Press Releases

It is a great pleasure to welcome you all at the Invest Cyprus International Investment Awards event.

At the outset, I wish to congratulate Invest Cyprus for this important initiative and to extend my praise to GOLD magazine for its hard work towards its implementation.

The fact that the event takes place for a ninth consecutive year aptly demonstrates that it has been established as a highly – beneficial annual event in support of our vision to establish Cyprus as a modern and competitive business hub.

But above all, it provides us with the opportunity to express our gratitude to our valued investors for their vote of confidence and trust and their ongoing support and determination to develop their businesses in our country, in line with our common vision: to establish Cyprus as a prosperous, reliable and competitive business hub, keen on providing the conditions under which any investor can thrive.

Without a doubt, the COVID-19 pandemic has caused unprecedented challenges for all the countries across the globe, with severe socio-economic consequences.

In dealing with this ongoing crisis, my Government has been assertive in its decision-making and proactive in providing medical and economic support to our citizens, workers and enterprises.

Like many other countries, we had to take harsh, painful, but necessary measures, in order to deal with this unprecedented public health crisis.

We immediately acknowledged, however, that, beyond saving lives, we also had to safeguard livelihoods and address the potential economic and social disruption the lockdown measures would cause.

To this end, we adopted a generous package of fiscal and liquidity support measures, of more than 3.8 billion euros, through which more than 190.000 workers and thousand of businesses were supported.

This was possible since the Cyprus’ Government accumulated the necessary fiscal surpluses in the past that could be used in emergency cases such as the current pandemic crisis.

The aim of those measures, which were devised in close consultation with our social partners, was to ensure the sustainability of businesses, preserve jobs, maintain the income of our citizens, protect the rights of workers and provide the necessary support to our economy to recover as quickly as possible.

And I am glad to attest that our efforts are bearing fruits, since our economy has entered a path of recovery, growing by 12.8% in the second quarter of 2021, exceeding initial expectations and demonstrating positive prospects for the upcoming quarters.

Our motto in Cyprus is that with every challenge there is an opportunity.

In this regard, the Government’s broader strategy for economic recovery also includes the implementation of much needed structural reforms for the further development of key economic sectors.

To this end, we have taken a holistic approach and concrete steps to support sustainable development through our government’s plan “Cyprus for Tomorrow” with an overall budget of €4.4 billion, comprising the main European Funds, namely the Recovery and Resilience Fund and the Cohesion funds.

This plan is geared towards helping the recovery of the economy as well as the creation of a new vision for our country that would work as a road-map for the post-Covid era.

It is a key tool to restore economic activity and employment to the same levels as before the pandemic and to effectively lead towards green and digital transition. 

A plan which the EU Commission President, Ursula Von Der Leyen characterised as “very well balanced in reforms and investment”, since, as she stated, “addresses the key structural challenges that Cyprus is facing”.

And in order to address the challenges that we are facing, numerous reforms are being promoted, amongst others to the fields of public and local administration, the health, labour, educational and justice system, as well as the liberalisation of the energy market, the digital transformation and research and innovation.

In parallel, through the plan “Cyprus for Tomorrow” a National Promotional Agency is to be established, with which numerous funding programmes and schemes are expected to improve access to finance and liquidity, especially for small and medium – sized enterprises.

At the same time, grant schemes for research and innovation, as well as the establishment of a central knowledge transfer office are expected to increase investments in research and innovation.

According to the latest report of the Institute for Management Development for the World Competitiveness Centre 2020, Cyprus’ ability to attract and facilitate foreign direct investment and the adaptability of its policies, have yielded remarkable results.

Particularly, Cyprus has been named the most improved country, climbing eleven spots and ranking 30^th globally.

The above results clearly show that over the years, Cyprus has evolved into a key destination for international business and investment in the region, with significant potential to become a world-class hub.

And I wish to assure all of you that we will not deviate from the path of the sound governance of public finances, complemented by a business-friendly investment environment, moving forward with a comprehensive government strategy for investment facilitation in order to transform Cyprus into the “Sustainable Business and Trade Centre of Europe.”

In this regard, in the following months, the government will announce a new incentive scheme for attracting high-tech companies, which will facilitate the establishment and hiring of employees as well as offer tax incentives and expedited licensing procedures.

This scheme complements other initiatives we have recently undertaken, such as:

●       The introduction of an employment route for skilled third country nationals specialising in the Information and Communications Sector, and;

●       The establishment of a Fast-Track Business Activation Mechanism aiming to simplify the services offered by the public to businesses wishing to establish presence in Cyprus.

In this demanding endeavour of attracting and facilitating international business and Foreign Direct Investment in key economic sectors of the country, we are grateful to have devoted and equally strong-willed allies, such as Invest Cyprus, the Cyprus Investment Promotion Agency, which has been the official ambassador of the country’s business and investment policy.

Before concluding, I would like to congratulate not only all the winners of this year’s awards, but also every single investor who has been a genuinely valuable ally to our vision of turning Cyprus into a world-class business hub and investment destination.

Therefore, I would like to extend my deepest appreciation to this evening’s guests of honour, to all of you, for your ongoing trust, your positive contribution and your strong support.

My Government stands ready to offer any assistance deemed necessary in order to facilitate your business plans and investment initiatives.

(RM/SCH)