Cyprus economic recovery in “record time”, head of investment agency says

According to an announcement, Angastiniotis, while addressing a dinner at the “Global Russia Business Meeting”, in Limassol, noted that Cyprus is in the process of creating a new economic model, which will be more solid and more flexible.

He added that the country, as it stands today, remains an attractive investment destination that offers investors great benefits and the right location for business into Europe and other parts of the world.

“Despite the fact that the measures imposed on Cyprus have been criticized by many economists, as well as the fact that there were certainly significantly better and less disruptive ways to handle the island’s economic challenges, we remain confident that Cyprus will not only manage to reverse the situation but also that we will do so in record time” CIPA Chairman said.

He further referred to the discovery of significant natural gas reserves within the island’s Exclusive Economic Zone, which, he said, offer great prospects to make Cyprus one of the key energy players within Europe.

There is great potential for Cyprus to develop as the energy hub of the Eastern Mediterranean region, Angastiniotis added and said that the development of the energy sector will become a powerful catalyst in the quick turnaround of Cyprus’ economy.