Evgeniou: Invest Cyprus working to maintain existing investors as well as bring in more

In a panel discussion at the 1st Annual Conference of the Central Bank of Cyprus, three experts gave their view on the theme ‘Cyprus economy, outlook and opportunities’.

The panel discussion included the participation of Irene Piki, Deputy Minister to the President of the Republic of Cyprus, Panicos Nicolaou, Chairman of the Board of Directors, Association of Cyprus Banks, and Evgenios Evgeniou, Chairman, Invest Cyprus.

Speaking during the panel discussion, Evgeniou noted the organisation’s aim to stay in touch with investors while also helping to drive Cyprus’ economic growth.

He noted the importance of coming up with new ‘recipes’ to produce and maintain growth.

As Evgeniou underlined, Invest Cyprus works in line with the government’s Vision Cyprus 2035 and also Resilience Plan strategies.

Invest Cyprus has been working to bring new talent to Cyprus which, among other things, results in helping to drive the economy, while also contributing to the country’s knowledge bank and faster digital and green transition.

“We had a very successful 2022 but there was a bit of a slowdown this year,” he acknowledged, also recognizing capacity issues in the economy.

Evgeniou also stressed the importance of the ongoing support of Moodys, the IMF and Central Bank of Cyprus.

“A second pillar of Invest Cyprus’ efforts is helping to bring about the green and digital transition of the country. We are looking for projects that will help Cyprus move ahead,” he said.

The Invest Cyprus Chairman said there was plenty of space left in the organisation’s databank of projects ready to move forward and called on the Conference’s audiences to consider the projects in line with these strategies, “for us to promote to investors abroad.”

He also revealed that the sectors of light manufacturing and energy have already drawn interest but that efforts needed to be made across all sectors.

“We need to stay disciplined on a trajectory of reducing debt so (within this framework) foreign investment becomes far more critical. I would like to encourage more private-public sector partnerships in order to drive infrastructure and green and digital transition,” he concluded, adding that efforts to produce better quality growth and lead to a more diversified economy would continue.

He later in the discussion also noted that it was not enough to bring in new companies and that the framework had to be created to allow companies already here to grow.

Earlier during the event, there was also a panel discussion on ‘Inflation uncertainty ramifications on investment and business decisions’ with the participation of João Sousa, Deputy Director General, DG Economics, European Central Bank, and Ernest Gnan, Secretary General, SUERF – The European Money and Finance Forum and Honorary Economic Advisor to the OeNB Governor.

The invitation-only event in Limassol also included a keynote speech by European Central Bank Vice President Luis de Guindos, following a welcoming address by Central Bank of Cyprus Governor Constantinos Herodotou.

A networking cocktail is due to close the event.