G. Tsakiris: Greece is now a very attractive investment destination for foreign investors

“Greece is now a very attractive investment destination for foreign investors and a unique window of investment and development opportunity has been created which should be used to the fullest.”

This was stated by Deputy Minister of Development and Investment Giannis Tsakiris, at the working meeting organized by the Hellenic Development Investment Bank (EATE, former TANEO) and EV, in collaboration with the Hellenic Association of Venture Capital Companies (HVCA) on “Finance with venture capital “.

According to today’s announcement, at the recent meeting held at the historic EVEA building on America Street, the Undersecretary stressed that Greece is now a very attractive investment destination for foreign investors and a unique window of investment and development opportunity has been created. which should be used to the fullest.

Mr. Tsakiris announced in advance that the new programs under the Recovery Fund are at the stage of final approval by the EU and by the end of the year it is estimated that the first call for expressions of interest will have been issued.

He stressed that the “European stamp”, in addition to funding, is a guarantee of credibility of projects, creates a special dynamic around these business ideas, as the European evaluation not only gives them a boost, but also puts them on the radar of investors.

The President of EATE, Prof. Haris Lambropoulos referred to the cooperation that exists with the Deputy Minister, to take advantage of the opportunities created for Greek companies. He also emphasized the strategic cooperation with the French Development Bank (BPI France), as well as the fact that EATE actively participates in the European dialogue, but also in the effort to support scale up companies. He said, finally, that the success of EATE is the general development of the ecosystem of venture capital investments, therefore the actions that provide know-how and access to new development opportunities will continue.

The Managing Director of EATE, Antigoni Lymperopoulou, pointed out that EATE, with its significant range of invitations, is open to ambitious and realistic proposals. It seeks to act as a platform for partnerships and collaboration to implement new business ideas and make the best use of available resources.

For his part, the president of the Hellenic Association of Venture Capital Companies (HVCA) Giannis Papadopoulos underlined the significant growth of venture capital companies in recent years in Greece, as their managed capital now exceeds 1.5 billion euros, having realized investments that have attracted a large number of international investors, enhancing employment but also extroversion and competitiveness of Greek entrepreneurship. He noted that a key role in market development is played by fund managers with significant investments and returns over time, as well as the creation of a number of new investment tools for the venture capital-private equity (VC / PE) market throughout range of business activity in the last two years. Concluding, he stressed the need to further support and accelerate the development of the VC / PE market.

In his turn, Tassos Iosisfidis from EV, stressed that the access of Greek companies to external financing has always been crucial to strengthen their competitiveness and that this period is an ideal opportunity, as the financing programs of the EU. offer direct funding opportunities for all sectors, all types of organizations and for all types of projects. At the same time, he noted that European programs are a particularly attractive solution for fund managers, as they support their investments, multiply their value, reduce risk and provide liquidity. Mr. Iosifidis concluded that, in the context of a holistic approach, EV has adapted its services in a timely manner, in order to provide specialized advice on grants and financing for investment or business projects, taking into account all available tools.

In the main part of the event, Vassilis Tsiamis, Associate Partner in the Department of Corporate Strategy and Transactions Advisors of EY Greece and head of access services to European financing programs, gave an overview of European financing programs. The speaker explained that European funding is divided into direct and indirect (such as the NSRF and the Recovery and Resilience Fund), analyzing the EU 20 1.21 billion fiscal framework 2021-2027, which focuses on, inter alia, areas such as digital technology, sustainability, the environment, alternative energy and innovation.

Mr. Tsiamis focused his speech on the opportunities provided by the EU direct financing programs. “EU direct financing is another financial tool on the menu of available options, both for businesses of all sizes and for investors,” he said.

Then, Dr. George Tzamtzis, Senior Consultant at the Department of Corporate Strategy and Transactions, Access Services to European Financing Programs of EY Greece, presented the financial tools available for small and medium-sized enterprises (SMEs), but also start-ups. In particular, it analyzed the Horizon Europe program, amounting to 95.5 million euros for the horizon 2021-2027, the largest program for research and innovation by the EU, which aims to respond to both global challenges, such as climate change, but also to strengthen the competitiveness of the European economy. The speaker explained that the funding under the program is provided after a competitive process for projects for the development of new technologies and services, which are evaluated based on three criteria – excellence, impact and implementation – while covering in the form of a grant, a project budget of 60% up to 100%.

Finally, Dr. Tzamtzis, referred to the funding tools of the European Innovation Council (EIC), such as the EIC Accelerator, which aims to support start-ups and SMEs to develop high-impact innovation. In particular, the speaker explained that the EIC Accelerator offers a combination of financing options, both in the form of investments (at least EUR 0.5 million and up to EUR 15 million) for SME growth, and in the form of grants (up to 2, EUR 5 million) to support research and development, as well as a combination of these. In closing, he said that European funding bridges the gap between public funding and private equity funding, and works in conjunction with venture capital, reducing investment risk.

Source: AMPE