Cyprus Business Now

Invest Cyprus CEO Marios Tannousis this week praised the crucial role played by the Cypriot diaspora in promoting the country on the international stage.

Speaking at the Global Cypriot Diaspora Conference, Tannousis underscored the significance of diaspora members in countries hosting Cypriot investments.

Tannousis highlighted the role of the agency as a state entity that informs about Cyprus as a destination for foreign investment, assuring all aspects of business activity in Cyprus.

In addition, he noted that the agency supports potential investors in developing their proposals for investment in Cyprus.

Addressing the conference, Tannousis outlined Invest Cyprus’ strategic programmes aimed at strengthening relationships with countries such as the United States, United Kingdom, Australia, and South Africa. Additionally, events in cities like London and New York are in the pipeline.

Tannousis assured that Invest Cyprus remains open and ready to assist investors, describing the agency as the “foreign investment house”, aiding all matters related to foreign investors.

He further stated that the organisation’s priority is to enhance the existing investment framework to attract more investments, positioning Cyprus as a hub for foreign investments across various sectors.

The Cabinet of Ministers this week decided to raise the minimum wages in the hotel industry, encompassing the Cost of Living Allowance (CoLA).

Following the meeting, the Minister of Labour Yiannis Panayiotou, announced that a decree would be issued to implement the increase.

Panayiotou emphasised that this increase “affects a significant number of low-wage workers in the hotel industry.”

When questioned about the commencement of these higher wages, Panayiotou stated that the decree would have retroactive effect from June 2023.

Furthermore, the minister mentioned that the cabinet endorsed a proposal to submit a draft law to the House of Parliament for regulating overdue contributions to the Social Insurance Fund.

This regulation applies to recipients of the Guaranteed Minimum Income and those receiving public assistance, ensuring their exemption from legal actions regarding delays in their contributions.

Finally, Panayiotou explained that this regulation had been in effect in previous years and is now extended until July 1, 2024.

The Cyprus Stock Exchange (CSE) ended Thursday, August 24 with minor losses.

The general Cyprus Stock Market Index was at 133.00 points at 13:30 during the day, reflecting a decrease of 0.09 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 80.73 points, representing a drop of 0.07 per cent.

The total value of transactions came up to €113,491.

In terms of the sub-indexes, the alternative index rose by 0.3 per cent, while the hotel and main indexes fell by 1.66 per cent and 0.18 per cent respectively. The investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.66 per cent), Logicom (+0.69 per cent), Salamis Tours (+1.08 per cent), Hellenic Bank (-0.44 per cent), and Demetra Holdings (no change).