€70 mln in funding businesses from 2007 to 2013 in Cyprus

Addressing the Annual General Meeting of the Cyprus Employers and Industrialists Federation, President Christofias said that these funding schemes will come from both national and EU funds to support productivity, innovation and entrepreneurship.

Referring to the sector of tourism, he said that the government’s and the private sector’s joint efforts have brought tangible results for 2010 and have outlined an even better outlook for 2011.

“Attracting investment is the target of any contemporary society and requires the existence of an advantageous institutional and administrative environment”, he said, adding that “the registration of new companies, constitutes an important point of reference as far as the dynamics of growth in Cyprus are concerned”.

In 2010, the registration of companies increased by 20%, President Christofias noted, adding that a substantial portion of that percentage concerns international companies.

Cyprus, he said, both maintains and reinforces its comparative advantages over other countries.