FFoor­reei­ig­gnn iin­nvveesst­toorrss ddeem­maan­ndd CCyyp­prru­uss bbeee­effss uupp sseer­rvvi­ic­ceess

Financial Mirror (Cyprus) - - FRONT PAGE -

The govern­ment said it is mak­ing a se­ri­ous ef­fort to im­prove the frame­work for for­eign in­vest­ments, with En­ergy and Trade Min­is­ter Gior­gos Lakkotrypis be­ing pres­sured to in­tro­duce bet­ter fa­cil­i­ties if Cyprus wants to at­tract more in­vestors.

Rep­re­sen­ta­tives of Amer­i­can com­pa­nies op­er­at­ing mainly in the fields of en­ergy and in­for­ma­tion tech­nol­ogy raised is­sues re­lated to the in­vest­ment cli­mate in Cyprus and sug­gested spe­cific im­prove­ments to the busi­ness en­vi­ron­ment, dur­ing a meet­ing with the Min­is­ter or­gan­ised by the Cyprus In­vest­ment Pro­mo­tion Agency (CIPA).

They asked for im­prove­ments in en­try reg­u­la­tions and work per­mit pro­ce­dures, sim­pli­fi­ca­tion of pro­ce­dures for trans­fer­ring ma­chin­ery and equip­ment, and im­prove­ment of the in­sti­tu­tional frame­work for in­vest­ments with the use of tech­nol­ogy.

Lakkotrypis said af­ter the meet­ing that he as­sured the Amer­i­can in­vestors that the govern­ment will make all struc­tural changes needed to lead the is­land’s econ­omy back to growth.

He noted that Amer­i­can in­vestors main­tain their trust in Cyprus, point­ing out that the re­la­tions of the two coun­tries have en­tered a new phase, es­pe­cially af­ter the re­cent visit of US Vice-Pres­i­dent Jo Bi­den.

Lakkotrypis noted that new in­vest­ment op­por­tu­ni­ties will be an­nounced soon, re­lated to pri­vati­sa­tions of semi-gov­ern­men­tal or­gan­i­sa­tions, part of a four year plan to lower its pub­lic sec­tor debt and raise EUR 1.5 bln from sell­ing stakes in telco CYTA, elec­tric­ity gen­er­a­tor EAC and the Ports Author­ity.

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