Cyprus Investment Promotion Agency ranks 5th in World Bank report

According to a CIPA press release issued here on Wednesday, Director of the Bank Group’s Investment Climate Department Pierre Guislain says that “in difficult times, governments may be tempted to cut funding for investment promotion”.

However, he adds, “this can cost them opportunities to secure investments and jobs”.

“Skilled investment promotion agencies can give economies a competitive advantage by helping investors choose a suitable location and set up operations that create jobs and promote growth”, Guislain notes.

A World Bank website press release highlights the fact that the report shows that limited resources need not be an obstacle to effectiveness. It is noted, “CIPA, one of the world’s top-performing agencies, has only 10 staff members spread across a range of functions”.

Referring to the international acclaim of the Agency, CIPA head Christodoulos Angastiniotis says that “the report’s results reaffirm our conviction that in times of crisis the importance placed upon and the resources spent on organizations, whose mission is to attract foreign investments should be increased”.