Im­prove­ment in do­ing busi­ness as Cyprus climbs 13 places in World Bank rank­ings

Financial Mirror (Cyprus) - - FRONT PAGE -

The busi­ness en­vi­ron­ment reg­is­tered sig­nif­i­cant im­prove­ment in Cyprus last year, ac­cord­ing to the World Bank’s an­nual “Do­ing Busi­ness Re­port 2016” pre­sented by the Cyprus In­vest­ment Pro­mo­tion Agency (CIPA), in the pres­ence of Un­der­sec­re­tary to the Pres­i­dent Con­stanti­nos Petrides.

The World Bank eval­u­ated a to­tal of 189 economies on the ba­sis of ten dif­fer­ent in­di­ca­tors cov­er­ing the en­tire life cy­cle of a com­pany. This is the sev­enth con­sec­u­tive year that Cyprus has been in­cluded in the re­port.

Ac­cord­ing to this year’s sur­vey, Cyprus climbed 13 places in the world rank­ings as re­gards the ease of do­ing busi­ness com­pared to last year (from 60th to 47th) and was ranked among the ten economies with the most no­table im­prove­ment in up­grad­ing the busi­ness en­vi­ron­ment. A sig­nif­i­cant change from the pre­vi­ous year was the breadth of par­tic­i­pa­tion in the sur­vey, since there were more par­tic­i­pants from the Pub­lic Ser­vice.

CIPA Chair­man Christodou­los An­gas­tin­i­o­tis said that the in­creased par­tic­i­pa­tion of the Pub­lic Ser­vice in the sur­vey made it pos­si­ble for the govern­ment ma­chine to iden­tify pos­si­ble weak­nesses and give a clearer di­rec­tion to the more gen­eral re­form ef­fort un­der­way, based also on the rec­om­men­da­tions and con­clu­sions of the World Bank.

Re­fer­ring to the im­por­tance of at­tract­ing in­vest­ments, An­gas­tin­i­o­tis stressed: “We have no other choice but to press ahead with strate­gic re­forms and im­prove­ments.”

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.