“Greece is determined to fight and win this battle; there is no other alternative for us. And we are winning,” Samaras said in a speech addressed to Greek and Chinese businessmen, enet.gr writes.

The Premier repeated that the fears of a “Grexit” are now becoming the certainty of a “Greekovery”. “Having achieved a safe political, fiscal and financial environment, we are currently implementing innovative structural changes,” Samaras said.

The Prime Minister invited investment in the fields of shipping, tourism, food and beverage, pharmaceuticals and new technologies, using Cosco’s presence in the port of Piraeus as an example of a successful Chinese investment in the country.

Samaras went on to praise the Greek and Chinese civilisation, pointing to the countries’ long history and their world-renowned philosophers. “We should not forget that Socrates and Confucius lived at the same period and are world-widely acknowledged as the fathers of philosophy,” he said.

“Confucius spoke about the path to wisdom. Plato wrote about the path to virtue,” Samaras concluded. “Let us join our forces, to establish our own common path to a very prosperous future.”

Meanwhile at a speech at the Chinese Academy of Social Science Samaras said: “Chinese Culture and Greek Culture gave “meaning” to human societies, across the borders and across the ages. They both provided time-transcending ideals, principals, norms, rationality, ethics and aesthetics that enriched spirituality, beyond short-lived intellectual fashions, trivial concerns or momentary impressions.”

“Indeed, we are so different in size, location on the globe and social systems. And yet so similar in other respects: we both suffered dramatically from foreign aggression and occupation during the Second World War. Our peoples fought on the same side of the anti-fascist war and endured a lot of suffering. And this binds us together even more. Finally, we both went through periods of painful transformation after the War. And we have covered a very long way in a very short time these last decades… In a short and shallow perspective, we seem to be on different “trajectories” or in opposing “phases”. But in a broader and longer perspective, our destinies are closer than most “outsiders” can suspect.”

On the same tune, Hellenic Federation of Enterprises chief Dimitris Daskalopoulos last week once again confirmed his critical stance towards the ND-led government; he argued that it was about time Greece to start negotiating “in a smarter, more strategic and more long-term manner, instead of wasting our time on petty bargaining over procedural adjustments.” The next day, Kathimerini editorial comment reprimanded SEV’s chief, noting that the head of Greek entrepreneurs’ union falls dramatically below expectations. “The public of this crisis-hit country expects the business community to seize the initiative and point the way toward a new manner of doing business that is not dependent on state subsidies and handouts, and that will lead to real growth, which is key to Greece’s recovery. What it is getting instead from representatives of the private sector, is a lot of complaining and never-ending political chatter,” the paper noted.

Well, Greece definitely needs both, namely smarter ways for the government to strategise and negotiate with the troika representatives, as well as sharp entrepreneurship that would invest on local advantages by moving forward, away from the obsolete local paradigm.

Under a positive prism, Greece has a unique opportunity to restructure its political and economic norms and draw a line with its futile recent past. It has a chance to start over and make a difference across the EU, adopting contemporary social responsibility concerns and ground breaking multi-facet corporate practices in key fields of the economy and business such as quality tourism, education, health services, transports, energy, to name a few.

Either reconfiguring its local presence or expanding to Libya, Egypt or elsewhere, Greek entrepreneurship has to seize the opportunity of the crisis and come up with a new way of doing business by designing a new economic paradigm.

Labour statistics describe a shift in the corporate field; more recruits than layoffs in the private sector suggest a little less pessimism amongst companies in Greece. A steady increase in economic sentiment also points forward, not back. The unemployment rate, on the other hand –the highest amongst EU members- hinders any attempt to node with certainty towards growth. INEE-GSEE, the top union think tank predicts unemployment to reach a devastating 30%, whilst IOBE’s head recently talked about high Greek unemployment being unsustainable. This means that long term unemployed people are distancing themselves from the market with few possibilities for a return.

In the Greek crisis, structural unemployment is part of change, albeit of dramatic nature. Fifty-year-old blue and white collars, kicked out due to the crisis from jobs that ceased to exist, will probably never find the same job again, unless the sector manages a quick come back. Although this cannot be ruled out, primarily due to the volatility of change itself, the wise thing to do is those people to capitalize on their experience, by forming teams of diverse specialties that could invest on new small-medium entrepreneurship; they could even attract generous funding, depending on their business plan.

Quite recently Qatar and Greece started talking about a joint venture capital that would invest on SMEs. The Qataris know that innovation and added value business ideas will emerge from small teams of people who will combine their efforts towards a common goal. The faster the coalition government decides to allow these efforts to flourish -by drastically cutting red tape, opening up protected professions and digitizing state services- the sooner Greeks will start producing new money.

What analysts still refuse to put in the equation is politicians’ ability to inspire people and trigger change. Cannot blame them for thinking less of political actors who have failed to protect their voters from clientelism and petty interests. However, for the time being, politicians in Greece are the only group of people that have the power to turn things around, protecting what’s left from their credibility. To manage that, they should rule like there is no tomorrow – for them, not the country.

