Nov 23, 2016

Invest Cyprus Annual General Meeting


We are making every possible effort to boost our country’s growth prospects



Improving the business environment a fundamental precondition to attract and retain foreign investments


The Cyprus Investment Promotion Agency is a significant partner in the state’s efforts for economic reform and growth, President of the Republic Mr Nicos Anastasiades said in his address to the agency’s Annual General Meeting which was held in Nicosia on Monday, 21 November.

In his address, read out by Energy, Commerce, Industry and Tourism Minister Mr Yiorgos Lakkotrypis, President Anastasiades stressed that the primary objective of his administration from his first day in office was to deal effectively with the problems which have for years prevented the Cyprus economy from fully tapping its competitive advantages.

Describing the foreign investments that our country has managed to attract in recent years despite the adverse conditions as “proof of the positive prospects ahead of us”, the President said that GDP growth this year may be higher than projected and possibly one of the highest in Europe.

Despite the positive indications, the President of the Republic reiterated that “we continue with the same determination and persistence to work collectively to lay the foundations for a better tomorrow; to leave behind all that dampens our prospects and to create conditions for growth and prosperity, to promote new areas of economic activity and diversify traditional sectors. In a targeted, methodical and realistic manner, we continue to make every effort to boost our country’s development prospects.”

Referring to the Cyprus issue, President Anastasiades expressed the hope that there will be adequate progress in the immediate future to allow an agreement that will safeguard conditions of prosperity for all Cypriots. He also said that a settlement constitutes the most significant reform and creates the biggest prospect for growth for our country in the next decades. “We are convinced that Cyprus can serve as a model of stability and security for the wider region, contributing to the overall stability of the European Union.”

CIPA Chairman Mr Christodoulos Angastiniotis underlined that it is up to each one of us to make the best of Cyprus’ competitive advantages and to work collectively to achieve economic growth.

Attracting foreign investments, Mr Angastiniotis underlined, constitutes one of the safest and most effective tools to restart and accelerate economic growth, but also to make it sustainable long-term. He added that the adoption of structural reforms to lift obstacles that create difficulties in the country’s investment and business environment were particularly important to the collective effort to achieve economic growth.

The CIPA Chairman reiterated the agency’s position that an improved regulatory and business environment was a fundamental precondition to attracting and retaining foreign investments in a constantly changing and acutely competitive world economic environment. He also noted that CIPA’s priority was to manage Cyprus’ image abroad and to highlight the reforms which have made Cyprus a modern, robust and transparent investment destination.

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