Rebalancing growth model only way out for Greece

Greece needs to rebalance its growth model from consuming to producing, which is its only exit from debt crisis, a top Greek investment official told Xinhua in an interview. Athen's austerity measures are necessary steps to cope with the current crisis, said Aris Syngros, executive chairman of Invest in Greece Agency, who is attending an investment seminar in Beijing. "The Greek people have no choice but to move on," Syngros said, adding that patience is needed for Greeks and foreign investors alike as it takes time for these plans to take effect. If the government lives up to its commitment of structural reforms and austerity measures, the Greek economy will resume growth soon, he said. When asked about what Athen will do to attract foreign investment, Syngros said the government has introduced a new investment law to create a business-friendly environment, including providing tax incentives and subsidies in such areas as renewable energy, logistics, tourism, food and beverages. On top of that, a fast-track law has also been put in place to help cut red tape, fight bureaucracy and facilitate investment, he said. Syngros also believed that a crisis always creates opportunities. For instance, Greece, though stumbling from one crisis to the next, provides opportunities for Chinese investors, he said. Moreover, the official was confident about China-Greece cooperation, citing the example of a recent project in northern Greece, where four out of 15 bidders came from China. In October, China's top political advisor Jia Qinglin paid an official goodwill visit to Greece. During his five-day stay, Jia said he hoped the two sides could make vigorous efforts to promote cooperation in marine transport, tourism and other areas including new energy.