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It is with great pleasure that I am here today to welcome the Annual General Assembly of the Cyprus Investment Promotion Agency (CIPA), on behalf of the President of the Republic. The contribution of the Organization in promoting Cyprus as an attractive investment destination and business development center is valuable and is an important partner of the Government in its efforts to broaden the productive base of the economy, as well as the green and digital transition through the attraction of foreign direct investment.
The alignment of the CCI's Strategy with the Government's vision, as reflected in the Long Term Strategy "Vision 2035", is a catalyst. The Government's commitment to 'making Cyprus one of the best places in the world to live, work and do business' is unquestionable. After all, many actions are already being funded through the Cyprus Recovery and Resilience Plan and the European Structural and Investment Funds.
Our task, however, is not easy. We live in a time of great geopolitical upheavals, with all the challenges they entail, which we have to face. We are living in an era where disruptive developments have become the new normal. A new war is unfolding in our immediate region while the war in Ukraine continues. Humanity is experiencing difficult times and the effects of the pandemic have not yet been completely normalised.
In the midst of geopolitical tensions, we are called upon to adopt actions that strengthen the resilience and competitiveness of the economy, while preserving the social fabric of the country.
This implies having a clear plan, with our primary concern being to demonstrate fiscal responsibility, away from policies that have led us into adventures in the past. The Government has already launched an ambitious programme, with specific actions and reforms aimed at creating the necessary competitive advantages, which I believe will also help the work of the CCI in attracting more productive foreign direct investment.
And this leads me to an essential issue related to the competitiveness of the country, the reputation and image of Cyprus abroad, which has been damaged from time to time, and most recently just last week, by various publications.
I would like to assure you that this issue is a matter of priority for the President of the Republic himself and the Government.
The political will to demonstrate zero tolerance for practices which expose our country internationally is a given. No one is above the reputation of our country, which we will safeguard at all costs. The Government's determination to continuously strengthen the institutional framework related to the supervision of financial and professional services, through the creation of a single supervisory authority, the application of sanctions and, in general, the fight against money laundering.
The President of the Republic, reacting directly to what has seen the light of day, has already requested the arrival of experts from abroad, a request that has been met with a positive response. The team will come to Cyprus to support the Cypriot authorities in the investigations that have already begun.
It is also important to mention the decision of the Council of Ministers taken just last June, just a few months after the new Government took office, which is another proof of the determination we are showing on these issues. More specifically, the decision concerns a comprehensive package of measures, which touch upon issues of more effective management of information on sanctions, strengthening of financial intelligence, evaluation of the legislative framework and recommendations for its improvement, as well as improvement of corporate governance, as well as the evaluation of the capacity of law enforcement authorities in the investigation and prosecution of financial crimes. A strategy, adopted by the previous administration, which is a flexible tool that should be modified to reflect the real needs of potential and existing investors. As an example, since the Strategy was implemented in 2022, a significant number of companies have been registered in the relevant Registry of the Company Facilitation Unit of the Ministry of Commerce, with more than one in three of them operating in the ICT sector.
At this point I would like to mention that the President of the Republic, in cooperation with the CIE, organised a round table discussion last June with investors who have relocated their headquarters to Cyprus, with the main objective of recording the challenges they face. On this basis, the strategy is already being updated.
Also, an important development is the approval of the "Strategic Development Projects Facility Law 2023" by the House of Representatives just last July, which I believe can be an important tool in attracting strategic investments. The aim is to reduce bureaucracy and expedite the permitting of mature developments that will contribute positively to the growth of Cyprus' economy, create jobs and improve the quality of life of its citizens.
The main provisions of the legislation concern the implementation of the institution of a Project Manager for each project included in the mechanism, who will act as a central point of reference for the applicant's service with the public services, as well as the setting of binding timeframes for the
I would be remiss if I did not mention the recent double upgrade of the Cypriot economy and the restoration of our country's credit rating to investment grade after 12 full years. I think it is a clear indication of the positive image we have managed to create in terms of the stability of the country. I assure you that we will continue our efforts and that we will work methodically to translate this positive development into prospects and opportunities. To address them, we remain committed to maintaining a robust economy and improving the business and investment climate.
Our efforts are focused in specific directions. Green and digital transitions, improving access to finance and access to low-cost energy are key priorities.
Attracting high value-added foreign investment can help build conditions for long-term growth and prosperity for our country, our economy and our citizens. And despite the encouraging results of recent years, we should not be complacent. On the contrary, we should show determination and greater effort to establish our country's reputation as a reliable investment destination and business centre.
I will conclude by thanking once again the CIE for the invitation and urge you to continue the good work you are doing. I assure you that as a Government we are and will continue to stand by you, making every possible effort for the progress and prosperity of our country.
Thank you for your attention.
(PM/EP/MS)
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Views & opinions expressed are those of the author and/or PIO
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