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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.