K. Mitsotakis: We want to support domestic production

LAST UPDATE: 18:41

We are experiencing unprecedented situations, a global geopolitical crisis, as a result of the Russian invasion. It leads to a sharp rise in energy prices. It causes strong inflationary trends all over the world. It is a crisis that is primarily imported but must also be addressed in national terms. It must be addressed through interventions in the wholesale market and prices.

This was stressed by Prime Minister Kyriakos Mitsotakis speaking at the Forum of the Economic Post, “The Changing World”.

He noted that “we are a country that still has low wages” and “the pressure is very high” and pointed out that the country took measures that were generally targeted. He typically mentioned the subsidy for electricity bills, the emergency allowance for the weakest households, the subsidy of 60 liters per month for fuel, interventions for businesses and farmers. “We want to support domestic production. These are the national measures we can take,” he said.

He also pointed out that there are ongoing checks on profiteering. “Where profiteering is detected, we will not hesitate to impose the maximum fines allowed by law. We also have tools for transparency and price comparison,” he stressed.

The measures I have talked about are income support through price restraint. “There are others we have taken that are through tax cuts,” he said.

“Are these measures enough to deal with all the increases? I honestly say no. There is no country that can absorb all the increases. But there are other measures. What are these? Minimum wage increase from May 1 – will not give you “It will not be negligible, it will be significant. Inflation has created other conditions today than they did two months ago.”

He also noted that “we did not reduce fuel tax rates horizontally because we prefer the measures to be targeted. I prefer to direct my resources to those who need it most” while he stated that “the reduction of VAT on food is always a measure in the quiver “But it does come at a cost, and we must be absolutely certain that if we were to move in that direction, this reduction would eventually be seen by consumers.” “Businesses have been very supportive. We need to be sure that any intervention ultimately goes to the final price.”

On energy issues, the Prime Minister noted that we have insisted on energy saving programs, “save” is running at a very fast pace. to only benefit the economy “.

Referring to the primary sector, he said that there was a discussion on how to increase production of sunflower oil. “The country cultivates 800,000 acres of energy plants that produce sunflower oil, which are directed almost exclusively at mixing with fuel. We can focus a part of this production,” he explained and stressed: “There is no shortage in the market,” our country is not dependent on Ukraine for either wheat or maize. Our country’s largest supplier of these products is Bulgaria. In the last three years the primary sector has increased its footprint. We are in surplus. “We export more than we import.”