Cyprus Mail
Business

Award ceremony for top foreign investors

Chairman of Invest Cyprus, Michalis Michael, (right) with Energy Minister Giorgos Lakkotrypis at the ceremony

Six foreign investors were acknowledged for their contribution to the economy during this year’s Cyprus Investment Promotion Agency (Invest Cyprus) awards, while a seventh was given an honorary award.

The awards ceremony was held in Nicosia on Tuesday night, attended by President Nicos Anastasiades and some of his cabinet including Energy Minister Giorgos Lakkotrypis and Finance Minister Harris Georgiades.

The winners of the awards were Olympia Group, which has various and wide-ranging investments, US energy giants ExxonMobil, Limassol port operators DP World, Uniteam Marine Limited, Eurobank and Arab Satellite Communications Organisation (Arabsat). An honorary award for its greater contribution to the Cyprus economy was given to the Council of Europe Development Bank.

The awards were presented by main sponsor PwC Cyprus. Other sponsors included Eurobank Cyprus TFI Markets and Grey Goose.

Chairman of Invest Cyprus, Michalis Michael, in his address said that under the guidance of the government and the valuable contribution of the private sector, the agency had been able to apply a successful strategy to promote investment in the country.

“As a result of the organisation’s successful course, which is part of the state’s collective effort to reinstate economic growth and establish long-term prosperity, there are currently new opportunities for investment both in new and traditional sectors,” he said.

He specifically referred to the development opportunities that have emerged in the sector of “headquartering” (transferring headquarters of a company), start-ups and innovation, health and alternative tourism, energy and investment funds.

As for the conditions needed to achieve sustainable economic growth in a competitive international environment, Michael said it was necessary for the economy to be in a position where it could constantly adapt, apply reforms, modernise and innovate so that it can be as competitive as possible.

The awards ceremony, he said, paid tribute to the continuous trust that investors have been showing in the country.

“Your vote of confidence in our economy’s potential for growth, proves that our collective effort to facilitate growth through the reinforcement of Cyprus’ competitive advantages, has be proven successful and worthy of continuation,” Michael said.

 

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