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Implementation of large investment projects will serve as a catalyst to restart economic activity in Cyprus, the leadership of the Association of Large Investment Projects said during a meeting with Archbishop Chrysostomos ll.
During the meeting, it was stressed that implementation of large development projects will bring multiple benefits to Cyprus, such as new jobs, an inflow of tax revenue to state coffers, investment opportunities and growth for the economy. The two sides also exchanged views on simplifying and speeding up the required procedures as well as the investment opportunities offered by the private sector in Cyprus. Emphasis was given to the ambitious resort investment in Yeroskipou, in which the Church of Cyprus is involved as a landowner, and specifically the licensing model being adopted there which is expected to set a positive precedent and serve as a model for speeding up procedures relating to large developments and facilitating investments.
Speaking after the meeting, the president of the Association, Andreas Demetriades, said: “It was a very useful and constructive meeting. It is our shared view that implementation of large investment projects will boost development”.
He added that “it is essential that bureaucratic procedures which have long served as an obstacle to growth are overcome. The procedures relating to the investment in Yeroskipou can serve as a positive precedent.“