Nicosia: The Cyprus International Business Association (CIBA) and Invest Cyprus (CIPA) have signed a Memorandum of Understanding (MoU) to bolster Cyprus' standing as a key international business and investment hub, CIBA announced in a press release.
According to Cyprus News Agency, the MoU signifies a mutual commitment to enhancing bilateral cooperation, supporting foreign direct investment (FDI), and promoting sustainable economic growth in Cyprus. This strategic partnership will see the two organizations collaborating on various initiatives such as the exchange of investment-related information, facilitating business missions, organizing joint events, and providing coordinated support to both existing and prospective investors.
The MoU outlines a structured framework for collaboration with a focus on promoting Cyprus as a competitive international investment destination. It aims to improve the accessibility of information about investment opportunities, regulatory developments, and incentives. The agreement also supports business delegations and international outreach initiatives, while facilitating investors in understanding the local business and regulatory environment. Additionally, it encourages knowledge sharing, technical cooperation, and expertise exchange.
CIBA emphasizes that this partnership strengthens a unified approach among public and private sector stakeholders in promoting Cyprus on an international scale and supporting investors from initial interest to long-term establishment and growth. CIBA President Vassilios Demetriades highlighted the significance of this collaboration, stating that it aligns the voice of the international business community with national investment promotion efforts. Through this partnership, CIBA aims to contribute to shaping a more competitive, transparent, and business-friendly environment, reinforcing Cyprus as a trusted hub for international business and investment.
Marios Tannousis, CEO of Invest Cyprus, remarked that the MoU enhances collective efforts to position Cyprus as a premier investment destination. By partnering with CIBA, Invest Cyprus aims to better engage with the international business community, comprehend investor needs, and deliver a more coordinated and effective value proposition. Tannousis noted that strategic partnerships like this are vital in today's competitive global environment.
In accordance with the MoU, CIBA and Invest Cyprus co-organized an event on March 31, titled 'FDI and Omnibus: Driving Cyprus's Competitive Edge in the EU Legal Landscape.'