SUNDAY, 29 MAR 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

IMH LTD
GAP_Group_2019_468x60px

PEOPLE

Frixos Savvides: Back in Business

Frixos Savvides: Back in Business

Addressing the Cyprus International Business Association’s 21st Annual General Meeting, Frixos Savvides, President of CIBA, outlined his optimism for the future of international businesses in Cyprus, expressing that following a year of great economic improvement, CIBA and its members are definitely back in business. 

 

The Association’s last AGM, Savvides noted, was held soon after the events of March 2013, following which both members and international business associates remained in Cyprus and supported the subsequent economic recovery. 

 

“We at CIBA feel that we ought to thank them again and again, and to assure them that all of us are very grateful to them for their support and loyalty which has continued to be there and in some cases enhanced and extended,” he affirmed. 

 

Since the Association’s last meeting, he continued, positive steps have been taken for the most important sector of the Cyprus economy, the cornerstone of any economy: it’s banking sector.

 

Two thirds of blocked funds within Bank of Cyprus have been released, with the remaining third expected to be released within the coming months. In addition, the bank has been successfully recapitalised with fresh capital, allowing it to successfully pass the ECB’s recent stress tests. 

 

“Furthermore, we have heard that Bank of Cyprus shares will be back on the floor of the Cyprus and Greek stock exchange by mid-December 2014,” Frixos explained, commending the progress of the island’s largest lender.

 

“There is still a lot more to be done, however,” he added, expressing the hope that, should focused efforts continued, the time will come very soon when Cyprus banks will be equipped to lend money to businesses again and be able to recover these loans in due course.

 

“Economic growth is a must,” Savvides stressed. “We cannot ignore the fact that unemployment is still very high, especially amongst young people who try to seek employment outside Cyprus. Hopefully very soon we will see the exchange controls being lifted and the normal everyday business transactions will become easier and quicker.”

 

The second major issue, the CIBA President outlined, is bureaucracy or “administrative burden” as it is often referred to, expressing his hope that there shall soon be significant improvements in this area. 

 

In short, Savvides continued, we have to create a business friendly environment in order to be able to attract new International businesses in Cyprus and make their business routine as straightforward as possible.

 

“We at CIBA, have one mission, which is very simple and clear: to support our members with their daily needs, to try and assist them in solving their problems, to lobby whenever possible for the help and support we want to extend to our members in particular and to the International business community in general, and to preserve the strong points that Cyprus has to offer.”

 

These - amongst others - include the Cyprus tax structure and Double Tax Treaty network. It is imperative to preserve and protect this structure, he explained, which has been the foundation of the island’s economic success in the past. 

 

In addition, “we need to maintain and enhance our hospitality and our positive attitude towards international business people and their families and to show them that we want them to be here with us on our beautiful island.”

 

Much progress has been achieved in the past year, the Association’s President noted, and Cyprus is many steps closer to achieving its goal of economic recovery. The theme of the 2014 AGM, he continued, should justifiably be “Back in Business”.

 

“This should be our motto for the year, and we must use our strengths strategically not only to solve our current problems but also to create the basis for a better Cyprus for our children. I have no doubt that in the capable hands of our President and his government we will see better days, for Cyprus and its people.”

 

“We believe we are in a much better shape than last year, and we can look ahead to better times,” Savvides concluded.

MORE ON PEOPLE

Dr. Georgios Nicolaou: Cypriot Researcher Working For ESA/NASA Solar Orbiter Space Mission

A Cypriot researcher is part of the ESA/NASA Solar Orbiter mission team, which aims to ...

DP World Limassol Announces Nawaf Abdulla As New CEO

DP World has appointed Nawaf Abdulla as DP World Limassol’s CEO, replacing Edi ...

Katerina Sakellaropoulou Becomes Greece's First Woman President

High court judge and human rights advocate Katerina Sakellaropoulou has been elected ...

FROM AROUND GOLDNEWS

   

Gold News Update

Due to the measures being taken by IMH to contain COVID-19, we shall not be updating this website or sending out our daily newsletter until further notice. ...
   

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...
   

Supporting Businesses Working Remotely with “Cisco Webex Meetings & Messaging for Enterprise”

Today, due to global circumstances resulting from COVID-19 (Coronavirus disease), the need for remote working has significantly increased. Amidst this new ...
   

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...
   

Cyprus Airways Suspends Its Flights’ Schedule Until 30 April

  Further to the additional measures announced yesterday by the Cypriot government to prevent spreading the coronavirus (COVID-19) in the country, ...
   

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...
   

High Potential Startups And Economic Resilience

Economic growth without innovation is hard to imagine. The ultimate source of productivity increases is innovation. About two-thirds of Europe's economic ...
   

3CX To Offer Free Communications Solution To Businesses In Wake Of Covid-19

3CX, developer of the award-winning business communications solution, has today announced that they will be offering their software to organizations in Cyprus ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Business_Summit_10/03-23/06_300x250px
Gold_Digital_Edition_300x250px

IMH LTD