WEDNESDAY, 23 MAY 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Lakkotrypis: Cyprus Supports Initiatives to Resolve Functionality Issues within the WTO

Syllouris Holds Meeting with Prime Minister of Armenia

IMH LTD
PWC_11/05-25/05_468x60px

POLITICS

brought to you by Deloitte

Anastasiades: Government Promotes New Investment Law

Anastasiades: Government Promotes New Investment Law

President of the Republic Nicos Anastasiades has said that the government is promoting a new investment law to boost investments in the country.  

Addressing the Cyprus Investment Promotion Agency (CIPA) and the Cyprus Investment Funds Agency (CIFA) 2016 Annual General Meeting that took place on Wednesday 6 December in Nicosia,  he said that the government inter alia is promoting the new investment law featuring a real one-stop shop to serve businesses, a commercial court, as well the possibility to register a company in just 24 hours.

Anastasiades also pointed out that “the vision to render Cyprus an attractive investment destination directly affects the possibility to achieve the conditions of sustainable and healthy growth transcends the coming February and affects the lives of all, our children and the future generations.”

The Cypriot President emphasized CIPA’s and CIFA’s decisive role in promoting the government’s structural reform programme, adding that with the contribution of CIPA and CIFA we were able to extradite and to materialise the growth prospects. “Our wish is for CIPA to go to the next level to evolve to the executive arm of the Deputy Ministry of Growth that we have proposed, something which would strengthen its work through the concentration and redistribution of personnel, resources and material.”

Anastasiades referred to the reforms implemented since the 2013 financial crisis, adding the government aims to achieve the conditions of full employment by 2020, terminating the nightmare of unemployment, the Cyprus News Agency reports.

The President also said the government inter alia is promoting the new investment law featuring a real one-stop shop to serve businesses, a commercial court, as well the possibility to register a company in just 24 hours. He said that the field of investments should be left out of political wrangling, as Cyprus is edging closer to the presidential elections scheduled for January 24. “The field of investments should be considered by all of use as above any political wrangling,” Anastasiades said.

In his last address at a CIPA AGM, Chairman of CIPA Christodoulos Angastiniotis referred to the reforms implemented in Cyprus since the 2013 crisis, adding the collective effort to secure the conditions of sustainable economic growth should be left out of political wrangling. “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.”

In this context, 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.

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.

CIFA President, Angelos Gregoriades on his part said the Cyprus’ financial services sector continues to expand in terms of size, reputation and attractiveness, backed by a resilient regulatory framework, prudent supervision, consumer protection, and strong money laundering prevention mechanisms. 

He added that “the robustness of the sector is reflected in the continued registration of new companies and funds and investment vehicles, providing employment opportunities both within the direct financial intermediation segment and other related professional services activities.”

“Coming soon is an ambitious additional reform of the legal framework regarding investment funds including provisions for the introduction of registered funds, partnerships with legal personality and the introduction of a ‘Mini Manager’ concept for managing assets up to a certain threshold,” he said.

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.

MORE ON POLITICS

Menelaou: Turkey Continues To Violate UN Resolutions in Cyprus

Turkey continues to violate UN Security Council resolutions, Deputy Permanent ...

Cohen: Cyprus Oil and Gas Resources Should Be Shared Between Both Communities

Cyprus’ oil and gas resources should be equitably shared between both communities ...

Menelaou: No Cyprus Problem If Turkey Had Not Violated International Law

The Cyprus problem would not have arisen if the rules of international law had not been ...

FROM AROUND GOLDNEWS

   

Top 10 Countries with a Great Work-Life Balance for Expats

In most of the countries with a great work-life balance, expats also express above-average satisfaction with their life abroad — for example those in New ...
   

Global CEOs: Realism About Growth in the Face of an Uncertain World

Despite being relatively optimistic on the economy at large, as well as their overall outlook for their country, global CEOs demonstrated a healthy dose of ...
   

Syllouris Holds Meeting with Prime Minister of Armenia

President of the House of Representatives Demetris Syllouris held a meeting on May 22 in Armenia with Prime Minister Nikol Pashinyan in the framework of the ...
   

Building a Stronger Europe: New Initiatives to Further Boost Role of Youth, Education and Culture Policies

The Commission is advancing work to build a European Education Area by 2025, reinforce the cultural dimension of the European Union and bolster youth ...
   

Celebrating 70 Years of Kafes Laikou

Laiko Manufacturing and LaikoCosmos Trading hosted a warm and emotional event last week, to celebrate 70 successful years of Kafes Laikou.  A coffee that ...
   

UMAR|WSR Group Achieves Four ISO Certifications

UMAR|WSR Group of companies with investments focusing on Drydocking, Ship Repairs, Equipment and Spare Parts is proud to announce their certification by ABS ...
   

Cyprus Airways Launches Ticket Sales for Flights from Larnaca to Chania

Cyprus Airways announces the launch of ticket sales for flights from Larnaca to Chania, for July and August 2018. Direct flights from Larnaca to Chania will ...
   

Hellenic Bank: Notice for the Protection of Personal Data

Hellenic Bank is particularly sensitive in protecting the privacy and safeguarding the personal data that it processes. Therefore, Hellenic Bank complies with ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Invest Career 19/04-26/08
Gold_Issue_300x250px

IMH LTD