Awards to foreign investments that add value to the Cyprus economy

19 June 2018
Awards to foreign investments that add value to the Cyprus economy
“The stability that has been achieved, the trust of the international community and the continuation of reforms have encouraged new investments” 
“It is necessary for the economy to keep adapting, to encourage reforms, to become competitive through modernisation and innovation”
The Cyprus Investment Promotion Agency (Invest Cyprus) once again this year awarded foreign investments that add value to the Cyprus economy, in the framework of the 7th Ceremony of the Invest Cyprus CIPA International Investment Awards.
The ceremony was held on 19 June in Nicosia, under the auspices of the President of the Republic, Nicos Anastasiades. State and political officials, business bodies, prominent foreign investors and businesspeople operating in Cyprus were also present.  
In his welcome address, the President of the Republic thanked Invest Cyprus for its involvement in the collective effort as well as other initiatives aiming to promote the country as an investment destination of excellence. He referred to the importance of foreign investments in the effort the Cyprus economy is making to achieve long-term, sustainable economic growth. Furthermore, he thanked foreign investors “for their vote of confidence and trust, for their ongoing support and determination to develop their businesses in our country, in line with our common vision: to establish Cyprus as a prosperous, reliable and competitive business hub, keen on providing the conditions under which any investor can thrive.”  

President Anastasiades also referred to the economic achievements of his government so far and analysed the ways in which investing in Cyprus will be further facilitated. Referring to the overall course of the Cyprus economy, the President of the Republic expressed the opinion that the stability that has been achieved, the trust of the international community and the continuous effort for reforms, have encouraged new investments and further opportunities for economic growth. 

The government’s aim, he added, is to “maintain and broaden the conditions under which surpluses and high growth rates can be generated.”. “In this demanding endeavour”, he noted, “we are grateful to have devoted and equally strong-willed allies, such as Invest Cyprus, the Cyprus Investment Promotion Agency”. 

The Chairman of the Board of Directors of Invest Cyprus, Mr. Michalis P. Michael, stressed that under the guidance of the Government and the valuable contribution of the private sector, the Agency has been able to apply a successful strategy to promote investment in the country. “As a result of the organisation’s successful course, which is part of the State’s collective effort to reinstate economic growth and establish long-term prosperity, there are currently new opportunities for investment both in new and traditional sectors”. He specifically referred to the development opportunities that have emerged in the sector of “headquartering” (transferring headquarters of a company), start-ups and innovation, health and alternative tourism, energy and investment funds. 

As for the conditions needed to achieve sustainable economic growth in a competitive international environment, the Chairman of the Agency noted that it is necessary for the economy to be in a position where it can constantly adapt, apply reforms, modernise and innovate so that it can be as competitive as possible. 

Finally, Mr Michael noted that the awards ceremony pays tribute to the continuous trust that investors have been showing in the country. “Your vote of confidence in our economy’s potential for growth, proves that our collective effort to facilitate growth through the reinforcement of Cyprus’ competitive advantages, has be proven successful and worthy of continuation”

The CEO of PwC Cyprus, Mr Evgenios Evgeniou, stressed the vital importance that foreign investments have for Cyprus, noting that both individual investors and organisations that contribute to reinforcing competitiveness are worthy of special recognition. “The awards give us the chance to honour those who showed trust in the Cyprus economy by investing in our country. I would like to assure you that PwC cares and will continue to be on the front line of the effort to advance and further develop Cyprus as an attractive investment destination and business crossroads”, he concluded. 

The winners of this year’s awards were the following companies: Olympia Group, ExxonMobil, DP World, Uniteam Marine Limited, Eurobank and Arab Satellite Communications Organization (Arabsat). An honourary award for its greater contribution to the Cyprus economy was given to the Council of Europe Development Bank.
The awards were presented by grand sponsor PwC Cyprus, while the gold sponsor was Eurobank Cyprus and silver sponsors were TFI Markets and Grey Goose vodka. 


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