Psaltis: The national goal is to cover the investment gap of the previous decade
The National Target stated that the CEO of Alpha Bank covered the investment gap created during the long recession that followed the lending crisis in 2010.
Alpha Bank Group CEO Vassilis Psaltis, among others, referred to the prospects that open up for Greece and the challenges that the Greek economy and entrepreneurship must manage for a future of growth, prosperity and sustainability , from the CEO Panel “Re-imagine Greece ”by SingularityU Summit.
"We must set as a national goal the filling of the investment gap created during the long recession that followed the debt crisis in 2010 and create new, quality jobs, building a strong productive fabric and prosperity based on our own strengths and not in the increase of the public debt ", underlined Mr. Psaltis, as a prelude to the structural changes that Greece needs to adopt.
The CEO of Alpha Bank called for "emphasis to be placed on 'rapid success' on the investment front", highlighting as strategic intervention points, among other things, the need to increase the size of Greek companies through mergers, acquisitions and business partnerships, which will lead to more efficient utilization of the funds of the Recovery Fund and the new NSRF, the further removal of institutional barriers and, finally, the provision of strong tax incentives as catalysts for the mobilization of a significant scale of private investments. A key point for the investment strategy, according to Mr. Psaltis, is also the further strengthening of the initiative taken by the State to attract foreign investment, "especially in the field of digital technology,
Referring to the fields of energy, education, justice, climate change, he said that they are "some of the spearheads" of the effort that must be made by both the State and the private sector. Specifically for climate change, he stressed the need for a strategy of shifting investment interest towards Renewable Energy and the circular economy, explaining that "for banks, the green transition leads to a significant change in the financing philosophy".
ESG: Banks first companies called upon to meet wider transparency and accountability requirements
Asked by SingularityU Greece Summit CEO Nikis Syropoulou about ESG accountability and criteria, Mr. Psaltis spoke of "a mega trend at the global level", explaining that the agenda can be promoted by the political system and the supervisory authorities, but there are also very strong financial incentives for the company itself to embrace this enlargement. " "Companies that develop business models with an emphasis on sustainability enjoy better valuations in the capital markets, while at the same time, large investment firms incorporate criteria of environmental responsibility, social harmonization and corporate governance into their investment decisions," he said.
As for the banks, he stressed that they are "the first companies that were called to meet the requirements of greater transparency and accountability", as their investment behavior over time concerns not only their shareholders, but also businesses and society. "The responsibility of the banks is decisive in the promotion of the modern ESG agenda", he added and pointed out as modern evaluation criteria of a company, which "give the green light" for its bank financing, the environmental sustainability of its operation, the implementation of modern corporate governance rules and transparency of its results.
In this context, Mr. Psaltis noted that "Alpha Bank directs its capital to healthier entrepreneurship, responsibly managing the risk taken, supports the effort of Greek companies to move to modern, sustainable standards and remains open to society." Regarding the role of big business leaders in this new landscape, Mr. Psaltis commented that "it is admittedly becoming more complex but also more exciting, it requires recognition of trends in society and determination in implementing change." "One can not be financially strong without having the appropriate social footprint," he concluded.
Greece is in an advantageous position for a strong and sustainable development The CEO of Alpha Bank, finally, referred to the strategic advantages that our country has, as a dynamic member of the European Union and the Eurozone, explaining that its geopolitical position leaves significant room for exploitation, both politically / diplomatically and economically / business level. He commented that the favorable soil and climatic conditions of Greece are the basis for the quality development of tourism and agri-food which, in combination with the cultural heritage, give Greece a lead in creating a strong international brand name.
"The axes of logistics and shipping, energy, and especially of RES, tourism and culture, but also of food can be important opportunities and at the same time advantages for the key turn of the Greek economy towards a strong and sustainable development", Mr. Psaltis added, emphasizing that his optimism for the future is based on the fact that "our country now has huge productive forces, solid institutions as well as a creative and productive national identity, which was steeled through its small and big defeats. past decade and became more extroverted and business-friendly. "
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