Attracting direct investment is ‘essential’

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Attracting productive direct investments is of paramount importance, said President Nikos Christodoulides in his address at the 11th Invest Cyprus international awards.

President Christodoulides said investors “play a significant role in driving economic growth, fostering innovation, and creating job opportunities”.

He said discussions with investors highlighted issues that require the government’s attention, such as challenges in attracting and retaining talent to Cyprus, the lack of foreign schools and affordable residential options, connectivity issues, high electricity prices and unnecessary red tape.

Christodoulides will hold another meeting with investors in September, as the government is keen to maintain open communication channels to be aware of obstacles or difficulties or challenges they may face in setting up and growing their businesses in Cyprus.

“Our aim is to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field for all”.

He referred to “a comprehensive and ambitious” government programme under implementation to strengthen the competitiveness and extroversion of the Cypriot economy based on a new growth model.

“In our proposed programme, a strong economy is pivotal.

“We do attach great importance to fostering a healthy and stable banking system and financial sector since we believe a robust financial system is essential for economic stability and growth.

The government’s reform agenda includes comprehensive tax reform and modernising the public service, local government and the justice system.

“We fully endorse digital and green transition and research and innovation, leveraging European funding programmes”.

The President said the previous government’s Strategy for Attracting Business and Talent “has had impressive results”.

Over 1,700 companies have registered under the upgraded Business Facilitation Unit, employing around 17,000 skilled staff from third countries.

“At the same time, we are working on implementing the remaining actions, such as digitalising various procedures and reducing the time needed to apply for citizenship.

“Attracting productive direct investments in our country is of paramount importance.

“The contribution of international investors in supporting the growth of the Cyprus economy and its transition to the new era cannot be overstated.

“Your input is not limited to direct financial terms and employment but extends to valuable knowledge transfer, cultural enrichment and active social participation and responsibility,” said Christodoulides.

“As it is stipulated in Vision 2035, our long-term strategy for a resilient economy for the country, we want Cyprus to be one of the best countries to live, work and do business in!”

This year’s award-winning companies were Tango, JetBrains, DataArt Enterprises, Safe Bulkers, Globeducate, Wrike Cyprus and MUFG Investor Services.