Cyprus will succeed in shaping a stable investment environment, President says

President of the Republic Nikos Christodoulides has said that Cyprus will succeed in its goal to strengthen entrepreneurship and shape a stable and attractive investment environment.

In his address at the Annual General Assembly of the Association of Large Investment Projects, that took place in Nicosia on 15 May, the President announced two actions towards this direction, the first being a comprehensive campaign by the state to upgrade the image of the country at the international level and the second being the preparation of a new revised plan for incentives for the legalisation and licensing of illegal/new constructions in approved developments.

The President of the Republic said that the land development sector and related investments, as a key pillar of the Cypriot economy, "has shown a particularly dynamic course in recent years, despite the volatile external environment that prevails and certainly affects us."

He noted that the government, recognises today's challenges and thus has proceeded with determination and vision in formulating targeted policies and actions to maintain a stable environment, with the aim of economic development and for the benefit of entrepreneurship and social cohesion.

In this context, the President said, the government has set specific goals and undertook initiatives for structural changes, to support investments, reduce bureaucracy and improve the daily life of citizens.

"We work with dedication every day to implement these goals and initiatives that are of crucial importance for Cyprus that we are changing, for a more resilient and competitive economy," he said.

The President went on to say that the government's prudent fiscal policy and its targeted interventions have brought results, with the goal of maintaining a resilient economy and staying on a solid path of growth.

The government, he pointed out, is working in a methodical and diligent manner to strengthen the image and the credibility of Cyprus, as well as to create the appropriate conditions to promote sustainable development, to modernise and reform the state and to support social cohesion. But above all, he went on to say, the government is working to ensure the well-being of the citizens and improve their daily lives.

The President of the Republic of Cyprus underlined that the strengthening of entrepreneurship and the creation of a stable and attractive investment environment in the country is for the government "a bet", adding that "I am absolutely sure we will win, always with your cooperation, for achieving the progress and growth that our country deserves."

(Source: CNA)