Nicosia: The Board of Directors of the Cyprus International Business Association (CIBA) has declared its active support for the government's initiatives aimed at enhancing Cyprus's status as a competitive and reliable international business and investment hub.
According to Cyprus News Agency, a meeting was held on Tuesday between CIBA's Board and President of the Republic, Nikos Christodoulides. During this meeting, held in a constructive atmosphere, there was a substantial exchange of views concerning the role, challenges, and future prospects of international businesses operating within Cyprus.
During the meeting, CIBA President Vassilios Demetriades assured President Christodoulides of the association's commitment to supporting the government's objectives. As the primary representative body for international businesses in Cyprus, CIBA is poised to bolster the country's reputation on the global stage. Demetriades emphasized that CIBA's members, who directly utilize the services offered by Cyprus in the international business sector, can effectively promote the nation abroad. Coordinated efforts with organizations such as the Cyprus Investment Promotion Agency (Invest Cyprus) are deemed vital for attracting new international companies to the region.
According to CIBA, discussions centered on strategic issues critical to the Cypriot economy. These included the current regulatory and institutional frameworks, the enhancement of foreign direct investment, and the necessity of expediting the digital transformation of public administration. Broader geopolitical developments affecting the international business environment were also addressed.
In a statement, Demetriades highlighted the significance of international businesses as a cornerstone of the Cypriot economy. He reiterated CIBA's commitment to supporting government efforts to position Cyprus as a credible and competitive international business center. CIBA aims to serve as a conduit between the international business sector and the state, submitting annual reports to the President of the Republic with detailed insights and proposals for sectoral development.
According to CIBA, President Christodoulides commended the association's constructive approach. He recognized the importance of ongoing communication and dialogue, expressing his intent to utilize CIBA's expertise in the government's strategy to maintain existing foreign businesses and attract new investments to Cyprus.