Cyprus Mail

Second package of measures on their way

THE government will announce a second package of economic stimulus measures in the next few days, a spokesman said yesterday.

The announcement came after a meeting between President Nicos Anastasiades and the leaderships of the Cyprus Chamber of Commerce and Industry, the Cyprus Investment Promotion Agency, the Cyprus Employers and Industrialists Federation (OEB) and the Association of Certified Accountants.

Deputy spokesman Victoras Papadopoulos said “the meeting reviewed the implementation of the measures included in the first package. It is progressing in a sufficiently satisfactory manner”.

He said that during the meeting they exchanged views on a second raft of measures which the government intends to roll out in a bid to restart the economy.

They also discussed ways to better promote Cyprus overseas, change the image that has been created since the March 15 and 25 Eurogroup meetings, promote development projects, tax incentives, and expedite issuing title deeds.

Papadopoulos said the second package of measures will include all the above, adding they are measures which add to the first package and are currently being examined with all productive groups.

The organisations attending yesterday’s meeting submitted a document that contained incentives for development projects.

According to the document, the fundamental and necessary prerequisite of any investment was stabilisation of the banking system and inspiring trust and stability.

There is a suggestion to set certain dates to finalise developments at the Bank of Cyprus and these dates should be strictly adhered to. It also emphasised the need to attract an internationally acclaimed bank to the island as such a development would upgrade the entire banking system.

There is also a proposal to attract specialised banking institutions such as ship financing banks.

The organisations propose that without any further delay, CIPA should undertake an official role in promoting Cyprus’ image overseas and that diplomatic missions should be actively involved in this effort.

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