SUNDAY, 23 FEB 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Charles Mitchel Contacts UN SG To Discuss Bloc's Involvement With Cyprus Issue

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

President of ICPAC: Challenges Still Lie Ahead

President of ICPAC: Challenges Still Lie Ahead

Marios M. Skandalis, Director of the Group Compliance Division at Bank of Cyprus Group, and President of ICPAC, spoke at the 9th Nicosia Economic Congress on April 18, about the importance of enhancing the collaboration between the private and public sector in order to infuse a multiplier factor into the economy and pointed out the challenges which still lie ahead.

“Further to the remediation of the banking sector, where significant and brave decisions have been taken that set the viability of this economy’s sector on a stronger foundation, the prime challenge is the overall sustainability and credibility of the growing course of the economy,” Skandalis noted.

He added that critical reforms that need to be introduced include judicial reforms to increase the efficiency of courts and the overall judicial system and accelerate enforcement of commercial claims to help address the legacy of the crisis. “Reforms of the civil procedure code and introduction of the e-justice system should be completed. Despite some progress with the issuance and transfer of property titles, a substantial backlog unfortunately still remains so its practical clearance should be accelerated,” he said.

According to Marios Skandalis, continuing efforts to mitigate financial crime risks still remains a challenge “and our country’s reputation continues to receive hits primarily from our competitors but also from jurisdictions that do not really comprehend the significant transformation Cyprus went through over the last few years.” He added that it is important to focus the attention of all stakeholders in the present and demonstrate our solid commitment to remain vigilant in the future and always ahead of any anti-financial crime developments.

“Another ongoing challenge,” he went on to say, “is the continuous improvement of our country’s competitiveness through the provision of revolutionary financial services and products through an effective, credible and reliable legal and operational framework.” He further emphasised the necessity of a credible legal and operational framework as most of the times we pursue brilliant ideas but at the end, our legal and operational framework fail in supporting or facilitating an effective and efficient delivery of these ideas.

Another key challenge pointed out by Skandalis, is the necessary careful diplomatic tactics we need to engage in for the most beneficial exploitation of the hydrocarbon reserves, a development which will definitely enhance our economy’s size and characteristics.

“Building upon the necessary reforms and competitiveness, the adoption and implementation of a digitized economy is a crucial bet we need to win. Digital transformation is not an option, but the only way forward,” he concluded.

 

MORE ON BUSINESS

New Strategic Investment In Cyprus By Greece’s Jumbo Group

Greece’s Jumbo Group has carried out another strategic investment in Cyprus with ...

The 2019 Moneyval Report: An Independent Recognition of the Cypriot Banking Sector’s New Outlook

The recent Moneyval report, issued on 12 February, does full justice to the efforts and ...

The Director of LSE Dame Minouche Shafik in Cyprus

The Cyprus LSE Alumni Association is proud to host a conversation with the LSE ...

FROM AROUND GOLDNEWS

   

The Cyprus Shipping Chamber Actively Participated At The European Shipping Week

The Cyprus Shipping Chamber participated at the 3rd European Shipping Week held between 17-21 February 2020, in Brussels, through its President, Philippos ...
   

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Cyprus' Shipping Deputy Minister Natasa Pilides underlined "the need to maintain the competitiveness of European Shipping," during the debate on ...
   

Communications And Transport Had The Largest Positive Change Over Consumer Prices In January 2020

In January 2020, according to CyStat, the Harmonized Index of Consumer Prices (HCIP) increased by 0,7% compared to the index of January 2019 while, when ...
   

Charles Mitchel Contacts UN Secretary-General To Discuss Bloc's Involvement With Cyprus Issue

The Cyprus government welcomes the active involvement of the EU in efforts to solve the Cyprus issue, following the initiative of the President of the European ...
   

Google’s Recipe For Success At The 3rd Data Management Forum

Collecting the right data requires first understanding what kind of actions we need to achieve from it. Learn some funda­mental best practices on data ...
   

EU Deadlocked In Budget Summit As Rifts Laid Bare

EU leaders were deadlocked over the bloc’s next multiannual budget after lengthy summit talks on Thursday night laid bare rifts over how to fill the ...
   

Substantial Increase In Investment Fund Assets For December 2019

The Central Bank of Cyprus has released yesterday the Investment Funds statistics for the reference month of December 2019. Τhe number of investment funds ...
   

Cyprus Enterprises Find It Less Difficult To Recruit ICT Specialists Relatively To The E

Hiring expertise in information and communication technologies (ICT) is a challenge for businesses in the European Union (EU). During 2018, according to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Data_Forum_24/01-04/03_300x250px
Architecture_Awards_Nominations_10/12-02/02_300x250px

IMH LTD