The efforts of the Cyprus Investment Promotion Agency (CIPA) to reverse the negative image of Cyprus abroad were on the focus of a meeting held Monday between CIPA and the Troika of international lenders.
The heads of the Agency believe that the process to regain trust in Cyprus’ economy will last for a long time, although it has already begun.
CIPA President Christodoulos Angastiniotis said the group of Troika technocrats wanted to know about the Agency’s actions and the interest expressed for investments in Cyprus and made their own suggestions.
At the moment, he noted, the Agency’s efforts focus on reversing the negative image of Cyprus and regain investors’ confidence.
CIPA Director General Harris Papacharalambous said messages from the Agency’s contacts abroad have been very positive.
According to him sectors offering opportunities for investments are energy, renewable energy, medical tourism, financial services, technology and land development.
The Troika technocrats met on Monday with representatives of First Electric, the first independent power producer in Cyprus. The company expects to start producing electricity by the end of 2014.
The lenders also had a second meeting with the Commissioner for Electronic Communications and Postal Services, following another meeting held last Friday.
Petros Galides, Assistant to the Commissioner said there is interest in investments for electronic communications and soon there will also be an interest in the postal sector which is liberalising.
“We want to ensure stability in the market in order to attract foreign investors” he noted.
A Troika mission (European Commission, European Central Bank and the IMF) continues for a second week its meetings in Cyprus, in the context of the second review of the Cypriot adjustment program.
On March 25 Cyprus and the Troika agreed on a €10 billion bailout which featured an unprecedented haircut on uninsured deposits in a bid to recapitalize Bank of Cyprus, the island’s largest lender. The bailout also provided that Cyprus Popular Bank, the island’s second largest bank would be wound down with its good part absorbed by Bank of Cyprus.
