SUNDAY, 23 SEP 2018

 

CONNECT

Facebook Linked In Twitter
PWC_14/09-07/10_728x90px
GloriaJeans_266x90px
IMH LTD

Andromachi Zachariou of Crowe Cyprus receives Global Achievement in Recent ACCA Exams

Guterres 'Eagerly Awaiting' Lute Report on Way Forward in Cyprus

IMH LTD
PWC_14/09-07/10_468x60px

BUSINESS

brought to you by Deloitte

CIPA: Investments Should be Left out of Political Wrangling

CIPA: Investments Should be Left out of Political Wrangling

The investments sector must be left outside political wrangling, Chairman of the Cyprus Investment Promotions Agency (CIPA) Christodoulos Angastiniotis underlined during CIPA’s Annual General Meeting.

The AGM was held on Wednesday, 6 December in Nicosia with the participation of the political leadership, state officials, business bodies, foreign investors and diplomats from a number of embassies. The event honoured with his presence and welcomed the President of the Republic, Mr Nicos Anastasiades.

On his part, CIPA Chairman Christodoulos Angastiniotis referred to the need to promote investments as a top priority as well as to the successful course of the Agency to date. “With limited resources and executive powers, particularly in comparison to corresponding organisations of competing investment destinations, CIPA faced the challenges effectively, recognising that direct foreign investments offer the only safe prospect to restart development activity, in a healthy, sustainable way.”

Angastiniotis said 2016, the year under review at the AGM, coincided with important developments, such as increased investment interest in all productive sectors and the emergence of significant alternative sectors such as investment funds, the number of which is rising at an impressive rate of around 18%. Other positive developments cited were the keen interest from multinationals active in Cyprus in the past years which are expanding their presence, the successive upgrades from the rating agencies and GDP growth. Another important indication of the success of CIPA’s work was Cyprus being ranked as the second most rapidly developing nation brand in 2017 after Iceland by Brand Finance consultancy, he noted. All these “seal Cyprus’ positive course in attracting foreign investments and translate into a record increase of 9.1% in 2016 compared to the previous year,” he said.

Addressing all the state and party officials he emphasised: “Let us try and keep this important sector of investments, with which we have confirmed that healthy growth is possible, outside political wrangling. Irrespective of the results of the forthcoming elections, we all have a responsibility to improve the business environment through the necessary reforms that will make Cyprus more attractive for investments, over and above party motivations or personal ambitions that could damage our successful endeavours to date.” Within this framework, Angastiniotis urged the House of Representatives to move quickly with approving the bill to set up an under-secretariat on growth and competitiveness and the bill to facilitate investments.

In closing, Angastiniotis stressed that this year’s AGM was particularly important for him as it was his last as CIPA Chairman. It is noted that after his election as president of the Cyprus Chamber of Commerce and Industry, Mr Angastiniotis has tendered his resignation.

In her address, CIPA Director General Natasha Pilides outlined the most important direct foreign investments in Cyprus in 2016 in all the priority sectors. Moreover, presenting CIPA’s strategy for 2017-2020, she set out the organisation’s vision, actions and objectives and analysed the new initiatives to promote Cyprus abroad and the actions planned to take place over that period. She also made special reference to actions underway to promote the audio-visual sector, innovation, investment funds and start-ups.  In closing, the director general referred to CIPA’s new initiative “Invest Career”, an internet tool to match the companies’ increasing needs for talented human resources with professionals seeking employment opportunities, about which more details will be announced at the start of the new year.

It is worth noting that the AGM of the Cyprus Investment Funds Association (CIFA) was held on the same day. In his address, CIFA Chairman Angelos Gregoriades analysed the current developments in the sector and outlined CIFA’s vision to promote Cyprus as an attractive destination for investment funds.

 

MORE ON BUSINESS

Bottega Prosecco Ranks Number Two in Global Travel Retail

According to data from drinks analysts IWSR on Champagne and sparkling wine brands in ...

The Digital Cyprus Conference

The Cyprus Chamber of Commerce and Industry and the Cyprus Employers and Industrialists ...

Cyprus Funds Roadshow Series: Building On a Competitive Advantage, Funds, and The Cyprus Shipping Industry

KPMG's Administrative Counselor Antonis Rouvas, talked about family offices and the ...

FROM AROUND GOLDNEWS

   

Invest Cyprus Presents Investment Opportunities in Cyprus in view of Brexit

The Cyprus Investment Promotion Agency (Invest Cyprus), presented the investment opportunities that Cyprus can offer in view of Brexit, in an event that took ...
   

First Jack’s Customers Sample New Store

Heavy rain and winds did not deter bargain-hungry shoppers on the opening day of Tesco’s new discount chain, Jack’s, with long queues to enter ...
   

Italy Opens Probe into Ryanair Hand Luggage Charges

Italy's competition watchdog has opened an inquiry into Ryanair's decision to charge people to take hand luggage on to the plane. Antitrust said ...
   

Spehar Highlights Importance of CBMs and Civil Society Involvement in Peace Process

Elizabeth Spehar, the UN Secretary General`s Special Representative in Cyprus and Head of UNFICYP, highlights the importance of trust-building, engaging in ...
   

100 New Employees Join KPMG

Last week, KPMG in Cyprus hosted a Welcoming Event at their offices in Nicosia, for the 100 newly-hired members of staff who joined the Firm’s workforce. ...
   

Andromachi Zachariou of Crowe Cyprus receives Global Achievement in Recent ACCA Exams

Andromachi Zachariou, Staff Accountant of Crowe Cyprus, has scored the highest mark in Cyprus and the 21st position worldwide on the “F8 - Audit and ...
   

Bottega Prosecco Ranks Number Two in Global Travel Retail

According to data from drinks analysts IWSR on Champagne and sparkling wine brands in duty free, the Italian distillery and winery produces one of the ...
   

Rising Exports Push Cyprus Trade Deficit Down in First Half of 2018

Cyprus’ trade deficit dropped by €320,7 million in the first six months of the year, compared to the same period of 2017, as exports rose by ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Vassos_Eliades_31/08-31/12_300x250px
Gold_Issue_300x250px

IMH LTD