Cyprus future for Russian business unhurt by crisis

Cyprus is gradually regaining its credibility as an international business centre and the banking sector is starting to recover, making it a promising place for the future of Russian investors, despite the rescue package and the austerity measures imposed in March, officials said at a conference on Thursday.
Marios Tsiakkis, Director General of the Cyprus Chamber of Commerce and Industry (KEVE) that co-hosted the conference in Nicosia on “The Future of Russian Businesses in Cyprus”, said that he is convinced that Russian investors will continue to come to the island.
The lost ground after the Eurogroup decision in March is being recovered and the banking sector is on the rise, adding that a prime example of change is that six of the 16 new board members of the Bank of Cyprus are now Russians.
Tsiakkis added that government and private sector officials will continue to exert all effort to reinstate Cyprus as an ideal investment and business centre once again.
Evgenios Evgeniou, chairman of PwC Cyprus and president of the Cyprus-Russia Business Association said that Cyprus is regaining its credibility as an investment and business centre, but that the hard work must continue, together with a sense of dedication and discipline.
He said that the conference, which will be repeated in Russia in November, aims to develop a solid dialogue where the future of Cyprus and Russian interests are promoted and that similar examples from other parts of the world should also be emulated, or compared with in order to produce the ideal environment for business.