Greece to launch $1 billion investment program to spur small business growth, slash red tape

12:01 31/5/2025 - Πηγή: iEfimerida

Greece will roll out a €1 billion ($1.08 billion) development plan over the next two years to strengthen small and medium-sized businesses, slash red tape, and attract new investment, Development Minister Takis Theodorikakos has announced.

Speaking at the General Assembly of the Central Union of Chambers of Greece, Mr. Theodorikakos said the initiative will

focus on manufacturing, innovation and regional development, with special provisions for economically weaker and remote areas.

“This is a strategic priority for the country,” Mr. Theodorikakos said.

“Even traditional forms of economic activity such as handicrafts and ceramics — along with new models like social entrepreneurship — will be supported.”

Three initial programs will target industrial production, large-scale investments, and underperforming regions, including all four prefectures of Western Macedonia, a region hit hard by the national coal phaseout.

These areas will benefit from dedicated incentives to help reestablish them on Greece’s production map.

The announcement follows a drop in Greece’s unemployment rate to 8.3%, one of the lowest since the financial crisis.

Mr. Theodorikakos said the decline reflects “serious policy” and the resilience of the business community, but warned that global economic instability demands continued vigilance.

“We live in a rapidly changing world,” Mr. Theodorikakos said.

“There are signs of an emerging global trade war. Greece must stay ready and have a plan.”

The minister also previewed legislative reforms to update the legal framework governing chambers of commerce, calling their leaders “key partners” of the ministry.

A new law will be drafted in full cooperation with the chamber network, he said.

Separately, Mr. Theodorikakos announced the creation of a new independent authority to oversee market operations and consumer protections — mirroring the Independent Authority for Public Revenue (AADE), which handles tax enforcement.

“This is a deep reform,” Mr. Theodorikakos said. “The new body will be responsible for monitoring trade, enforcing fair competition, and safeguarding consumer rights.”

He also confirmed a new national quality policy law will be submitted to Parliament soon.

It aims to strengthen certification and inspection procedures to ensure product safety and boost business competitiveness.

“The goal is to prevent problems before they happen, not just respond after the damage is done,” Mr. Theodorikakos said.

More than €22 billion in public and private projects are currently underway across northern Greece, he added — part of a broader push to modernize Greece’s economic model and secure long-term growth.

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