The Greek government will present the draft of a new investment law in October to boost the European country's investment project, Minister of Economy and Finance George Alogoskoufis said on Tuesday.

He made the announcement at a cabinet meeting, saying the new law will integrate all the characteristics of the current legislation, which has been proved particularly attractive and effective.

He noted that in the past 19 months, some 1,590 investment projects, worth 2.5 billion euros, have been approved, directly creating a total of 8,084 new jobs.

The new law will give more subsidies to investment in northern Greece and Peloponnese Peninsula in a bid to promote the Mediterranean country's balanced and sustainable development, he said.

The law is expected to take effect in 2007.

Source: Xinhua