Cyprus is gradually developing into an essential business bridge between the European Union and the Middle East, Asia and North Africa, President Demetris Christofias has said.
In his address at the Inauguration Ceremony of the 3rd EuroMed Conference of the EuroMed Academy of Business, read by the Minister of Communications and Works Erato Kozakou-Markoullis, President Christofias pointed out that the economy of the country has demonstrated flexibility and strength on the recent financial crisis which has shaped a new, more demanding and challenging, global business environment.
“Although our economy is small, it is based on a solid foundation that enables it to successfully overcome today’s challenges”, he said and added that Cyprus offers high quality business services.
“The services sector dominates the economic activity in Cyprus, as indicated by its 80% contribution to the GDP. Over the last years, Cyprus has undertaken a major role in facilitating the supply of services and support to business-people and professionals worldwide”, he noted.
Christofias stressed that Cyprus as a knowledge-based economy, offers some of the most advanced infrastructure and a well educated talent pool. “We invite businesses seeking to invest in Cyprus in knowledge based activities to take advantage of this talent, at very competitive terms. Priority investment sectors include financial intermediary institutions, research and development, medical and educational services, professional and maritime services and energy”, he added.
In addition, he said that Cyprus has a favourable environment for businesses, a modern and transparent legal framework, a liberal investment policy that allows 100% participation in most sectors of the economy and a low corporate tax of 10%.
“These, in conjunction with the competitive fees charged and the professional attitude of Cypriot service providers, account for the transformation of the island into a highly reputable and reliable international business centre,” he pointed out.
President Christofias said that Cyprus is very proud that the EuroMed Research Business Institute (EMRBI) has its seat in Cyprus and that is in a position to support its mission and benefit from its activities and cooperation with its members.
In this way, he added, it contributes to the understanding of different business environments and trends in the region through research, teaching and consulting.
At the same time, Christofias noted that the accession of the Republic of Cyprus to the EU has boosted the development and the financing of research in Cyprus. “It has led to the increase of available funds for research within the framework of the European and other research programmes”, he said.
He stressed that despite the difficulties faced due to the world financial crisis, the goal of transforming Cyprus into an advanced and upgraded regional centre of tertiary education and research is being materialized, through the implementation by the Government of specific policies for the upgrading of university education and research.
“Our public and private Universities, as well as the operation of world class research centers carrying out remarkable work in collaboration with outstanding research centers in Europe and around the world, render the academic and research community of Cyprus an important part of the European and World research community”, he concluded.
