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Investors ‘significant’ for Cyprus’ economic growth and for creating more jobs, president says

ΠτΔ – Καγκελάριος της Γερμανίας –
President Nikos Christodoulides

Attracting productive direct investments in our country is of paramount importance for the Government, Cyprus’ President Nikos Christodoulides said in his address at the 11th Invest Cyprus International Investments Awards that took place in Nicosia.

President Christodoulides noted that investors “play a significant role in driving economic growth, fostering innovation, and creating job opportunities”.

He said that recent discussions with investors, have highlighted a number of issues that require the attention of the Government, such as challenges in attracting and retaining talent to Cyprus, the lack of foreign schools and the lack of affordable residential options; connectivity issues, high electricity prices and unnecessary red tape.

President Christodoulides said he is to hold a meeting with investors during the first week of September, noting that both the Government and he personally are keen to maintain open channels of communication with all investors in the country, in order to be aware of obstacles or difficulties or challenges they may face in setting up and growing their businesses in Cyprus.

“Our aim is to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field for all”, he said.

He also referred to the development of “a comprehensive and ambitious” Government Programme, which is already under implementation with the aim of strengthening the competitiveness and extroversion of the Cypriot economy, on the basis of a new and modern growth model.

“In our proposed programme a strong economy is pivotal”, he said, adding that this will be achieved through full commitment first of all, to fiscal discipline, a strong financial system and the continuous pursuit and implementation of structural reforms.

He added that they attach great importance to fostering a healthy and stable banking system and financial sector, “since we believe that a robust financial system is essential for economic stability and growth”.

He also said that the Government’s reform agenda includes a comprehensive tax reform, as well as the implementation of reforms in order to modernise the public service, and the local government as well as the justice system. At the same time, he added, “we fully endorse digital and green transition and research and innovation, leveraging European funding programmes”.

The President also referred to the adoption by the previous Government of a Strategy for Attracting Business and Talent, which, he said, “has had impressive results”, since more than 1,700 companies have already registered under the upgraded Business Facilitation Unit, employing around 17,000 skilled employees from third countries. Its implementation is fast moving forward, he said, adding that, at the same time, the Government was working on the implementation of the remaining actions, such as the digitalisation of various procedures and the reduction of the time needed to apply for citizenship. “Additionally, like with all strategies, we are continuously looking for ways to further improve it”, he said.

President Christodoulides said that, attracting productive direct investments in the country was “of paramount importance”, while the contribution of the international investors in supporting the growth of the Cyprus economy and supporting its transition to the new era “cannot be overstated”.

“Your input is not limited to direct financial terms and employment but extends to valuable knowledge transfer, cultural enrichment and active social participation and responsibility”, he said, addressing the investors. “It is, therefore, with great pleasure that I am here today to celebrate your achievements and excellence and reassure you of our ongoing commitment to addressing your concerns and suggestions”, he said.

President Christodoulides said that, “as we forge into the future, we will continue to work together, to ensure that Cyprus remains a prime location for business and talent; and to build on Cyprus’s reputation as a great place for conducting business, with you as our esteemed ambassadors”. As it is stipulated the country’s our long-term strategy for a resilient economy for the country, Vision 2035, “we want Cyprus to be one of the best countries to live, work and do business in”, he said.

This year’s awarded companies were Tango, JetBrains, DataArt Enterprises Inc., Safe Bulkers, Inc., Globeducate, Wrike Cyprus Ltd, and MUFG Investor Services.

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