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Cyprus remains steady in “Doing Business Report”

07 February, 2014

The need to combat bureaucracy, simplify procedures and update the structures and practices in Cyprus are confirmed through the results of the World Bank’s “Doing Business Report 2014”, which was presented during an event by the Cyprus Investment Promotion Agency (CIPA).

Cyprus is included in the specific Report for the fifth consecutive year, on the initiative of CIPA, taking up the 39th place internationally – a position down from 2013, when it came 38th. However, it should be taken into account that aside from everything that happened to the Cyprus economy over the past months, the number of economies that took part in this year’s report was 189, compared with 185 last year and 183 the preceding three years.

Cyprus ranked 16th among the 28 EU member states after France. In the total of 10 indexes, Cyprus improved its ranking in three, kept its ratings stable in one and marked losses in six. Cyprus’ assessment on the "Installation and Supply of Electricity", "Registration of real estate" and “Execution of Contracts” indexes was not at all favorable, while a significant decline was recorded on the “Starting a new business” and “Building Permits” indexes.

The main task of the «Doing Business Report» is to evaluate the participating countries, based on ten different indexes affecting and related to the lifecycle of a business. This means from the moment a company is registered, until the end of its operations. The results of the Report are based on detailed analysis of data and information collected by questionnaires, which are answered by correspondents of the private and public sectors in the countries participating in the process. Interested investors use this Report to compare the business environment in countries they are interested to invest.

During the event, the results of the Report -issues related to the competitiveness of Cyprus compared to other investment destinations and ways in which the different criteria affect the ranking of Cyprus in the Report- were analyzed in depth.

The guests of CIPA, opinion leaders of the island’s financial life who contribute to the evaluation and ranking of Cyprus with their responses, were welcomed by the Agency’s President, Mr. Christodoulos E. Angastiniotis, while the Report was presented by Senior CIPA Officer Mr. Lefteris S. Eleftheriou.
After the welcoming speech and the presentation of the Report, a discussion followed. At the discussion, the weaknesses of the Cyprus business environment and measures which need to be promoted for its modernization were stressed.

Among other things, CIPA’s President stressed that “some problems are not new. We need to change our mentality. We need to raise our pace and increase the speed with which we respond to new developments. Some decisions should be taken, no matter how difficult they may be. The road ahead is difficult, but we have to walk it until we reach our final destination which is none other than the improvement of the economy and the return of our country to development and progress.” He added that “CIPA acts as an advisor to the Government on reform issues for improving the investment environment” and assured that “CIPA is willing to help stakeholders in promoting reforms within its own sphere of competence.”