Government pledges to support Cyprus Investment Promotion Agency

The government will support the Cyprus Investment Promotion Agency (CIPA) to complete a project it has undertaken and to succeed in its mission, President of the Republic Demetris Christofias said.
“No economic analyst can say for certain whether the economic crisis will get worse or how long it will last”, the President said, adding it is clear that the international economy is facing unprecedented uncertainty and instability. “In this negative climate, the Cyprus economy is called to stand up to its reputation, exhibit its advantages and resist”, the President stressed.
He recalled that the government has already announced a package of measures to boost economic activity and maintain at the highest possible level the development rate, as well as high levels of employment.
Christofias said special emphasis was given on two critical sectors; tourism and construction, which contribute significantly to economic activity and development. At the same time, additional measures were taken to promote all productive sectors of the economy.
On attracting foreign investment, President Christofias said they provide “opportunities for immediate action to handle the consequences of the international economic crisis on the Cyprus economy”.
Foreign investments, he added, have multiple benefits and a direct positive impact on the economy of a country. In today’s international economic environment where competition is fierce to attract foreign investors, our effort should be continued, strong, systematic and coordinated, adding that for this reason Cyprus needs a special department to undertake this task with professionalism, he concluded.
In his speech, CIPA chairman Fidias Pilides, referred to the pessimistic messages from the prolonged recession of the international economy which has affected Cyprus, as well as the fact that the pace of foreign investment worldwide is increasingly getting slower, All countries, he added, are making intense efforts to attract a bigger share of foreign investments.
According to CIPA’s website, with the establishment of the Cyprus Investment Promotion Agency (CIPA), the government has adopted a more effective institutional framework for investment promotion.
The newly established non-profit private limited company, with the government being the sole member, will contribute dynamically and flexibly to the effective promotion of Cyprus as an international investment and business centre as well as to the infusion of foreign investments in the targeted sectors by positioning Cyprus ‘on the radar screen’ as a competitive regional hub for a wide range of targeted sectors.
CIPA will fulfill a policy advocacy role by placing special focus on the government's strategic priorities and in such other fields which may be deemed essential for the upgrading and enrichment of the productive fabric’s competitiveness.
It notes that its institutional framework and operational structure enables the Government to adopt flexible procedures and methodologies in order to effectively respond to the rapidly changing demands and challenges.