“Invest in Cyprus; Invest in Us”, is the new logo heading an action plan by Cyprus Investment Promotion Agency (CIPA), presented, on Tuesday.
In statements he made during a presentation of the action plan, which aims to restore Cyprus’ credibility as an investment destination, CIPA Director General Charis Papacharalambous said that the number of prospective investors approaching the Agency has increased recently.
Many foreign investors can see medium and long-term opportunities and possibilities in Cyprus and the Cypriot economy, he noted.
According to Papacharalambous, investor interest comes from various geographic areas.
Referring to the energy sector, he said that there is great American interest. As far as medical tourism is concerned, interest has been expressed on the part of Israel, he added. In regards to the property sector, there is interest from China and Asia in general, he said.
“In the first place we should manage the wider picture while at the same time the right steps ought to be taken in order for credibility to be restored”, Papacharalambous said.
CIPA’s action plan involves getting across the message that Cyprus maintains its comparative advantages as an investment destination. This will be achieved by setting out facts and promoting positive developments such as a recent Moneyval report on combating money laundering in Cyprus and a Troika positive review on the implementation of Cyprus’ adjustment programme.
Excluded from international markets since May 2011, Cyprus requested and received a €10 billion financial assistance package from the Troika (EC, ECB, IMF).
The package featured a sizeable reduction of the island’s banking sector, as well as bail-in of uninsured deposits, which hampered the services sector, one of the island`s main source of income.
In the context of the action plan CIPA will organize between September and December targeted informative events and meetings with potential investors and media in the main investor markets such as Russia, the Ukraine, China, Scandinavian countries, Germany, Britain, Belgium, France, India, Israel, the Gulf etc.
Potential investors will have the opportunity to learn about Cyprus’ strategic areas of priority such as energy, tourism, shipping, large development projects, the audiovisual industry, research and innovation and professional services.
The Agency will also take part in international conferences and exhibitions such as the Annual Investment Meeting in Dubai, the COI Fai, the World Forum for Foreign Direct Investment in China and the Management Forum in Brussels.
According to Papacharalmbous in October, a CIPA delegation will visit London, accompanying in all likelihood Cyprus Minister of Finance Harris Georgiades, who will brief international media.
In November, a trip will be organised to Moscow during which meetings with local media and investors will take place.
