Cyprus Mail
Cyprus

Red tape hinders growth

THE Association of Large Scale Development Projects said yesterday the results of the recent World Bank ‘Doing Business Report 2014” reaffirmed views and concerns over the negative impact red tape has on business activity.

The Association said this “blights our country’s efforts to attract investments” would assist in the implementation of large scale development projects.

The report, which was presented by the Cyprus Investment Promotion Agency (CIPA), indicated how easy it was to do business in a total of 189 countries.

While Cyprus ranked 39th in the report’s overall standings, it held 103rd place in the field of property registration and 108th in providing building permits.

Compared with 2013, Cyprus’ performance waned when it came to indexes such as, “performance contracts” and “starting a new business”.

In order to secure building permits company must go through nine procedures, while the time needed to secure the permit is estimated at 677 days. In the report’s 10 indexes, Cyprus improved its ranking in only three, remained steady in one and declined in six, the Association said.

It called on the government and all stakeholders to move ahead with the necessary measures that would contribute to reducing bureaucracy, update and speed up the procedures, so as to create a more business friendly environment.

The Association’s spokesman, Andreas Demetriades, said: “Growth and bureaucracy are two incompatible concepts. If we want to attract investors, we must as a state create the business friendly environment required and offer the necessary incentives”.

He said competition was intense and in many cases, “bureaucratic dysfunctions and onerous conditions” had led foreign investors to seek other, more business friendly destinations.

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