COVID19: Invest Cyprus helping to attract foreign investment

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The Cyprus Investment Promotion Agency (Invest Cyprus) is taking a leading role in efforts to restart the economy through a package of proposals to the government to improve the foreign investment environment.

In this context, Invest Cyprus organises on Tuesday an online discussion entitled “Cyprus – Covid-19 Response Plan: What lies ahead” with Finance Minister Constantinos Petrides, Chairman of Invest Cyprus Michalis P. Michael and Director General of the Organization George Campanellas.

The aim of the discussion is to inform existing foreign investors about the measures taken by the government to deal with the consequences of the pandemic and the restoration of economic activity.

During the discussion, foreign investors will be given the opportunity to convey their suggestions, views and concerns.

Campanellas, said the online briefing is a first-class opportunity to listen to foreign investors and register their thoughts and ideas.

“Foreign Direct Investments are extremely important for the Cypriot economy. The actions of the Agency throughout the previous period have focused on maintaining our contacts with foreign investors.

But also sustaining our country as an attractive investment destination and a competitive business centre, since at the end of the pandemic we should be ready to respond to the new facts that will have been created”.

The agency’s mission, as the authority for promoting and attracting foreign investment and companies to Cyprus, is the facilitation of existing investors, as well as the submission of proposals to the government to improve the attractiveness of Cyprus as a destination for foreign direct investment.

“Right from the beginning of the crisis, the main concern of the agency was to support existing investors by providing information and assistance to solve problems that arose as a result of the pandemic and the restrictive measures taken,” said Campanellas.

Last week, Invest Cyprus submitted to the government a multi-page document with suggestions at two levels.

The first, concerned the necessary financial support for an intensive campaign to promote Cyprus as a destination for foreign direct investment and international businesses with a strong presence in the international media, the Internet and social networks, especially during the next 18 months.

The second level concerned the adoption of new government policies and incentives across all sectors of the economy to further enhance the investment environment and strengthen the image of Cyprus as an attractive investment destination.

Foreign investors have made donations to the Institute of Neurology and Genetics or to the State Health Services Organization (OKYPY) as part of the effort to combat COVID-19.

Chairman Michalis P. Michael said: “It is with great pleasure that we see a significant number of foreign investors who have chosen our country to set up their businesses, who consider Cyprus as their home and contribute through donations to tackle the pandemic.”