month, but who are wishing and ready to work if work is available. sources : ministry of internal affairs and communications ; ilo. chart 19 ii. challenges ahead enrollment rate and employment rate employment rate for university and high school graduates university enrollment rate % % men 56. 6 women 50. 7 33. 4 15. 2 men women cy60 cy97 99 01 03 05 07 09 11 13 15 17 19 sources : ministry of education, culture, sports, science and technology ; ministry of health, labour and welfare. chart 20 ii. challenges ahead globalization of human resources japanese students studying abroad temporarily japanese students in higher education abroad % thousand persons 0. 40 0. 35 thousand persons 0. 30 % less than one month ( left scale ) from one month to less than one year ( left scale ) one year or longer ( left scale ) number of students studying abroad ( left scale ) ratio to population aged 15 - 29 ( right scale ) 0. 7 0. 6 0. 5 0. 4 0. 3 0. 2 0. 05 0. 1 0. 00 fy 09 0. 25 0. 20 0. 15 number of students studying abroad ( left scale ) ratio to population aged 15 - 29 ( right scale ) cy83 0. 10 0. 0 note : in the left chart, there is a discontinuity in the data for the 2013 survey due to a change in the definition of " students studying abroad. " sources : ministry of education, culture, sports, science and technology ; oecd ; unesco ; institute of international education ; japan student services organization, etc.

as red tape, an unclear and shifting legislative and regulatory framework, an unpredictable tax system, inadequate protection of property rights, and delays in contract enforcement. although foreign direct investment in greece has been on an upward trend for the past two years, starting, true, from low levels, its share in gdp is still well below that of greece ’ s south - eastern european trading partners, as well as the eu and euro area averages. emphasis should also be placed on promoting co - financed projects and systematically utilising the resources of european structural funds under the new strategic reference framework 2014 – 2020, as well as under other programmes such as those of the european strategic 4 / 6 bis central bankers'speeches investment fund and the european investment bank. the active utilisation of these innovative financial instruments and of the advantages they present over traditional grants can maximise the growth impact of eu resources available for investment in the greek economy. these financial instruments provide opportunities for : mobilising and blending funds from various eu, public or private sources ; revolving funds for the financing of other investment ; and leveraging additional public and private resources. in this manner, the final amount of financing can turn out to be much larger than the initially available eu resources, creating a multiplier effect for the real economy. according to a european commission report published in december 2017, greece has committed 9 % of the total resources under the european regional development fund and the cohesion fund through financial instruments, compared with 19 % for slovenia, 18 % for portugal and 8 % for the eu as a whole. however, several of these financial instruments, despite having been activated, remain untapped. bank of greece research also indicates the important role of public investment in boosting business investment. higher public investment is expected to have a favourable effect on aggregate demand and total productivity in the private sector and to create incentives for investment initiatives. most importantly however, what is needed is a continuation of reforms and privatisations, starting with the elimination of obstacles to large investment projects that have already been agreed upon, but are lagging. greece must consolidate investor confidence in the continuation of reforms and convince that fiscal policy will not relapse once again in the wrong direction, succumbing to clientelism and to a stifling by the state of private initiative. this would have a positive impact on the terms of greece ’ s return to the markets, improve market sentiment and help attract investment. it would also encourage the return of deposits to