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Cyprus seeks investors as economy gathers pace

The Cyprus Investment Promotion Agency (CIPA) on Tuesday presented the island’s major investment opportunities as economic growth is gathering pace four years since the 2013 financial crisis.

“The Cyprus economy is currently growing at a rate of 3.5% of GDP, much higher than the EU average, and the outlook remains positive,” Finance Minister Harris Georgiades told the 2nd Cyprus International Investment Summit in Limassol, attracting more than 150 investors.

He assured that “we are not becoming complacent and fully realise that there is more to be done.”

“And likewise, our commitment to continue working for a stable, business friendly economic environment remains equally strong,” he stressed.

Georgiades noted “there is no doubt that Cyprus is a welcoming and safe place to spend a holiday, but also an excellent place to live, to buy a holiday house, to send the children to school, to enjoy retirement,” adding that Cyprus “is also an excellent place to do business.”

Georgiades said Cyprus is making strides in the direction of developing into an investment fund management centre and it is the largest ship management centre in the EU.

He also noted that there are other significant sectors including education and health and of course energy.

“The economic policy has been focused on supporting the private sector and in doing so, facilitating the creation of conditions which will result in new opportunities, new business and new jobs.”

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CIPA Chairman Christodoulos Angastiniotis said that in 2016 the Cyprus economy recorded a notable 9.1% rise in FDI inflow compared to the previous year, which was the second largest increase at an EU level on a backdrop of a 2.8% GDP growth.

He added that in the second quarter of 2017, the Cyprus GDP grew by 3.5%, “as a consequence of highly improved economic climate and revived investment interest.”

“Today we stand before you and reassure you that now is the right time to invest in the country’s strong growth potentials. Not only in the sectors of Property, Real Estate and Leisure, but in all of the economy’s promising industries”.

And 55% of the island’s young workforce, 55% has a tertiary degree and Cyprus has strong business support services with more than 700 accounting firms, 2,700 lawyers and 160 law firms, and the high availability of modern affordable office space in all cities.

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