17 September 2018
Dear former Minister of Health, George Pamborides,
Dear investors and distinguished guests,
Ladies and Gentlemen,
On behalf of Invest Cyprus, I welcome you to the 3rd International Investors Summit, aiming this year to showcase our country’s competitive advantages as a destination for International Business Headquartering.
It gives us great pleasure to host eminent investors from all around the world and provide them, in the framework of this Summit, with a platform to acquire first-hand knowledge of the investment environment in Cyprus. Indeed, you are in the right place to be informed about the insights of an economic ‘success story’ and explore ways of becoming part of it in the near future.
It is a fact that investors choose Cyprus not just because of the many competitive advantages it has to offer which you will hear more about later. But also because of the economy’s resilience and its ability to continuously adjust to changing conditions and bounce back from external shocks, as proven by its somewhat remarkable response to the economic crisis amidst an extremely competitive international economic environment.
Currently, Cyprus enjoys one of the highest growth rates in the EU of around 4%, while macroeconomic forecasts show a robust growth of more than 3% in the coming years. Additionally, unemployment has dropped below the European average, disposable income and private consumption are gradually rising, while recent decisive moves in the banking sector have boosted confidence leading to consecutive upgrades by rating agencies.
Which brings us to the role of Invest Cyprus. As part of our Organisation’s mandate, we strive to help the country reinforce its competitiveness; this is what we believe is the most valuable asset Cyprus has to demonstrate abroad and certainly it is a prerequisite for attaining long lasting, viable and healthy growth.
The overall goal is to attract value-added investments that can lead to job creation and boost business and investment activity. This continuing effort allows us to advocate for all those reforms that must be implemented to enhance our economy’s competitive advantages in doing business.
As a result of the Organisation’s successful operations, which fall under the government’s efforts to establish conditions for long-term prosperity, we see ample opportunities for investments in a number of emerging and traditional sectors, as reflected in the FDI inflows.
Such an example is of course the International Business Headquartering. As part of our mission, we aim to maintain the country’s compelling advantages as a location for regional headquarters for multinational companies. Among the top reasons for companies to invest in Cyprus is the easy access it offers to markets particularly in Europe and Middle East, its attractive and transparent tax regime, low cost of doing business, excellent regulatory structure, strong business support services, as well as the availability of high-calibre human capital. Furthermore, the country has an exceptionally high quality of life, additional to the prospects and positive economic outlook that I mentioned earlier.
Especially in view of Brexit, we see even greater potential in promoting Cyprus as an attractive alternative destination for businesses and we have been looking to the UK in order to capitalise on the prospects that lie ahead.
No matter the existing advantages, we are committed to further enhancing the reasons why investors choose Cyprus. We remain committed to strengthening this diverse, sustainable and growth-oriented economic model by introducing the necessary reforms which will render all aspects of doing business easier.
Cyprus is a destination of choice for doing business. A destination of excellence, quality and great prospect and your reliable partner in realising your business ideas.
It goes without saying, that Invest Cyprus is here to provide you with the necessary support that will help your future plans thrive and help reach the country’s full potential.
In closing, I would like to express my appreciation to His Excellency, the President of the Republic of Cyprus, Mr. Nicos Anastasiades, for placing the event under his auspices. I would also like to extend a warm welcome to all participants and wish you all an enjoyable stay and a fruitful summit.