President: There is strong investor interest in Cyprus

President Nikos Christodoulides spoke of a strong investment interest in Cyprus and zero tolerance towards violations of any sanctions, as he addressed the 62nd General Assembly of the Institute of Certified Public Accountants of Cyprus (ICPAC), on 21 June.

An important goal, he said, is the implementation of a new growth model.

"Today I had a first meeting with a delegation from the United Arab Emirates, which was accompanied by investment funds and other investors from the country who are really interested," he said, adding that another meeting is scheduled for Thursday morning "with all those who have invested in our country to hear their own concerns".

He said attracting quality investments is a top priority for the government, stressing that Cyprus has the infrastructure to attract this type of investment, as long as "we do what we must do".

President Christodoulides also noted that safeguarding the name of Cyprus as a reliable business and financial centre was one of the first challenges the new government had to handle. He said that immediately, the government, in cooperation with all supervisory bodies, took all the necessary measures and will continue to show zero tolerance in this matter. "The decisions taken by the American and British governments were not a positive development, but we should treat these decisions as an opportunity to bring this issue to an end," he noted.

The President called on ICPAC members to “work together to eliminate, through actions and not words, any shadow or doubt that exists at an international level about business activities in our country". He added that Cyprus cannot afford not to rise to the occasion.

Regarding the tax reform, the President said that the goal is to modernise and simplify the tax system. "The main axes of the tax reform being promoted are the increase of the competitiveness of the tax model of Cyprus, the reduction of the administrative burden for tax-paying citizens and of course businesses and, at the same time, the provision of a fairer redistribution of the tax burden, while maintaining, at the same time, fiscal neutrality", he said.

(Source: CNA)