Finance Minister Vassos Shiarly has said that the economy of Cyprus has proven its ability to successfully meet the challenges, as evidenced by its performance during the current tough economic conditions.
Addressing a dinner hosted on Tuesday by the Cyprus-Russian Business Association, in Nicosia, the Minister said that one of government’s key objectives is to keep the advantages of the Cypriot economy and further enhance its competitiveness.
This will be done, he added, with the implementation of structural reforms related to the agenda "Europe 2020".
"The lack of national monetary and exchange rate policy, following the introduction of euro adoption, emphasizes the need to strengthen the role of prudent fiscal policy and structural reforms," Shiarly noted.
On the issue of achieving the objectives of the European strategy, Minister referred to a series of measures, which aim, inter alia, to simplify regulations and reduce administrative burdens imposed on businesses and to the continues upgrading of infrastructure in transport, energy and communications.
Moreover, he said t that the Government is aiming to overcome the effects of economic crisis and respecting its commitments as a member of the Eurozone, has adopted a comprehensive package of fiscal consolidation.
He added that a series of measures have been already been implemented aiming at enhancing economic development and promoting employment.
He said the aim is also for Cyprus to remain an attractive investment destination and a reliable international trading center.
He also referred to the recent discovery of hydrocarbon deposits in the Exclusive Economic Zone of the island, as well as to the fact that large companies, based on countries such as Canada, China and Russia, are interested to invest in this sector.
Meanwhile, Shiarly expressed confidence that these developments create promising prospects for the country and its people and will lead to conditions of macroeconomic stability and growth in the long term.
He also referred to the dynamism of the Cypriot economy as reflected in estimates of international financial institutions, such as World Bank’s "Doing Business Report 2012", which ranks Cyprus in 40th position among 183 countries, as well as the World Economic Freedom "Global Competitiveness Report 2011-2012 " which ranks Cyprus in the 47th position out of 142 countries.
He also referred to the close ties between Cyprus and the Russian Federation in the economic, political and social sectors, adding that Russia is one of the most important economic partner of Cyprus in areas such as foreign investment, finance, trade and tourism.
