Cyprus Mail

Govt continues efforts to attract investment

By Staff reporter

President Nicos Anastasiades said on Friday the government will continue efforts to attract foreign investment but warned against having high expectations at the present stage.

“Let’s not cultivate illusions … and this is neither our intention nor will misrepresentation benefit anything,” Anastasiades said. “There is strong interest but we are just at the exploratory stage.”

The government is keen to attract foreign direct investment in a bid to put a stagnant economy back on a growth path.

Still reeling from the near-collapse of the banking sector last year, which led to the seizure of savers’ deposits, Cyprus’ GDP has taken a big blow and is forecast to contract further in 2014.

Three investment funds, under the Kuwait Projects Company Holding (KIPCO), were on the island on Thursday on a fact-finding mission, while a Deutsche Bank delegation came to discuss finance prospects for an onshore natural gas liquefaction terminal.

“I hope that we will have something positive to announce at some point,” Anastasiades said.

The government, he added, will continue efforts to attract capital.

“No one is saying that when you try, when you insist, you will always be successful. I want us to be cautious,” the president said

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