DIMITRIOS G. SIOUFAS Minister of Development

United World: Could you highlight for our readers, which are the basic priorities, and strategies set by the Ministry of Development since you took over as Ministry of the newly elected government?

Mr. Sioufas: The basic axis of our strategy is the implementation of initiatives, the regulation of measures and adapting policies with a view to increase the competitiveness of our economy. The implementation of a well-run free market economy, the improvement in investment, the pulling of foreign investment, the acceleration of development in every Greek periphery, the support of employment are necessary measures for the Greek market in order to become more efficient.

United World: The Olympic Games are a bet Greece has taken and the new PM has assumed personal responsibility over the matter. How can the Ministry of Development cooperate in order to achieve successful Olympic Games?

Mr. Sioufas: The are three basic challenges faced by the Ministry of Development with regard to the Olympic and Paralympic Games.

First, finding a solution to the chronic problems that some of the Olympic Venues have been facing regarding the interrupted power supply by PPC. Some of the projects, such as the creation of sub-stations in Argyroupoli and in Korudallos, although they should have been completed a long time ago, entered the construction phase only after the elections, by our government. These projects will be ready at the beginning of August and will contribute immensely towards the uninterrupted power supply.

A second priority will be to hold back the possible repercussions created by the international increase in the price of petroleum products so as to hold back any price increases. Here, I would like to underline, that we are determined not to allow phenomena of "Olympic" price speculation to affect the consumer, the visitor and of the excellent international image the Country possesses.

The third mission for the Ministry of Development (as well as of the whole government) is the appropriate exploitation of the Olympic Games. This is a great global, cultural and athletic event. We can project the comparative advantages of the country and of our new development potentials, aiming to attract new direct investments, supporting our exports and renovating our tourist industry.

United World: Greece is going through a construction boom as it prepares for the Olympic Games. New motorways, harbours, sport and transportation venues are under construction. In your opinion, in which fields do you see Greece benefiting the most from the Olympic Games?

Mr. Sioufas: Many different sectors have contributed to the preparation for the Games. Tourism, the construction sector, real estate, entertainment and media are just some of them. The cities that will be hosting the Games will have the greatest potential due to the improvement of their infrastructure and due to the media attention and advertising they will receive. The technical knowledge that will be acquired by organising a great athletic event is also a benefit. The state of the art sports venues will be able to host future cultural, athletic or convention events. What is certain is that through the Olympic Games, Greek tourism will attempt a great forward leap. It will be a dynamic leap towards quality and the offering of added value services such as eco-tourism and conventions.

United World: Greece and the USA enjoy a long-standing close relationship, also based in the influence of a strong Greek-American lobby. USA exported over 1, 1 billion $ in goods to Greece in 2003, while Greek exports to the USA touched the 600 million mark. How would you define today's relations and in which sectors do you see potential for further cooperation?

Mr. Sioufas: Economic ties between the two countries have important margins for further development due to the new position of Greece within the EU and also due to the leading economic position Greece is developing in the Balkans. The main areas of direct or potential Greek-American trade and investment interest are:

· In shipping, due to our tradition, expertise and size.
· In the financial credit sector, where the American financial credit institutions, which wish to enter the Balkan market can take advantage of the Greek bank's networks and develop cooperating with them.
· In tourism and real estate, where many fields for cooperation are opening for the Greek and US companies especially in areas such as year round quality products or convention tourism. Even further potential appears in the area of second-home-tourism, meaning the autonomous development of dwelling centres, such as in Pylos, Euboia, and elsewhere.
· In the energy sector too. Greece is developing an importantly intermediary role in the chain of transporting petrol and natural gas from the Caspian and Central Asia to the large European market. I underline the fast completion being undertaken of the natural gas axis/pipe between Turkey-Greece-Italy. I also note that China has shown special interest in the development of alternative forms of energy.
· In mineral wealth, as the international recovery and inflation of primary resources, of oil and metals offers important margins for exploitation.
· In agriculture, in products of high added value, for instance the organic products.
· In health services, where peripheral demand (Balkans, Middle East, and Black Sea) is in the rise and where Greece can become an important centre by importing medical and hospital equipment and by developing common investing schemes and cooperating with the USA.
· In logistics services (meaning, the safe deposit of products and their delivery on time to sale points) in order to facilitate American exports to the Balkans and the wider region.
· In outsourcing, by offering infrastructure services such as management, logistical support, payment or IT solutions.
· In the primer packaging of industrial products, in the packaging of agricultural products (e.g. thyme or other herbs) and in the development of technological applications and research (according to the Irish model).

