Anastasiades: Cyprus Economy is on the Right Track


President Nicos Anastasiades spoke at the 7th CIPA International Investment Awards on June 19 about the importance of investment in Cyprus

“I feel obliged to express my gratitude to our valued investors for their vote of confidence and trust, for 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,” Anastasiades said.

According to the President, Cyprus currently enjoys one of the highest growth rates in the EU of around 4%, while macroeconomic forecasts show a robust growth of more than 3% in the coming years. Unemployment has also been reduced to 8.6% and is expected to be reduced even further.

He added that even though Cyprus has yet to reach its full potential in terms of economic growth, “I strongly believe that we are on the right track. This is a result of the strong commitment and the joint efforts of the private and public sector alike.”

“Our plan,” he continued, “was to continuously improve the country’s business environment so as to reinforce the position of Cyprus as a competitive, innovative, stable and fully transparent destination for business and investment.”

“In this respect, we recognised the importance of maintaining sound public finances, of preserving a stable and competitive tax regime, and of providing incentives for new business and investment. Our aim is to reform the public service so that it facilitates growth in a modern, knowledge-based, scientific, high-tech and innovative economy,” Anastasiades pointed out.

“At the same time,” he went on, “we shall remain committed to our balanced budget policy which has been successful in upgrading our economy’s credit rating and establishing higher levels of confidence by the international investment community.”

“It has also been vital in helping us maintain the stability and competitiveness of our tax system as a whole, through the elimination of additional taxes and the introduction of tax deductions and incentives for a number of economic sectors.”

He further mentioned that despite any unfounded rumors, I feel Cypriot financial institutions have been very diligent in advancing their corporate governance policies and have vigorously stepped up their efforts to combat money laundering phenomena.”