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* Cyprus maintains its comparative advantages *
By Christodoulos Angastiniotis
Chairman, Cyprus Investment Promotion Agency (CIPA)
The recent adverse developments in the Cypriot economy render foreign investments and efforts to attract them an even more significant factor for the business environment, economic growth and employment in Cyprus.
Within a difficult economic environment, the Cypriot economy is being called to stand up and showcase its advantages. Today, more than ever, every possible effort needs to be made to turn Cyprus into a strong business centre, more effective, more competitive with even more transparent procedures in regards to investments and business activity.
The Cyprus Investment Promotion Agency (CIPA) can play a leading role in this effort. CIPA’s goal is to contribute to the economy’s swiftest possible return to positive growth rates, within the framework of a long-term effort. Specifically, CIPA has set four basic strategic pillars: the reversal of Cyprus’ negative image abroad; the support and service of current foreign investors; the preparation of a comprehensive plan with specific proposals on various levels; and, the implementation of relevant schemes, with the aim of avoiding temporal weaknesses such as bureaucratic dysfunctions.
Among the many encouraging messages to come out of the “Global Russia Business Meeting 2013” conference which was recently hosted by CIPA, was that Cyprus has safeguards in place to recover. The conviction that restarting the economy could be achieved through attracting foreign investment was widespread and it is in this direction the state, the business world but also each of us should contribute in a positive spirit.
The delegates expressed the view that, despite the serious blow to our economy, Cyprus’ comparative advantages remain and the international investment world is observing the significant opportunities that have emerged as a result; especially in view of the structural measures that are being taken, which could make our country more competitive, less bureaucratic and more hospitable to foreign investments.
There is optimism that with precise and calculated steps, Cyprus can enter a new era of stability and growth. There are many opportunities for investment in various fields, such as shipping, tourism, large infrastructure projects, research and innovation, and of course the energy sector, which can accelerate economic growth.
The certainty is that we must move ahead with the necessary infrastructural changes in our public finances straight away, so we can create a more flexible and friendly state. The Cypriot economy today needs serious foreign investments more than ever and any future actions must be centred on improving the business environment and attracting foreign investments.
CIPA, as a modern, flexible and well-networked organisation, can contribute to Cyprus’ effort to create a favourable environment for foreign investments and has repeatedly stated its intention and will to work in this direction.
