-
.
- Ελληνικά
It is with great pleasure that I participate and welcome the Annual General Meeting of the Cyprus Investment Funds Association (CIFA). My presence here together with four Ministers is, I believe, a clear indication of the recognition, importance and important work you are doing.
Let me begin by praising the substantial contribution of your association to the development of the investment funds sector in Cyprus and congratulating you for your strong international activity, which is an example of healthy extroversion that brings concrete positive results for the Cypriot economy.
Last October, during your event at the Presidential Palace, in the framework of your international conference in Cyprus, I myself had the opportunity to talk to your counterparts from abroad and I really felt proud of the recognition of your work and how highly you are appreciated by your colleagues for your professionalism.
Your contribution to the impressive, I would say, growth of the investment fund sector in Cyprus, which now has some nine billion euros of funds under management, is undeniable and universally recognised. I am also very pleased to see your optimistic estimates for 2024 for further growth of the sector which, by extension, establishes Cyprus as a European hub for international investment funds and managers. I refer in particular to the creation of skilled and well-paid jobs - and I welcome the fact that university institutions in our country already offer such studies - it is a long-term goal of the Government to link education with our economy - but also to the possibility of enhancing alternative financing, at a time when there is an increased need for financing productive investments.
It is noteworthy that a significant part of the funds under management, about 27%, is invested in The aim of the Bill is to provide further security to investors and to establish Cyprus as an even more attractive destination for Investment Fund Managers.
At the same time, high on our list of priorities is the strengthening of the competent supervisory authorities, as strong supervision is not only a prerequisite for the proper functioning of an internationalised market, as Cyprus is today, but also acts as a support for efforts to attract further quality investments. And it is precisely for these reasons that we are constantly promoting the further strengthening of the Cyprus Securities and Exchange Commission, and I must publicly acknowledge the very important work it is doing.
In this context, particularly important is our clear political will that is translated into a specific systematic effort to fully restore and protect the reputation and credibility of our country as a jurisdiction that faithfully and effectively applies the European regulatory framework and sanctions. It is an effort that, in order to be effective, must be backed up by real facts. I believe that many steps have been taken in recent years, such as the progress documented in the relevant MoneyVal reports, the close cooperation with experienced international authorities, as well as many others. In exactly the same context, we are proceeding in the very near future with the establishment of the National Sanctions Enforcement Unit and the Single Supervisory Authority. This is also relevant to my remarks a month ago at the Parliamentary Assembly of the Council of Europe, where, among other things, after admitting mistakes made in the past which cost the Cypriot people more than anyone else, I defended what we have been doing for years, the faithful implementation of European decisions on the issue of Russian sanctions on the part of the Republic of Cyprus.
I have repeatedly stated publicly both the medium-term objective for a new development model and the actions through which we will achieve this objective. The facts and the challenges that we have to face every day require the expansion of the productive base of our economy and the promotion of new productive sectors. At the same time, it is particularly important to strengthen existing sectors that have significant potential, such as precisely the professional and financial services sector, which includes investment funds.
About two weeks ago, I had the opportunity to present in detail and specifically the Government's Planning for 2024. I referred to the seven key pillars of our strategic orientation where the need to ensure a strong and resilient economy is prominent. Our economic policy, and any decision taken at Cabinet level on economic issues and beyond, is based on the triptych of fiscal responsibility, financial stability and the implementation of bold reforms, which are also necessary for the successful transition of our economy to the green and digital era.
Despite all the positive developments in the economy - and this is something we are pleased about - and which are also reflected by the fact that the Rating Agencies have now all upgraded their ratings. That is why, after all, we have put issues relating to the stability of the financial sector high on our agenda, achieving, for example, after many years, the adoption of the framework for the management of non-performing loans. In the same framework of prudent fiscal policy and in full alignment with the objectives of the Green Transition, but also the need for Housing Policy, which is a major challenge, especially for our young generation, we have announced measures and actions against price and inflation amounting to €196 million. Measures and actions that we are currently evaluating, and in the near future we will make public our new decisions, which should not be horizontal, they should be targeted in particular for our fellow citizens who are facing real challenges.
With the assumption of the country's government we also started with the very important task of tax reform - something that is needed in our country, as the last tax reform was in 2002 - with a focus on the green and digital transition, a fairer distribution of burdens, as well as attracting productive investments.
Of course, a prerequisite for the maintenance and further development of Cyprus as an international financial centre is also the strengthening of the functioning of the state and the services it provides, a strengthening that will be made possible through the faster implementation of very important reforms that we have inherited from the previous government: justice, public service and local government.
In conclusion, I would like to reiterate that the presence and activity of large multinational providers of investment services and investment funds is a strong vote of confidence in our country as an investment destination.
I assure you that as a Government we will continue our dialogue with you. All of you clearly know better than we do what needs to be improved and changed in order to attract even more investment, and through this dialogue we will always stand by you, the productive stakeholders of the country, to support and facilitate your actions. So congratulations once again for all the successes that you have recorded in recent years, successes that I would like to reiterate are recognised and are crucial for the economy of our country.
(PM/EP/MS)
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
Source
