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- Ελληνικά
With the approval today by the House of Representatives of the government bill "On Facilitation of Strategic Development Projects Law of 2023", a decisive modernization in the attraction of strategic investments and for the economy at large is marked.
The legislation simplifies permitting procedures and reduces bureaucracy, implementing a new policy of fast-track development permitting, and is a prerequisite of the Cyprus Recovery and Resilience Plan.
Among the criteria for projects to be classified as strategic investments, apart from the use (research, technology), the amount of the investment, the creation of a number of new jobs is included.
In summary, the main reforms of the legislation, which are aimed at simplifying the licensing procedure for strategic investments and reducing bureaucracy, are:
(1) Establishment of the Project Manager for each strategic development project included in the mechanism. The Project Manager will act as a central point of contact for the applicant with the Government Services, will be involved from the initial stage of the application assessment and will be the applicant's single point of contact with all Services for licensing purposes.
(2) Establish in advance binding timetables for the issuance of all permits required to implement a strategic development project.
(PM/EP)
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