MONDAY, 19 FEB 2018

 

CONNECT

Facebook Linked In Twitter
Chinese_Edition_13/02-15/04_728x90px
GloriaJeans_266x90px
IMH LTD

Anastasiades: The Cyprus Government Won't Be Led Into a Competitive Frenzy with Turkey

Trump: I Value US Partnership with Cyprus

IMH LTD
PwC_02/02_23/02_468x60px

ECONOMY

Skandalis: Cyprus’ Economy is Back on Track

Skandalis: Cyprus’ Economy is Back on Track

The 2nd EU Arab World Summit took place on 9 and 10 November in Athens, with view of providing the most representative and dynamic platform for debating strategies of Euro-Arab cooperation and partnership between the two major economic and political blocs. The European Union and Arab world have throughout the years been sharing a destiny of geographical proximity, economic and political cooperation on many fronts. The two major worlds have a long history of cross-fertilization and human and cultural exchanges that had shaped their heritage and shared history and values. 

Marios Skandalis, President at the Institute of Certified Public Accountants of Cyprus, welcomed the attendees of the event, by presenting an informative background on Cyprus’ economy, investment possibilities and international business. Skandalis explained that ‘Cyprus is at the South-Easternmost edge of the EU, remains the bridge that connects Middle East and Europe.’ This can make Cyprus be the conduit for Arab businesses going into Europe, as well as for European companies to extend their operations into the Arab countries. ‘Trade and business activities can be stretched from our small island to the four points of the horizon’ he adds.

 Skandalis also referred to the financial crisis that hit the island back in 2013. ‘The island faced an unprecedented economic crisis which resulted in the implementation of harsh measures, including the shutdown of the 2nd largest bank and a “bail-in” solution for the largest bank in 2013’ Skandalis says.

However, he also explains the ways in which these difficulties were managed, and as a result the crisis was managed at a large extent. ‘Given the hard work of the people and the commitment to return to normal conditions in just three years, the Adjustment Programme with Troika was successfully completed and now the economy of the country is back on track following an upwards path’ he says.

‘Despite the wounds caused by the financial crisis in 2013 and the measures taken within the context of the Adjustment Programme with Troika, the country proved resilient maintaining thus its international business activity. The predicament proved catalytic for a number of areas, such as: Achieving balanced fiscal budgets and controlled expenditure by the government, Improved Banking sector, with better capitalized banks and more robust regulatory framework, Enhanced anti-money laundering and overall compliance practices which comply of course with the EU and other international Directives, and Robust Anti-Financial Crime and Transparency Framework. In order to preserve the reputation and the credibility of the country, we had to walk the extra mile as far as regulation and compliance is concerned. Today Cyprus has adopted one of the toughest anti-money laundering regimes, which without any doubt adds to the credibility of our country’ Skandalis concludes.

MORE ON ECONOMY

EU Long-Term Budget after 2020: European Commission Sets Out Options And Consequences

Ahead of the Informal Leaders' meeting on 23 February 2018, the European Commission ...

Georgiades: Cyprus Economy is on the Right Track

Finance Minister Harris Georgiades commented on February 14 on positive official data ...

Government Labour Force Reaches 50,621 People

The government labour force increased by 555 persons (1.1%) in January 2018 compared to ...

FROM AROUND GOLDNEWS

   

Amazon to Pay $1.2 Million in Settlement over Pesticide Sales

Amazon.com Inc will pay a $1.2 million penalty to settle nearly 4,000 alleged violations of U.S. law in a move to prevent harmful exposure to pesticides ...
   

Trump: I Value US Partnership with Cyprus

US President Donald Trump has congratulated Cyprus President Nicos Anastasiades on his re-election, noting that he values the US partnership with Cyprus, which ...
   

EC: Social Media Companies Need to Do More to Fully Comply with EU Consumer Rules

Social media companies need to do more to respond to the requests, made last March by the European Commission and Member States' consumer authorities, to ...
   

Data Management and Protection Forum: From GDPR to ePrivacy

George Z. Georgiou & Associates LLC is presenting the Data Management and Protection Forum on Thursday, 22 February 2018 at the Hilton Park Hotel in ...
   

Commission Presents Ideas for a More Efficient European Union

Ahead of the Informal Leaders' meeting on 23 February 2018, the European Commission is presenting a number of practical steps that could make the European ...
   

Logicom Cyprus Marathon to Celebrate its 20th Anniversary in Paphos

The Logicom Cyprus Marathon is fast approaching, and this year it will be celebrating its 20th Anniversary in Paphos. Logicom Public Ltd will once again be the ...
   

GCC Computers Named ‘Top Enterprise Partner of the Year’ For Greece and Cyprus Markets

In the context of the HPE Greece Annual Partner Event 2018 held in Athens, Greece, on Thursday, 1 February 2018, GCC Computers was announced “Top HPE ...
   

Cobalt Air Adds Access to Abu Dhabi from Larnaca

Hot on the heels of this week’s earlier route announcement to Düsseldorf, Cobalt Air is proud to announce a new three times weekly service linking ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD