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Chairman of Invest Cyprus Visits Ireland

Chairman of Invest Cyprus Visits Ireland

The Chairman of Invest Cyprus, Michalis P. Michael, participated, as a member of the Cyprus delegation, at the official visit of the President of the House of Representatives, Demetris Syllouris, to Dublin, on 23 January 2019, held at the invitation of his Irish counterpart, Seán Ó Fearghaíl, on the occasion of the 100th anniversary of the Irish Parliament. Mr Michael participated in meetings with government officials and business actors such as the Minister of State for Trade and Business, Pat Breen and Mary Buckley, the Executive Director of the Industrial Development Authority (IDA) Ireland, the counterpart of the Invest Cyprus Agency in Ireland, focused on further strengthening the bilateral relations and developing the cooperation between Cyprus and Ireland in the field of economy in general and investment, in specific.

Invest Cyprus has signed a five-year Memorandum of Understanding with IDA Ireland since 2016, aiming to enhance cooperation between the two countries on issues which fall within the mandate of the two Organisations, as well as encourage local companies to establish or expand their activities in each of the countries and jointly create opportunities for investment in both countries and in all sectors of the economy. The Memorandum provides for the exchange of information on the investment environment and investment opportunities, as well as the exchange of experiences and best practices in attracting investments, in order to benefit from the specialised knowledge and know-how of each Organisation.

Ireland rapidly returned to economic growth and continues to grow with fast pace, by continuously strengthening its competitive edge and attracting foreign investment. It is worth noting that IDA, employing more than 300 people and managing a budget of €130m, including €90m of grants incentives to foreign investors, has played a key role in the impressive track record of the Irish economy.

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