Dr. Demetris Kamaras is the Editor of Alyunaniya.com

The latest Global Investment Trends Monitor (GITM) shows that over the past decade, FDI going into BRICS has more than tripled, totaling $263 billion in 2012. This figure represents 20 per cent of world FDI flows, and is a significant increase considering it was only 6 per cent in 2000.

Meanwhile, investment from BRICS into other countries has climbed from $7 billion in 2000 to $126 billion in 2012, rising from 1 per cent of world flows to 9 per cent, with China and Russia accounting for the majority of these investments.

In particular, the report highlights that foreign investment from BRICS into Africa represented 25 per cent of Africa’s inflows last year, with most funds going to the manufacturing and services sectors.

While labour costs in Africa may not differ significantly from those in the firms’ home economies, the duty-free, quota-free access of African countries and China’s zero-tariff measures for African least developed countries (LDCs) have generated manufacturing investment.

Brazil, for example, has expanded its business in the new African ethanol industry in countries like Angola, Ghana and Mozambique; China is one of the top investing countries in LDCs such as Sudan and Zambia; an Indian company recently acquired an African mobile phone network; and Russian banks are expanding to countries such as Côte d’Ivoire and Nigeria.

The report notes that this growing relationship between BRICS and Africa is likely to be reinforced in the future due to the rapid economic growth and industrial upgrading currently taking place in BRICS countries.

“The rise of FDI in manufacturing, which has positive consequences for job creation and industrial growth, is becoming an important facet of South–South economic cooperation,” it says.

However, the main share of BRICS’ outward investment is still in developed economies, with 34 per cent of their stocks going to the European Union. The report notes that these investments are in large part driven by ‘market-seeking motives’ as well as mergers and acquisitions across borders.

The report, produced by the UN Conference on Trade and Development (UNCTAD), was released ahead of the 5th BRICS Summit which starts tomorrow in Durban, South Africa, and whose theme is “BRICS and Africa: Partnership for development, integration, and industrialization.”

The meeting which was held under the chairmanship of Deputy Development Minister Notis Mitarakis and the chief executive of Qatar Holdings, Ahmad Al-Sayed, included at least seven businesses in the tourism, energy and foods sectors, based on the request made by the Qatari side.

Discussion focused on the creation of a fund to support small and medium-sized investment activity, dealing mainly with technical details regarding its structure, operation and method of financing so that it will not clash with Community law.

The agreement was reached during a visit by Greek Prime Minister Antonis Samaras, who was accompanied by his development and defence ministers and a team of Greek business leaders.

Yet while Samaras’s meeting with the government in Doha had concluded that the subsidy fund would start with 2 billion euros, half from each side, it appears that due to a lack of funds and European legislation that could raise obstacles, Greece will not necessarily have to contribute any money to an investment, daily Kathimerini reports.

Qatar is apparently also examining its possible participation in another institution that the Greek government intends to create, the Hellenic Investment Fund.

A Development ministry source told Kathimerini that the meeting discussed three ways of financing the joint fund, through which Qatar plans to subsidize Greek enterprises. These are joint funding by the Greek and Qatari states, funding only by Qatar, and funding with capital originating from Qatar as well as other countries or investment banks in other countries such as France and Germany.

Last month Qatar returned as a candidate in the international competition process to develop Hellinikon, the Greek airport site on the city’s southern coast.

Meanwhile a report in Tuesday’s Financial Times stated that the Qatar Investment Authority (QIA), is not only interested in the development of the Greek capital’s former airport, but also in the operation of the new Athens International Airport, seeing it as a potential hub for Qatar Airways.

The same report notes Qatar’s interest in the Astir Palace Hotel at Vouliagmeni, southern Athens.

At a dinner co-hosted by the Greek Consulate General in Toronto and Canadian banking and investment agencies, Avramopoulos had the opportunity to set out Greece’s comparative advantages in major sectors – such as transport, tourism and shipping – including its highly trained human resources, the major changes taking place in the Greek economy, and the structural reforms that are being implemented and are shaping a friendly, secure and attractive investment environment in Greece.

Avramopoulos briefed the guests on the major decisions that have been taken on the European level, dispelling any doubts as to Greece’s position in the Eurozone and Europe, as well as on the rehabilitation of Greece’s credibility, thanks to the sacrifices of the Greek people and the prudent implementation of the reform programme, and the improvement in the country’s international image, which has created increased interest on the part of international enterprises in investing and becoming active in Greece.

Within the framework of the dinner, Avramopoulos met with Robert Gilmore, Chairman of the Board of El Dorado Gold, to whom he underscored the Greek government’s determination to guarantee the necessary conditions for the successful completion of the company’s planned investments, which will create 2,500 new jobs and increase Greek exports.

Avramopoulos also visited the Greek Community Center in Toronto, meeting with representatives of the Greek Canadian community. Addressing Canadian’s of Greek descent, the Foreign Minister ensured them of the determination of the Greek government and people to move ahead with the major reforms the country needs, returning Greece to its rightful place in the world. Referring to Greece’s geopolitical role, he talked to representatives of Greek organizations in Toronto about the major issues in Greek foreign policy and the steps being taken to reform the World Council of Hellenes Abroad (SAE).

