UKCEC, IPA pro­mote Cyprus as a cen­tre for en­ter­prise and in­vest­ment, “en­cour­ag­ing signs”

Financial Mirror (Cyprus) - - FRONT PAGE -

The UK Cyprus En­ter­prise Coun­cil joined forces with the In­ter­na­tional Pro­fes­sion­als As­so­ci­a­tion (IPA) to or­gan­ise a seminar at the Cyprus High Com­mis­sion in Lon­don last week to pro­mote the is­land’s at­trac­tions as a cen­tre for ser­vices, en­ter­prise and in­vest­ment.

UKCEC Chair­man Peter Drous­si­o­tis and IPA Chair­man Si­mon Denton wel­comed a packed and di­verse au­di­ence of Bri­tish and UK Cypriot en­trepreneurs, busi­ness and pro­fes­sional peo­ple, which they noted was a pos­i­tive sign of the level of in­ter­est in Cyprus as a des­ti­na­tion for busi­ness.

In his open­ing re­marks, Peter Drous­si­o­tis, UKCEC Chair­man, pointed out that the event was “tak­ing place against a pos­i­tive back­drop on the is­land, both in terms of the Cypriot econ­omy, which is grad­u­ally re-emerg­ing from the cri­sis and, of course, en­cour­ag­ing signs that the ne­go­ti­a­tions cur­rently un­der­way may, at long last, lead to the is­land’s re­uni­fi­ca­tion which has the po­ten­tial to trans­form Cyprus’s fu­ture prospects.”

High Com­mis­sioner Euripi­des Evriv­i­ades set the tone for the evening by out­lin­ing that the Cypriot econ­omy had turned a cor­ner: “We can state with con­fi­dence and cer­tainty that the econ­omy… is on the road to­wards full re­cov­ery. Cyprus is re­turn­ing to the in­ter­na­tional mar­kets, far ear­lier than any­one pre­dicted.”

He added that, “in a glob­alised econ­omy where en­ter­prises and in­vestors have high busi­ness ex­pec­ta­tions, Cyprus pro­vides a com­plete value propo­si­tion as a cen­tre for in­ter­na­tional eco­nomic ac­tiv­i­ties by of­fer­ing nu­mer­ous ad­van­tages such as tax credit in­cen­tives, sim­pli­fied pro­ce­dures and a well-trained and ver­sa­tile work force.”

IPA’s Si­mon Denton said that there were “clear syn­er­gies and ar­eas of com­mon in­ter­est be­tween our re­spec­tive or­gan­i­sa­tions which we are keen to de­velop in the fu­ture. The pre­sen­ta­tions pointed to the strengths and im­por­tance of Cyprus as an EU hub for in­ter­na­tional busi­ness, es­pe­cially for UK per­sons wish­ing to ex­pand their UK busi­ness to over­seas des­ti­na­tions. With a pos­i­tive dou­ble tax treaty en­joyed be­tween both coun­tries, a low, com­pet­i­tive tax sys­tem, a diver­si­fied but qual­i­fied work force and a less bu­reau­cratic regime than other in­ter­na­tional fi­nance cen­tres, Cyprus should be a short­listed ju­ris­dic­tion for a typ­i­cal in­ter­na­tional busi­ness per­son or com­pany.”

The event cov­ered a di­verse range of themes, with pre­sen­ta­tions de­liv­ered by an au­thor­i­ta­tive panel, most of whom are UKCEC Good­will Am­bas­sadors.

Ge­orge Mouskas, Pres­i­dent of the Cyprus Union of Ship Own­ers talked about “Cyprus as a Mar­itime Cen­tre,” fol­lowed by a pre­sen­ta­tion on “Ef­fec­tive Man­age­ment of Hy­dro­car­bon Re­serves in the Re­pub­lic of Cyprus” by Prof. Toula Onoufriou, Pres­i­dent of the Cyprus Hy­dro­car­bons Com­pany and Vice Rec­tor of the Cyprus Univer­sity of Tech­nol­ogy (TEPAK).

“The ad­van­tages of Cyprus as a cen­tre for the pro­tec­tion and ex­ploita­tion of global IP” was pre­sented by Nick Kounou­pias, Founder and CEO, Kounou­pias IP, fol­lowed by “The ben­e­fits and char­ac­ter­is­tics of the EU Free­dom of Es­tab­lish­ment Act and why Cyprus should be a short­listed domi­cile” by An­drew Terry, Part­ner, Wither­sworld­wide.

Con­clud­ing the pan­el­lists, Dr Pa­trick Ful­lick, Founder - Hylle Royce Ed­u­ca­tion talked about “Cyprus as an Ed­u­ca­tional Cen­tre.”

There was con­sen­sus among the panel and within the au­di­ence that Cyprus is open for busi­ness and that it presents a va­ri­ety of op­por­tu­ni­ties for in­vest­ment, es­pe­cially in tar­geted sec­tors of the econ­omy such as tourism, energy, re­new­able energy, ship­ping, ser­vices, ed­u­ca­tion, the arts and real es­tate. The seminar and re­cep­tion fa­cil­i­tated in­for­ma­tion shar­ing and net­work­ing to foster col­lab­o­ra­tion in aid of this.

UKCEC is a vol­un­tary, in­de­pen­dent, apo­lit­i­cal and not-for­profit or­gan­i­sa­tion that re­lies ex­clu­sively on do­na­tions and spon­sor­ship to carry out its work of pro­mot­ing ini­tia­tives which en­cour­age in­ward in­vest­ment and bi­lat­eral trade with an em­pha­sis on tar­geted sec­tors of the econ­omy.

The Coun­cil is gov­erned by a board, chaired by Peter Drous­si­o­tis.

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