Page 44 - COMPASS - COMPETITIVENESS REPORT 2022 - COUNCIL OF COMPETITIVENESS IN GREECE

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RECENT DEVELOPMENTS growth in tourism as well as in other sectors. Nevertheless,
there is clear potential for growth through the adoption of a
long-term, visionary public sector plan. Initiatives have been
• Innovation Fund resources amounting to €10 billion for
launched to support productive investments and make the
2020–2030, are being utilised to support the transition
most of public sector digitalisation, and a clear institutional
towards climate neutrality.
framework is now in place for utilising research produced at
• €100 million from the Recovery and Resilience Fund has universities. Yet beyond all this, it is also important to note
been earmarked to be exclusively invested in the first that institutions are supporting entrepreneurship and new
stages of startups. forms of employment, such as remote working, and enabling
organisations to change and adapt accordingly.
• A framework of strategic investments has been estab-
lished, offering incentives and tax benefits for large
scale investments (with a value exceeding €20 million)
in strategic areas, including agrifood, research and
innovation, and biotechnology. RECOMMENDATIONS AND PRIORITIES
• Incentives are being provided for qualifying investment
plans under the new Development Law, with other • Development of a framework for swifter legislation, with
incentives provided to develop businesses through more technologically advanced procedures for pub-
partnerships and corporate transformations; these in- lic-private partnerships, which proved a key element in
centives include exemption from income tax of compa- tackling the pandemic.
ny profits resulting from an internationally recognised
• Digitalisation of legal and support services, including
patent.
provision of the necessary staff training, with the goal
• A number of financing instruments were launched or of more quickly and effectively resolving pending
enhanced, including the new EquiFund (through the legal matters and drafting of laws for the economy
NSRF), the allocation of €60 million to the Hellenic and labour relations as these are being shaped by the
Development Bank’s Accelerate TT fund to be used for Fourth Industrial Revolution, and which usually outpace
seed financing and tech transfer, and the creation of a institutionalisation.
€20 million angel investors’ fund.
• Further development of the framework for tech transfer
• Steps were taken to support startups registered in the offices at universities, research centres and technology
Elevate Greece national registry to tackle the Covid-19 hubs, in order to develop the necessary structures, pro-
pandemic (Series B) to a total of €34 million. cedures and human resources that are a key pillar for
advancing innovation in and around business.

KEY TAKEAWAYS

Public sector effectiveness can be further improved, particu-
larly in terms of the lack of stability in policies implemented
and of the administrative load of regulations introduced by
governments, which can result in serious delays to major
projects. The construction licensing framework may impede