Cyprus needs more FDIs
GEORGE MOUSKIDES
Regardless of political ideology and allegiances, we all agree that attracting foreign investments to the country, especially at a time of international economic crisis, is very important for our economic welfare. Therefore, we consider the actions of the government towards attracting investments from Qatar as being correct.
Because of the sizable level of the potential investment, it would be a major slip-up if this fails because of the actions and/or the behaviour of anyone, whether from the opposition or the governing party.
Perhaps the government, in this particular instance, did not act with complete transparency. However, we can understand why sometimes publicising all the details of a deal before it is concluded may not help the success of that deal.
Therefore, even if the reactions following the visit of President Christofias to Qatar to discuss this possibility were justified, we should lower the level of the reactions in the interest of the common good.
And this because the benefits for Cyprus, that is in the middle of an economic downturn, will be very important. Some of these benefits are:
• Large construction companies will undertake to implement the particular project in Nicosia and hence in a period where unemployment is a clear and present threat, new employment opportunities will be created.
• The creation of such projects will attract foreign visitors including businessmen and investors.
• The construction of a hotel complex with high specifications, such as the specific one, will give an enormous impetus to other relevant sectors of Cypriot society.
• Relations between Cyprus and Qatar, one of the richest countries of the world, will be advanced.
• Cyprus may start transforming into a bridge between the European Union and the Arab world.
• The area around the Hilton will be upgraded, as will all of Nicosia.
• It will give mobility to the market in the capital, especially the property market.
Finally for us, the particular move is a focussed one in regard to the flow of foreign investors from a specific country to our island. This is what is important and this is how we should view it, and everybody should try to
ensure that it is a success.
George Mouskides is General Manager of Fox Smart Estate Agency and chairman of the Association for the Promotion of Property Development.
