Cyprus’ comparative advantages as investment destination have increased, President says

The challenge is to keep up the momentum and ensure that Cyprus remains on the path of sustainable growth, President of the Republic of Cyprus Nicos Anastasiades said on Friday, addressing the 2018 Annual General Meeting of the Cyprus International Business Association (CIBA), in Limassol.

President Anastasiades referred to Cyprus’ comparative advantages as an attractive investment destination and a highly competitive centre for International Businesses, noting that, not only have been time-tested, but have been further enhanced and expanded, setting them apart from most investment destinations.

According to a press release by the Presidency, the President added that the positive repercussions of an ambitious reform programme and the careful management of state finances are being reflected through successive budget surpluses, a dynamic growth rate of 4%, a drastic reduction in unemployment, as well as a significant reduction in taxation charges in an array of areas.

Further, the banking system, re-focusing its operations and fully adhering to the strictest international transparency and compliance regulations, is now based on a stronger and healthier base in terms of capitalization, liquidity and profitability, he said.

He noted that we promoted significant reforms, amongst others, in the public administration, the welfare and health care system, and in tax administration, while, simultaneously, we enhanced the position of Cyprus as a competitive, stable and fully transparent business and investment destination, through enhancing our tax and legal frameworks and providing incentives for new entrepreneurial activities.

The combination of the above has resulted in renewed substantial investments in a wide range of sectors, including energy, tourism, trade and land development, of many billions of euros, he added.

The President also referred to new scheduled institutional reforms which include the establishment of Deputy Ministries for Tourism and Research and Innovation and Digital Transformation, in line with the successful example of the Deputy Ministry for Merchant Shipping.

President Anastasiades also assured that the government would offer all the assistance deemed necessary in order to facilitate and accommodate any feasible business plans you put forward.

Source: Cyprus News Agency