The Greek shipping industry is currently enjoying one of its most productive periods of its history, Economy and Finance Minister George Alogoskoufis said on Wednesday, addressing a seminar on "Shipping: Capital new forms of funding", organised by Economia Business Tank.

The Greek shipping industry accounts for 20 pct of cargo shipments worldwide, Alogoskoufis said, adding that foreign exchange inflows from shipping surpassed 4.8 billion euros in the first quarter of 2008, up from 3.7 billion euros last year, for an increase of 32 percent.

The government has set a top priority to attracting shipping companies into the country and noted that the government would do everything in its power to avoid any consequences from Community directives on capital tax.

He underlined that in the framework of an economic reform programme, Greece enjoys better and cheaper telecommunication services because of increased competition in the sector and that a deal between Deutsche Telekom and Hellenic Telecommunications Organisation (OTE) that will bring better and cheaper telecoms services.