The government aims to further support the growth of the financial services sector by bolstering the relevant regulatory framework, by strengthening supervision and by ensuring effective enforcement, President Nikos Christodoulides said on Wednesday evening addressing the inauguration of MUFG Investor Services new offices in Limassol.

Stressing that “the creation of favourable conditions for the financial services sector are at the cornerstone of our governance programme and our government’s vision for the economy,” he noted that the government will prepare a study, providing recommendations for the enhancement of the governance and supervision of administrative services providers.

“Within this framework, the establishment of a Single Supervisory Authority for these services will be examined,” he added.

He said that “in these challenging times for the global economy, the government remains committed to a three-pillar policy approach: fiscal discipline with government budget surpluses, a stable and healthy banking sector, and continuous structural reforms in order to increase our competitiveness.”

“Our actions are guided by Vision2035, the long-term strategic plan for the economy, aiming to promote entrepreneurship and innovation, and attract investment in high-growth sectors,” the President added.

At the same time, he said, “the safeguarding of the reputation of Cyprus as a credible financial centre is a matter of highest priority. In this regard, following the secondary sanctions that were imposed by the US and the UK last April, our government took immediate action, amongst these being the Council of Ministers decision on five specific measures, based on a zero-tolerance policy.”

He stressed that “we are working on a comprehensive and coherent brand for Cyprus, showcasing Cyprus as a reliable, forward-thinking, and attractive destination for diverse opportunities and experiences.”

“We also strive to maintain open channels of communication with the existing investors in Cyprus, aiming to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field for all,” he noted.

That is why, he added, immediately after assuming the Presidency, we organized the first roundtable discussion with investors. He said that they took note of the challenges mentioned during the discussion, concerning the reputation of Cyprus, difficulties in attracting and retaining talent to Cyprus, the lack of schools and the lack of affordable residential options.

He noted that in this regard, the Presidency is working in close collaboration with the competent ministries on all these issues, to provide tangible, effective solutions. “Next month, we will revert to the issue and report on the steps we have taken to streamline doing business in Cyprus. We place significant emphasis on the satisfaction of existing investors in Cyprus, because ultimately, we consider you as our best Ambassadors,” he stressed.

He noted that efforts to improve the business environment are made in the framework of the Strategy for Attracting Investment and Talent, which was launched by the previous government in 2022, stressing that “we are constantly evaluating its implementation and we are looking for ways to further improve it. In this respect, we will be approving soon, changes to the strategy to make it even more attractive,” he added.