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Cyprus Government to launch attack on bureaucracy

08 July, 2014

President Nicos Anastasiades has said that his administration would launch an attack on bureaucracy.

“The encouragement of business activities in specialized markets in the services sectors is of paramount importance for our economy” the President said, addressing the inaugural event of the Cyprus Investment Funds Association (CIFA), hosted at the Presidential Palace, on Monday.

He noted that his Government “is working hard and is promoting effective policies that contribute to sustainable growth and employment through capitalising on our country’s comparative advantages”.
He said that both the economy and the financial sector of Cyprus have been stabilized and the country would return to growth in 2015, much earlier than expected.

Anastasiades noted that for the first time in months, there has been an increase of the registration of new companies establishing in Cyprus, while unemployment has ceased its upward trend.
“Even though challenges still remain, public finances are now back on a sustainable path, and Cyprus has only had positive assessments by its Troika partners, a track record which we are committed to maintain” he said.

He referred to the successive upgradings of Cyprus’ ratings by credit rating agencies and to the country`s recent successful completion of the issuing procedure of a seven hundred and fifty million euro bond in international markets, which “constitutes a clear sign of trust towards our economy”.
“All the above translate into regaining the country’s lost credibility and reestablishing the investors’ confidence” he said.

“At the same time, we are now at a position to proceed more firmly with the structural reforms; to launch an attack on bureaucracy; A reform to create a friendlier business and investment environment and to streamline procedures” he underscored.
He stressed that his Government “has been working methodically in cooperation with the private sector, to build a modern, well regulated and competitive framework for the collective investment scheme industry”.

Anastasiades welcomed the establishment of CIFA for the promotion of the Cyprus’ funds industry, “which is expected to contribute in a substantive way towards achieving these goals”.
As he said, a new bill on Alternative Investment Funds has been approved by the Council of Ministers and is now in Parliament for review and final approval, which in conjunction with the enactment of the Open-Ended Undertakings for Collective Investment Law in June 2012, and the Alternative Investment Fund Managers Law of 2013, will set up a comprehensive framework for the management of collective investment schemes.

Cyprus has been one of the first countries to transpose into national law, the Alternative Investment Fund Managers Directive of the European Union, he said, noting that with this modern and new framework, and the effective supervision of the sector by one Supervisory Authority, the Cyprus Securities and Exchange Commission, “new opportunities will be created”.
“We believe that this industry can not only develop, but also thrive. It can achieve high standards and reputation, and contribute significantly to the growth of the economy” the President underlined.