President: “At the end of the day your success is also our success”

President Nikos Christodoulides congratulated the island’s leading foreign investors for their achievements and excellence, while reassuring them of the government’s ongoing commitment to addressing their concerns and suggestions, as he spoke at the 11th Invest Cyprus International Investments Awards in Nicosia on 4 July.

As the President pointed out, “At the end of the day your success is also our success.”

“These awards established by Invest Cyprus more than a decade ago are an important event for celebrating the achievements of exceptional entrepreneurs and their respective investments in our country,” said the President. “Allow me first to express the Government’s appreciation to all investors, for the confidence and trust they continuously show to the economy of Cyprus and your important contribution to its progress. You do play a significant role in driving economic growth, fostering innovation, and creating job opportunities.”

Both he and the members of his government are keen to maintain open channels of communication with all investors in the country, in order to be aware of obstacles or difficulties or challenges they may face in setting up and growing their businesses in Cyprus, said Christodoulides. “Our aim is to create a truly attractive business environment that promotes transparency, efficiency, and a level playing field for all.”

Recent discussions with investors have highlighted a number of issues that require the attention of the government, he said. “To mention a few, these concern challenges in attracting and retaining talent to Cyprus, the lack of foreign schools and the lack of affordable residential options; connectivity issues, high electricity prices and unnecessary red tape.”

The President said that while the government awaits a report from Invest Cyprus, it has already launched discussions at the Council of Ministers level, “and in a very few months, I promise that we are going to have the same meeting during the first week of September in order to revert to the discussion table and report on the steps we have taken to streamline doing business in Cyprus”.

Furthermore, he said, “we have developed a comprehensive and ambitious Government Programme, which is already under implementation. Our aim is to strengthen the competitiveness and extroversion of the Cypriot economy, on the basis of a new and modern growth model”.

In the proposed programme, a strong economy is pivotal, said the President. “This will be achieved through our full commitment first of all to fiscal discipline, a strong financial system and the continuous pursuit and implementation of structural reforms,” he explained.

“We do attach great importance on fostering a healthy and stable banking system and financial sector, since we believe that a robust financial system is essential for economic stability and growth,” he added.

“Our reform agenda includes a comprehensive tax reform, as well as the implementation of reforms in order to modernise the public service, and the local government as well as the justice system,” said Christodoulides. “At the same time, we fully endorse digital and green transition and research and innovation, leveraging European funding programmes.”

At the beginning of 2022, the previous Government adopted a Strategy for Attracting Business and Talent, he said. “That Strategy has had impressive results; more than 1,700 companies have already registered under the upgraded Business Facilitation Unit, employing around 17,000 skilled employees from third countries. Its implementation is fast moving forward; many of the actions included in the short- to mid-term planning are already implemented.”

At the same time, he said, the government is working on the implementation of the remaining actions, such as the digitalisation of various procedures and the reduction of the time needed to apply for citizenship. “Additionally, like with all strategies, we are continuously looking for ways to further improve it,” said Christodoulides.

Attracting productive direct investments is of paramount importance, he added. “The contribution of the international investors, many of whom are here with us today, in supporting the growth of the Cyprus economy and supporting its transition to the new era cannot be overstated. Your input is not limited to direct financial terms and employment but extends to valuable knowledge transfer, cultural enrichment and active social participation and responsibility.”

So he said it was with great pleasure that he was “here today to celebrate your achievements and excellence and reassure you of our ongoing commitment to addressing your concerns and suggestions”.

As the President pointed out, “At the end of the day your success is also our success.”

He congratiulated Invest Cyprus, its president, its CEO as well as all personnel for their actions and efforts in promoting Cyprus as the ideal business and investment destination.

“As we forge into the future, we will continue to work together, to ensure that Cyprus remains a prime location for business and talent; and to build on Cyprus’ reputation as a great place for conducting business, with you as our esteemed ambassadors,” said Christodoulides. “As it is stipulated in Vision 2035, our long-term strategy for a resilient economy for the country, we want Cyprus to be one of the best countries to live, work and do business in!”

The 11th Invest Cyprus International Investment Awards, organised by GOLD magazine and Invest Cyprus, are sponsored by Platinum Sponsor PwC Cyprus, and Gold Sponsors Eurobank Cyprus and ECOMMBX.