Greece is aiming to create a significant stream of strategic investments, which will be in full swing as of today until the end of the year, in a bid to offset the impact of the recession and accelerate the recovery of the economy from 2021 onwards. In this context, in recent weeks, licensing procedures have been progressing at a rapid pace to launch as many investments as possible after having been passed by a joint ministerial committee on strategic investments in recent years but had remained stuck until today.
Government officials believe that if the investment projects, most of which are in tourism, are launched by the end of this year then the benefits to the economy will be maximized. They are projects in various parts of the country, such as Argolida (Kilada Hills), Corfu (Cassiopi), Crete (Elounda Hills, Itanos Gaia, etc.), Mykonos (Project Blue and Mykonos Project), totaling more than 1 billion euros, creating tens of thousands of permanent jobs. These projects will be alongside the investment in Elliniko, which will also be in the full process of construction work as of the start of the new year.
Meanwhile, a new generation of strategic investments, totaling 640 million euros, has entered a preparatory stage. These are investment plans, which were approved in the last joint ministerial committee a few weeks ago. The largest of these investments, amounting to 240 million euros, concerns the development of tourist accommodation in the area of Kyllini by the German investment fund Deutsche Invest Equity Partners GmbH, in collaboration with internationally renowned tenor Yiannis Oikonomou. The fund has already made its first investment in Greece, participating in the privatization of the Thessaloniki Port Authority (OLTH).
The project will be called "Arcadia Cultural Resort and Spa" covering 74 acres. In addition to a five-star hotel, the resort will also house tourist residences, a marina, and a cultural center by the sea to host events. With the development of this project, the area of Kyllini in Ilia is expected to develop into a remarkable tourist destination as several leading resorts operate there, such as two Grecotel hotels (Olympia Riviera and Mandola Rossa) and the Robinson Club complex.
Another important investment concerns the creation of a tourist resort in the area of Kalafati, Mykonos, with a budget of 120 million euros. The project concerns the construction of two five-star hotels with a capacity of 450 beds and also 35 luxury tourist residences.
Businessman Angelos Michalopoulos is also preparing a 170-million-euro investment in Ios after having acquired almost 30 percent of available land on the Cycladic island.
According to approved plans, the development of three tourist complexes is underway, in different parts of the island. In addition to five-star hotels, the resorts will provide tourist residences, which will be available for sale or long-term rent. At the same time, Angelopoulos is also promoting other activities, such as strengthening cultural tourism, through the development of a farming unit, the creation of hiking paths, and the promotion of an old mine of the island.
A tourist unit is also being promoted by a group of Dutch interests in the area of Vonitsa, in the municipality of Palairos, western Greece. This is a 110 million euro investment, which concerns the development of an area covering 40 acres. A five-star hotel with a capacity of 135 beds will be developed on it, as well as 30 tourist residences. Fraport's takeover of the nearby Aktion Airport will play an important role in the development of the wider area as it is now possible to be directly connected with several countries.