United World: PM, Costas Karamanlis has emphasized the importance of privatisations, improving the standard of living and on an investor friendly environment, aiming to attract foreign investment. These policies are in favour of economic development, which this year recorded the highest percentage in the last five years: 4, 3%. Could you highlight the basic targets and the measures you are implementing so as to contribute to the financial development of Greece?

Mr. Sioufas: Within the framework of our strategy we are promoting specific measures such as: downsizing of bureaucratic requirements for business licensing; disconnection of the offered investment supports from the creation of new jobs; offering incentives to businesses to further invest in R&D and technology; reconsideration of mechanisms and reclassification of programmes of the 3rd CSF with a turn towards private economy and self-financing; financial and structural support of the MM by the creation of Guarantee Capital; modernisation and restructuring of the system of state commissions; implementation of a new energy policy reshaping the institutional framework, further freedom of the market and institutionalisation of the National Energy Council; supporting of the Competition Committee for a more efficient functioning of the markets; restructuring the National Council of Competitiveness, institutional support to consumer organisations and the activation of the National Consumer Council; rationalisation of the insurance market; thwarting the onslaught of black-market trade.

United World: How important is according to you the flow of foreign investment capital for the economic development of Greece and in particular what are your expectations on US investments in the country?

Mr. Sioufas: The flow of FDI into Greece acquires a critical role in the process of productive development of the country, since the income funds by the EU are gradually being reduced and the actual international relocation of employment will bring negative results to those who do not adapt to the tough conditions of international competition. Our aim is to invest in human capital and to exploit the new infrastructures in order to attract foreign investment capitals and know-how that is able to adhere to the Country production specialisation, but that also enjoys of international recognition. We are expecting a lot from direct American investment to Greece for the reasons we just mentioned (new place in Europe and peripheral role of Greece in SE Mediterranean, important margins of cooperation in specific fields - mainly in services) and due to the fact that in the last 15 years US investments in Greece have stayed in relatively low levels.

United World: You are part of a new government. Greek people expect further economic development and improvements in the standard of living. According to you, what is your own responsibility as the Minister of Development so as to contribute toward the prosperity of Greek people?

Mr. Sioufas: My vision is to contribute to a spring of entrepreneurship, to the overflow of development to the whole of the Greek periphery, to the modernisation of a productive web in the country, and of course to confront chronic and social problems, such as unemployment and expensive prices. We have started strong and we are taking actions effectively. I am very optimistic on our possibilities.

United World: to address a message to our 3,000,000 readers by the Minister of Development.

Mr. Sioufas: First of all I would like to address an invitation of participation to the greater celebration of civilisation and athleticism, to the Olympic and Paralympic Games of Athens underlying that all the Greeks have been preparing intensively to organise the best and safest Olympic Games. I would like to highlight that in the effort of supporting the security for the Games, apart from its wider contribution, the government of the US gave away to the Ministry of Public Order, to the Ministry of Economy and Finance and to the Ministry of Development, modern systems of radiological protection (radioactivity detectors) which are valuable for shielding our country against any radiological danger. I would like to again thank the US government for this.

United World: Would you like to make reference to any other issue?

Mr. Sioufas: Our planet is a global village. The borders are becoming weaker and distances are diminishing. States and peoples can have a closer cooperation. We can get closer. The ties between Greece and the US are cordial and rewarding. I hope to see even further American investments for the common benefit of both countries.