WEDNESDAY, 19 SEP 2018

 

CONNECT

Facebook Linked In Twitter
INB_1000_Eng_03/08-15/11_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Syllouris Pays an Official Visit to Hungary

Anastasiades and Tsipras Discuss Bilateral Cooperation and Developments on Cyprus Issue

IMH LTD
GAP_Group_2018_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

Cyprus Raises €1.5 billion from Ten-Year Bond

The Republic of Cyprus has issued a ten year European Medium-Term Note (EMTN) which ...

New 100 and 200 Euro Notes Unveiled

The design for the new €100 and €200 bank notes has been unveiled, ahead of ...

People at Poverty Risk Drop to 25% of Population in 2017

Data released on Monday 17 September show that people at risk of poverty or social ...

FROM AROUND GOLDNEWS

   

Professor Costas Markides to Give a Talk at the Phoenix Leaders Club

With any new term comes even better opportunities at The Club, and this September is no different. This Autumn the team at The Club ...
   

IBM Launches Tool Aimed at Detecting AI Bias

IBM wants to help companies mitigate the chances that their artificial intelligence technologies unintentionally discriminate against certain groups like ...
   

Perrier Bids Farewell to Summer in the Most #extraordinaire Way

On Wednesday 12th September 2018, Perrier bid farewell to the summer, in the most #extraordinaire way! 150 extraordinaire guests, received an invitation ...
   

Cyprus Raises €1.5 billion from Ten-Year Bond

The Republic of Cyprus has issued a ten year European Medium-Term Note (EMTN) which was oversubscribed by more than five and a half times.  The ...
   

Cyprus and Egypt Sign Agreement for Subsea Gas Pipeline

Cyprus and Egypt sign an inter-state agreement concerning a subsea pipeline to carry Cypriot natural gas to Egypt. Cyprus’ Energy Minister Yiorgos ...
   

Meet the experts at the 2nd Cyprus HealthCare Conference Gala Dinner

The 2nd Cyprus HealthCare Conference Gala Dinner which will take place on 27 September 2018 at the European University Cyprus will combine entertainment ...
   

Global Fintech Investment Roars Ahead at a Record Pace in First Half of 2018

Global fintech investment reached US$ 57.9B invested across 875 deals in H1’18, a significant increase from the US$ 38.1B invested in all of 2017, ...
   

12th Cyprus-Russia Gala Organised at the Presidential Palace

The 12th Cyprus-Russia Gala took place at the Presidential Palace in Cyprus on the 15th September 2018 under the high patronage of the First Lady of the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Vassos_Eliades_31/08-31/12_300x250px
Gold_Digital_Edition_300x250px

IMH LTD