More than €8bn of ‘major developments’ planned in Cyprus

More than €8 billion of major developments have been planned to be carried out in Cyprus, the Association of Large Investment Projects’ chairman Andreas Demetriades said on Thursday.

Demetriades was speaking following a meeting between the association’s board of directors and President Nikos Christodoulides and said the projects number between 18 and 20 and are expected to create between 8,000 and 9,000 jobs.

The developments are set to include the construction of new marinas, golf courses, technology parks, large tourist complexes, medical centres and other projects, he said.

He added that his views and those of Christodoulides are “aligned”.

“Everyone should make every possible effort to eliminate the dark spots of the past and that an economy which will be able to attract foreign investments should be strived for,” he said.

In addition, he said Christodoulides had showed a “special interest” in the problems faced by members of his association and would also look into “the ways in which Cyprus can attract foreign investment and promote the implementation of major development projects”.

This, he said, will include incentives to encourage foreign companies to partner with Cypriot companies so that the latter can acquire the necessary experience and know-how in specific sectors, and so that Cypriot businessmen would also benefit from such cooperations.

He added that his association “is in complete agreement” with Christodoulides’ plans to restore Cyprus’ prestige abroad, and that its members have pledged to help him “clean up” Cyprus’ name and improve the country’s image in the eyes of investors.

“It is in everyone’s interest, including that of the entrepreneurs themselves, to have a clean image which attracts real productive investments into Cyprus,” he said.

He did also pick some bones of contention with the current state of policy, saying Cypriot companies are facing “unfair competition in terms of taxes” as compared to companies abroad, but said “these issues are expected to be resolved within forthcoming tax reforms.”