Cyprus’s advantages at London conference

The competitive advantages that Cyprus offers to investors are the subject of a conference being held in central London, attended by the Presidential Commissioner Photis Photiou, a number of entrepreneurs and business professionals from Cyprus and members of the UK capital’s investment community. 

In his address to the delegates on Thursday morning, Mr. Photiou said that Cyprus has overcome many of the economic problems of recent years and now “focuses on attracting investment in the productive sectors of the economy, as a government priority.” 

The Presidential Commissioner referred to the positive fiscal data, the restored competitiveness of Cyprus through structural reforms and the economic sectors that can attract direct foreign investment. “We are on the right path towards full re-establishment of confidence among the investors’ community,” said Mr. Photiou. 

Speaking to the Cyprus News Agency, the Presidential Commissioner noted that his message intended to assure investors that Cyprus has managed to leave behind many of its recent problems. 

“Cyprus is in a position today to be one of the most attractive destinations for foreign investment. This is why we are here today, with a group of distinguished entrepreneurs and professionals form Cyprus, to convey this message in the best way possible. The advantages are legion and the growth rate of our economy after all those problems is significant, it reaches almost 4% of GDP. You can appreciate that with everything that is happening with regard to reforms, especially about the one-stop-shop for investors, Cyprus can really be this attractive destination,” said Photis Photiou. 

The Director-General of CIPA Natasa Pilides presented more detailed figures about the positive fiscal data and highlighted some of the competitive advantages that Cyprus offers: the access to multiple markets, the excellent tax, and legal structure, the low cost, and friendly business environment, the access to talent and funding, as well as the quality of life. 

She also referred to the economic sectors actively inviting investment: financial services, investment funds, shipping, tourism, start-ups and innovation, health, energy and real estate. 

In his introductory address, the High Commissioner of the Republic of Cyprus to the UK Euripides Evriviades referred to the challenge of Brexit but stated his conviction that the long-lasting links between Cyprus and the UK will not be upset. 

The ‘Business Direction: Cyprus – A perfect place for investment’ conference is held under the auspices of the Presidential Commissioner. A number of distinguished speakers and panelists are exploring the prospects of investing in various sectors of the Cypriot economy, from real estate and shipping to fund management and financial services. 

The CEO of the Bank of Cyprus Nick Fahy, one of the panelists, commented that a lot of work has been done in restoring the island’s banking sector’s reputation and that “all the building blocks are there” to achieve sustained growth. 

Omiros Sarikas, Founding Member and Managing Partner of London’s Brookstreet Equity Partners said that Cyprus has been taking the right steps to foster entrepreneurship and innovation, things that are being noticed by investors.