Addressing a reception organised by the Cyprus Securities and Exchange Commission (CySEC) earlier this month, President Nicos Anastasiades emphatically proclaimed Cyprus as an attractive investment destination and a competitive centre for international business, regardless of the financial crisis that has gripped the island of late.
The senior executives of Cyprus Investment Firms and Administrative Service Providers who attended the reception were treated to the positive words of the President, who proclaimed: “This year finds Cyprus going through one of the most critical periods in its modern history. Without undue delay, we are taking bold decisions to implement prudent fiscal policy, we are modernising the state and the public administration and we are proceeding with structural changes, in order to turn the crisis into an opportunity.”
Consequently, President Anastasiades emphasised that one of the government’s key priorities at this stage is to ensure that Cyprus will not only retain the substantial comparative advantages it offers to foreign investors (most notably the favourable tax incentives), but, moreover, will further promote the development of a business-friendly environment.
The President made reference to the ongoing efforts being made to restructure the banking system, as well as the aspiration to lift all of the restrictions on transactions and capital movement, resulting in the two positive evaluations received by Cyprus from the Troika.
Looking to the future, the recent upgrade of the Cyprus economy from CCC+ to B- by an international rating agency should be heralded, President Anastasiades said, as a sign that Cyprus’ efforts are bearing fruit and are being acknowledged at an international level.
Addressing the foreign investors that attended the CySEC reception, Anastasiades expressed his absolute commitment to providing support to the activities of foreign-owned companies, assuring that proposals, recommendations, and even complaints in relation to the services sector in Cyprus, will be taken into serious consideration.
Meanwhile, CySEC Chairwoman Demetra Kalogirou gave the optimistic message that normality is resuming and that the Commission continues to receive applications for the authorisation of investment firms and for the extension of existing licenses.
Kalogirou perceives this interest as being testament to the trust that foreign investors continue to bestow on the Cyprus economy, and proof that Cyprus has retained its attractive features that have established the country as a credible investment destination.
Nonetheless, Kalogirou maintains that the need for implementing a thorough supervisory framework, and reinforcing CySEC, has never been more prominent.
In parallel, the Chairwoman confirmed that CySEC will remain sensitive to the concerns of market participants, continuing to cooperate with them on identifying difficulties and providing solutions where possible.
For his part, the Chairman of the Cyprus Investment Promotion Agency (CIPA), Christodoulos Angastiniotis, echoed the President’s sentiment that every crisis is an opportunity for a new beginning, and stated that whilst Cyprus is at a crossroad, good will, judgment, and determination are sure to bring our economy back onto the path of dynamic growth.