The registration of new companies in Cyprus increased by 30%

Minister of Finance Charilaos Stavrakis said on Thursday that the registration of new companies in Cyprus increased by 30% compared to last year, adding that the registrations were a fundamental indication of the competitiveness of the Cypriot economy and the general effort of Cyprus to attract foreign investment.

Speaking on the sidelines of a round table discussion organised by the Cyprus Investment Promotion Agency (CIPA), on the management of capital investment, Stavrakis said that in this sector Cyprus was ''historically far behind.''

He added that Cyprus is being called upon to compete with countries such as the United Kingdom, Luxembourg, Switzerland and Malta, and that this sector could generate large revenues for the Cypriot economy and create new jobs.

Asked about investments in Ukraine by companies registered in Cyprus, Stavrakis said the results were positive and that this indicated the advantages Cyprus has to offer as a business hub, through which companies can be established for business in various countries of the world.

Regarding the drop in Cypriot investments in Russia, Stavrakis said the messages coming through were still positive, compared to other countries.

Replying to questions concerning the Cypriot economy, Stavrakis said the government had set three goals, namely social cohesion, growth and purification of public finances.

''We have been totally successful in the social cohesion issues,'' he said, adding that in the sector of growth the projections of the Ministry of Finance have been confirmed, since there is a gradual recovery of the economy, which may accelerate.

Referring to the purification of public finances, the Minister said that if public finances were not improved, it would not be possible to establish growth.