Many important factors in joint venture between Cyprus-Qatar Stavrakis said

Minister of Finance Charilaos Stavrakis said on Wednesday that the price of the land for the joint venture between Cyprus and Qatar is important but noted that there were many other more important factors that should be taken into consideration for the joint investment at the entrance of Nicosia.

Stavrakis referred to his recent visit to Qatar with Government Spokesman Stephanos Stephanou, where the prospects for Qatari investments in Cyprus were discussed, along with the joint venture in Nicosia. Stavrakis and Stephanou met with the Emir of Qatar, the Assistant Prime Minister and the Minister of Finance.

''The Emir expressed his commitment to make many investments in Cyprus. We also discussed the issue of the investment opposite Hilton Hotel, and some proposals were made,'' Stavrakis said.

He added that on Tuesday he briefed the Board of Directors of the company that will be managing the procedural issues of the investment in order for it to make its own analysis and technical and economic studies, and to present written proposals to the Government on ''how we can proceed and if the terms are in our interests.''

Stavrakis said he was optimistic about the whole endeavour, adding that ''it will be a great success for the Cypriot economy.''

He also explained that, since the project opposite Hilton Hotel is a joint venture between the two countries, it must be secured that it is viable.

Furthermore, he said that, while Cyprus' legislation did not allow for the granting of state property for investments, he has been informed by Qatar that Turkey and Greece possibly give land free of charge for investments.

''The whole climate is not easy. Nevertheless, I am optimistic that at the end of the day there will be an agreement that will be to the benefit of the Cypriot economy,'' he concluded.