Νέος Επενδυτικός Νόμος

With a percentage of 75% the financing (subsidy) of investments in the North Aegean

Among the highest motives of the new Investment Law are the islands of the North Aegean.   As it is known, at the beginning of February the New Investment Law was published in a Government Gazette (attached at the end of the article), while according to information, within the current month (June 2022) the first Call concerning investments in Manufacturing and Logistics, is expected.

One of the issues that concerned us during the previous months (from the enactment of the Law until today) had to do with the clarification of the percentage of financial support (subsidy) to which businesses in the North Aegean are entitled.  This is because, contrary to the previous Development Laws that provided that the islands of the North Aegean are included in these areas of the increased incentives of the Law (grants), the new Law does not make such an explicit reference.

For the purpose of clarifying the issue, a delegation of the Association of North Aegean Business Consultants met yesterday (Tuesday 14.06.2022) in Athens, with the Minister of Development, Mr. Adonis Georgiadis, in a meeting arranged by the Member of Parliament for Lesvos and Vice-President of the Parliament, Mr. Charalambos Athanasiou, who was also present at the meeting himself.

The representatives of the Association raised with the Minister the major issue of the need to clarify the new Law as to which areas are entitled to the maximum possible free subsidies.

In response to this request, the Minister stated categorically that while there is indeed no such explicit reference to the new Law, he considers it self-evident that the islands of the North Aegean Region belong to the so-called in the new law “Just Development Transition Areas” which are in any case entitled to the maximum possible subsidies.   In addition, the Minister promised, after the relevant intervention of Mr. Athanasiou, that this oral clarification of his will be included as soon as possible, in an interpretative circular of the Law, where explicit reference will be made to the issue.

This fact, in combination with the New Regional Aid Map, marks a new period with very important incentives for the islands of the North Aegean, since investments in the islands of the Region can reach (for Small and Very Small Enterprises) to be financed with the maximum possible subsidy rate of 75%, from 55% that was in force with the previous Development Law.

Pending the Announcement of the first Special Status of the Law (Manufacturing) and the next one (Tourism) that are expected soon, the news for interested investors is excellent, since they make the North Aegean a particularly attractive place for investments.

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