Speaking at the launch of a new UN Development Programme (UNDP) report held in Washington, D.C, Andrew Hudson, the head of UNDP’s Water & Ocean Governance Programme and UN-Oceans Coordinator, noted that continuing ocean degradation threatened the livelihoods of hundreds of millions of people, primarily in the world’s least developed countries.

“Oceans are an integral part of life on earth, regulating our climate and producing oxygen for the planet, yet they are under serious threat due to pollution, over-exploitation, habitat loss, invasive species, and climate change,” Hudson told reporters. “We need to improve the way we manage the oceans, before the damage is irreversible.”

The report – entitled Catalysing Ocean Finance and co-authored with the Global Environmental Facility (GEF) – indicates how sustainable ocean management could become a legacy of today’s global leaders if ocean planning and policy instruments are scaled up.

It also illustrates the accelerating degradation of the maritime environment as a result of market and policy failures, leading to the over exploitation of fisheries, skyrocketing low-oxygen zones in coastal areas, continued introductions of destructive alien species and increased ocean acidification.

According to research undertaken by the UNDP and GEF, these same market and policy failures have led to the under-financing of ocean-friendly projects such as better wastewater treatment facilities and coastal habitat protection, ultimately eating away at resources which contribute at least $3 trillion annually in global economic output.

The report’s goal was to help both the public and private sectors create “clear incentives and policies” to protect the world’s oceans, added Dr. Naoko Ishii, the Chief Executive Officer and Chairperson of the GEF – a UN-backed entity that partners 182 countries with international institutions, civil society organizations and the private sector to address global environmental issues while supporting national sustainable development initiatives.

“It is very reassuring to learn from this report that an initial public investment on the order of $5 billion over the next 10 to 20 years could be sufficient to catalyze many hundreds of billions of dollars in public and private finance,” Dr. Ishii stated.

“We now have the right tools to identify and remove those market and policy failures which have unfortunately sped up the degradation of marine environments,” she added.

Robert Dudley, chief executive of the British oil conglomerate met with Egypt’s president, prime minister and petrol minister on Monday. He later announced the company will invest $10 billion in Egypt over the coming five years.

BP’s offshore project is expected to add 20 per cent to Egypt’s natural gas production. Dudley added that the fresh investment could create up to 5,000 job opportunities in Egypt, according to Al Ahram.

Meanwhile, BP Egypt announced in a press release on its website on 26 August two new discoveries in Egypt’s Nile Delta. They marked the fourth and fifth discoveries made by BP in the concession, following Satis-1 and Satis-3 Oligocene deep discoveries and Salmon-1 shallow Pleistocene discovery.

Hesham Mekawi, President and General Manager of BP Egypt stated, “The discoveries show our commitment to develop the remaining potential of the shallow reservoirs within the Nile Delta and make the best use of the existing infrastructure. It demonstrates the ongoing cooperation with the Ministry of Petroleum to deliver new gas discoveries and incremental supply to meet the future growth of the gas business in Egypt.”

BP has a long and successful track record in Egypt stretching back nearly 50 years with investments exceeding $17 billion, making BP one of the largest foreign investor in the country. In Egypt, our business is primarily in oil and gas exploration and production.

Egypt is one of the top gas producers in the Middle East and the largest in Africa.

“Agriculture is the most important sector of the African economy and will have to be its driving engine out of poverty. It accounts for 65 per cent of the continent’s employment and 75 per cent of its domestic trade,” the Director-General of the UN Industrial Development Organization (UNIDO), Kandeh K. Yumkella, said in a news release.

He added that Africa is also urbanizing at a fast rate, noting that “in order to turn bright prospects into employment opportunities for its young people, Africa needs to embrace economic diversification.”

Yumkella’s comments came at the Africa Caucus Meeting in Kinshasa, the capital of the Democratic Republic of the Congo (DRC), which brought together Africa’s finance ministers, central bank governors, and representatives of international development agencies and financial institutions and where he was a keynote speaker.

The Director-General stressed the need to boost agricultural productivity to achieve sustainable industrial and agribusiness development as a means of wealth and job creation.

“The transformation of agricultural raw materials into industrial products depends increasingly on the capacity of African entrepreneurs to participate and compete in global, regional and local value chains.

“Accordingly, African agribusiness value chains will have to adapt to changing market conditions, continuously improve efficiency and strive to meet consumer requirements in a competitive global trade system,” said Yumkella.

He added that Africa needs “new learning and innovation systems involving regional cooperation, new types of partnerships between farmers, sellers, investors and researchers, and the right incentives and public actions that crowd-in rather than crowd-out private investment.”

Investment in transport infrastructure, access to energy and water, information and communication technologies and management efficiency were vital for agribusiness to thrive, he noted.

In 2012, in partnership with the UN Food and Agriculture Organization (FAO) and the International Fund for Agricultural Development (IFAD), UNIDO launched the Accelerated Agribusiness and Agro-industries Development Initiative, or 3ADI, to promote value addition to agricultural commodities. The initiative is now operational in 12 African nations.