 2. Pillar 2 – Digital Transition (€2.1 billion),
must be made with a focus on strengthening intellectual
3. Pillar 3 – Employment, Skills and Social Cohesion (€5.2
property rights.
billion) and 4. Pillar 4 – Private Investments and Transforma-
tion of the Economy (€4.8 billion).

Among other things, funding has already been secured for
projects that will move Greece into the digital era, such as
5G corridors along motorways and the digital intercon-
nection of the Greek islands, as well as for urban regen-
eration projects, such as those at Elaionas and Tatoi, and
long-standing projects, such as the digitalisation of state
archives. It is clear that what is promoted through the