CIPA initiative to evaluate situation and forge policy to attract investments

CIPA initiative to evaluate situation and forge policy to attract investments


A brainstorming session with the participation of state officials, high ranking public employees and representatives of business bodies was held yesterday at the initiative of the Cyprus Investment and Promotion Agency (CIPA). The meeting dealt with the changed conditions following Britain’s decision to leave the European Union, Cyprus’ promotion strategy and the reforms needed to make Cyprus an even more attractive and competitive investment destination.

Taking part on behalf of the government were Transport, Communications and Works Minister Mr Marios Demetriades, Energy, Commerce, Industry and Tourism Mr Minister Yiorgos Lakkotrypis and the Undersecretary to the President, Mr Constantinos Petrides.

Transport, Communications and Works Minister Mr Marios Demetriades congratulated CIPA on its initiative and noted that the Cyprus economy had moved on to stabilisation and growth. “However, there is no doubt that in order to make sure this growth is permanent, we need to make structural reforms. That is the main challenge for our economy. To be able to make the necessary changes so that we can move forward,” he said.

Energy, Commerce, Industry and Tourism Minister Mr Yiorgos Lakkotrypis said that: “The sectors which must be targeted are those on which the Cyprus economy traditionally relies such as the tourism, professional services, shipping, energy and education sectors. These are sectors where we have and wish to boost our competitive advantage or we wish to acquire such an advantage.”

In his address, CIPA Chairman Mr Christodoulos Angastiniotis referred to the importance of dialogue as a source of innovative ideas in any development process, noting that the aim of the meeting was to hear opinions and reflections from across the spectrum of organisations active in attracting investments and to formulate suggestions and actions. “Today we are called upon once again to operate in a new environment, the main elements of which are on the one hand the successful completion of Cyprus’ bailout obligations and the clear improvement in economic conditions and on the other, the urgent need to continue reforms.”

CIPA’s Chairman made special reference to the United Kingdom’s decision to leave the EU, noting that this development was an example of the extraordinary situations which the Organisation, in cooperation with the state, must examine in order to adapt its targets and priorities. Finally, he referred to the positive results of the joint efforts undertaken in the past, stressing that nothing should be taken for granted, particularly in an intensely competitive and changing international economic environment, which as he stressed demands vigilance, flexibility and targeted actions.

Taking part in the meeting were public officials as well as representatives of various bodies and organisations involved in investments.



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