Aristidis Vourakis: The Cypriot economy is resilient but attracting investment requires strategy

Cyprus has demonstrated remarkable resilience from an economic point of view, while attracting investment must be done with particular care, Astrobank CEO Aristidis Vourakis has underlined.

During his presentation at the 12th Banking Forum & FinTech Expo, organised by Logicom Solutions on 16 January, Vourakis highlighted the strong position of the Cypriot economy and the opportunities it has offered to the banking sector.

Vourakis also pointed out that the demands faced by banks are multiple and multifaceted.

On the one hand, shareholders expect high returns, while, on the other hand, employees need support and regulators are constantly setting new compliance frameworks. As he underlined, Astrobank's main priority is to maintain shareholder control, while the bank, at the same time,focuses on continuously improving its customer service.

Vourakis then commented on the changes in infrastructure and the tax framework, as well as population movements that have affected the international scene. He emphasised that, despite the challenges, the Cypriot economy has managed to maintain its stability, constituting an example of resilience.

Regarding attracting investment, the CEO of Astrobank argued that Cyprus must move strategically. He pointed out that the compliance regulations governing the banking sector are strict, while international competition is high.

As examples of strategies that have paid off, he cited Great Britain and Ireland, which managed to enhance their attractiveness through targeted policies.

Vourakis spoke about markets such as India where efforts are being made to attract investment, but advised caution due to compliance rules.

Finally, he highlighted the challenges and prospects of the banking sector in Cyprus, focusing on the importance of a strategic approach to maintaining the trust of shareholders, customers and employees, as well as to strengthening the country's position on the international economic map.

(Source: InBusinessNews)