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Nicosia, July 4, 2023
It’s my pleasure to join you
for the 11th Invest Cyprus International Investment Awards
hosted by Gold Magazine. 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.
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 the members of my
government and myself are keen to maintain open channels of communication
with all investors in our country, in order to be aware of obstacles or
difficulties or challenges they may face in setting up and growing their
businesses in Cyprus. 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. 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.
While we are waiting a report
from Invest Cyprus, we have already launched discussions, the Council of
Ministers on all these issues 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, 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 our proposed programme a
strong economy is pivotal. 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.
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.
Our reform agenda includes a
comprehensive tax reform, as well as the implementation of reforms in order
to modernize the public service, and the local government as well as the
justice system. 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.
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, we are working on the
implementation of the remaining actions, such as the digitalization 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.
Attracting productive direct
investments in our country is of paramount importance. 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.
It is, therefore, with great
pleasure that I am here today to celebrate your achievements and excellence
and reassure you of our ongoing commitment to addressing your concerns and
suggestions. At the end of the day your success is also our success.
Allow me also to congratulate
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’s reputation as a great place for conducting business,
with you as our esteemed ambassadors. 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!
(RM/AP)
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