The current economic developments, the opportunities and challenges facing the business environment and the experience of investors active here were the focal point of an event organised by the Finance Ministry with the support of the Presidency of the Republic of Cyprus and the Cyprus Investment Promotion Agency (CIPA).
The event Host Country Investment Outlook Session – “Cyprus in the Eastern Mediterranean Region: Attractive Investment Opportunities within a Secure Business Environment”, was held on 11 May during the annual meeting of the European Bank for Reconstruction and Development (EBRD).
Addressing the session, Finance Minister Mr Harris Georgiades outlined Cyprus’ comparative advantages as a business centre and the progress made in ensuring sustainable economic growth.
For their part, EBRD president Mr Suma Chakrabarti and the CEO of RCB Bank Ltd Mr Kirill Zimarin noted that the Cyprus economy had successfully managed to overcome the many challenges it faces in a difficult international environment.
Also taking part in the round table discussion that followed was Energy, Commerce, Industry and Tourism Minister Mr Yiorgos Lakkotrypis, ENI’s executive vice president for International relations Mr Lapo Pistelli, the president of Columbia Shipmanagement Ltd, Mr Mark O’ Neil, the director general of the European Fund and Asset Management Association Mr Peter de Proft and the founder of the German Oncology Centre, Dr Nikolaos Zamboglou.
Minister Lakkotrypis stressed the business opportunities offered by Cyprus’ energy and tourism sectors and said the government will continue to support entrepreneurs who choose to invest here.
Drawing on their experience of working in Cyprus, the investors on the panel explained why they have included Cyprus in their business operations and highlighted the opportunities Cyprus offers to international investors.
On behalf of ENI, Mr Pistelli said he was convinced that Cyprus can become an energy hub for the wider region, as it offers a viable model that combines natural gas with other, renewable sources of energy.
For his part, Mr O’Neil of Columbia Shipmanagement Ltd referred to Cyprus as “a location both compelling and relevant for regional headquarters”. Furthermore, he cited infrastructure, the specialised work force, competitive tax system, effective judiciary system and the geographic location of Cyprus as the decisive factors that led the company to establish its headquarters to the island and expand its operations here.
Mr de Proft of EFAMA stressed the importance of promoting the investment fund sector and commended the efforts being made by the Cyprus Investment Funds Association (CIFA), which is a member of EFAMA. Mr de Proft also announced that EFAMA’s annual meeting for 2018 will be held in Cyprus.
Finally, Dr Zamboglou of the German Oncology Centre spoke about the prospects of the medical services sector, noting that Cyprus has a high quality work force and can offer innovative, high standard health services.
