Cyprus Mail

Hourican: time to talk about prosperity, not austerity

Bank of Cyprus Chief Executive John Hourican

WITH correct planning, Cyprus could quickly have a Gross Domestic Product of €30 billion, the CEO of Bank of Cyprus John Hourican said on Monday.

Hourican, speaking at a lecture at the Cyprus International Institute of Management (CIIM), said that there was need to shift the discourse in Cyprus from austerity to prosperity and that the island needed a plan that would be generally supported for the next five to ten years.

“We need to create opportunities for future generations and we need clear, simple and proper plans that will be supported by everyone,” he said.

He added that Cyprus needed to double the number of tourists and extend the tourist period, to utilise the island’s natural resources, and to invest in the expansion of medical services.

Hourican added that the €40bn deficit of the banking sector could be covered by attracting deposits to Cyprus.

The real estate transfer tax should also be reduced to attract investors, he said.

“We must complete reforms and create the conditions for prosperity, we must also prepare for the extraction of hydrocarbons in Cyprus,” he said.

Related Posts

Coronavirus: Six deaths, 1,984 new infections (Updated)

Rachael Gillett

More stand-up comedy events

Eleni Philippou

Protection of Salamis mosaics named as among committee’s significant works

Kyriacos Nicolaou

Man arrested for series of burglaries

Kyriacos Nicolaou

Coronavirus: 14-day self-isolation for close contacts ends on Monday

Source: Cyprus News Agency

New exhibition looks at folk printmaking

Eleni Philippou


Comments are closed.