Capital Link’s 24th Annual Invest in Greece Forum, entitled “Sustaining Growth & Investment Momentum”, took place with great success and great participation on Friday, December 9, 2022 as an in-person event at the Metropolitan Club in New York, in co-operation with the New York Stock Exchange, the Athens Stock Exchange and major Global Investment Banks and Organizations. The Forum was organized with the support of the General Secretariat for Greeks Abroad and Public Diplomacy – Ministry of Foreign Affairs, under the Auspices of the Consulate General of Greece in New York. JP MORGAN & Tsakos Energy Navigation (TEN) Ltd. were Lead Sponsors of the Forum. The Forum, which also receives the strong support of the Greek business and financial community, has become an international summit about Greece through the years. With a 24-year track record of success, the Forum has been engaged in a systematic effort to highlight Greece’s profile to a global business and investment audience. The event gathered top level executives from the business world, bringing together a number of international investors, entrepreneurs, banking executives, technocrats and Government officials from Greece, Europe and The United States. The Forum’s agenda featured top level speakers who addressed a global audience discussing topics of major importance.

The Prime Minister of Greece, H.E. Kyriakos Mitsotakis, opened the Forum (via webcast) and delivered the Greek Government’s message to international investors:

“Ladies and gentlemen,
Dear friends,

This is the fourth time I have had the opportunity to address the Annual Capital Link Conference as Prime Minister, and I am more confident today than ever before that Greece is on the right track.

As we head towards 2023, we sit at the top tier of European Union countries when it comes to growth - 8.4% in 2021 and 5.6% in 2022 according to the latest projections.

Unemployment continues to track downwards, indeed it has dropped about five points, to the lowest level since 2010. Last year proved a record year for inward Foreign Direct Investments, worth some 5.3 billion Euros. We are on track to break that record again in 2022.

And according to the latest official EU forecast, by the end of 2023, Greece is expected to be the EU country with the biggest cumulative decline in debt as a percentage of GDP since 2019.

We are proud of what has been achieved and believe there is much more to come. The credit for this progress lies with the Greek people and Greek businesses. It is progress that has been achieved in an incredibly short period of time.

In spite of the headwinds and the multiple crises we have faced, Greek companies have proved to be resilient throughout, and are now much more globally competitive. Exports have more than doubled to reach nearly half of GDP, a level higher than many other EU countries.

The vast majority of Greek citizens – despite the hardships they went through – have shown a level of maturity that has enabled Greece to remain at the center of the EU. And thanks to their choices, and their endeavors, populism was thankfully defeated in Greece.

But it is equally true that change would not have come as rapidly, without the structural reforms that we have put in place over the last three years, with nearly 400 bills voted through parliament.

Reforms that have removed unnecessary obstacles, eased the tax-burden for businesses and citizens, and dealt with long-standing deficiencies of the Greek state. It is no coincidence that Greece topped the Economist Intelligence Unit list of countries that saw the biggest improvement in their business environment over the past three years.

Ladies and gentlemen,

While Greece’s standing in the world has changed significantly for the better, we cannot ignore the fact that we live in a turbulent world. Inflation has reached multi-decade highs across the globe. Russia’s illegal invasion of Ukraine has contributed to an energy crisis that puts all our economies under pressure. And political instability is once again on the rise in many parts of the world.

Against all that, Greece is much better prepared to deal with a difficult 2023. We are projecting continued economic growth of 1.8% despite the global economic turmoil. Our fiscal house is in order. And our appetite for reforms continues unabated.

As you all know, 2023 is also an election year for Greece. We are confident that the Greek people will renew their trust in us, and that the course we have set over the past three years will not be derailed. Because good policies do matter. They have a real effect on people’s lives. And despite the multiple crises we have faced, the results of those policies are showing through.

More than ever this is the time to invest in Greece. We have proven we can deliver change. Be in no doubt: we will continue on the path of stability, consistency and reform. Because only that path will continue to grow our economy, and because only that path will make our country stronger.
Thank you.”