CIPA eval­u­ates global sit­u­a­tion, to forge new in­vest­ment pol­icy

Financial Mirror (Cyprus) - - FRONT PAGE -

The Cyprus In­vest­ment and Pro­mo­tion Agency (CIPA) hosted a brain­storm­ing ses­sion with the par­tic­i­pa­tion of state of­fi­cials, high rank­ing pub­lic em­ploy­ees and rep­re­sen­ta­tives of busi­ness bod­ies to re­view the con­di­tions fol­low­ing Bri­tain’s de­ci­sion to leave the Euro­pean Union, Cyprus’ pro­mo­tion strat­egy and the re­forms needed to make Cyprus an at­trac­tive and com­pet­i­tive in­vest­ment des­ti­na­tion.

Trans­port, Com­mu­ni­ca­tions and Works Min­is­ter Mar­ios Deme­tri­ades said that the Cyprus econ­omy had moved on to sta­bil­i­sa­tion and growth.

“How­ever, there is no doubt that in or­der to make sure this growth is per­ma­nent, we need to make struc­tural re­forms. That is the main chal­lenge for our econ­omy. To be able to make the nec­es­sary changes so that we can move for­ward,” he said.

En­ergy, Com­merce, In­dus­try and Tourism Min­is­ter Yior­gos Lakkotrypis added that, “the sec­tors which must be tar­geted are those on which the Cyprus econ­omy tra­di­tion­ally re­lies such as the tourism, pro­fes­sional ser­vices, ship­ping, en­ergy and ed­u­ca­tion sec­tors. These are sec­tors where we have and wish to boost our com­pet­i­tive ad­van­tage or we wish to ac­quire such an ad­van­tage.”

Also preent was the Un­der­sec­re­tary to the Pres­i­dent re­spon­si­ble for pub­lic sec­tor re­form, Con­stanti­nos Petrides.

CIPA Chair­man Christodou­los An­gas­tin­i­o­tis re­ferred to the im­por­tance of di­a­logue as a source of in­no­va­tive ideas in any de­vel­op­ment process, not­ing that the aim of the meet­ing was to hear opin­ions and re­flec­tions from across the spec­trum of or­gan­i­sa­tions ac­tive in at­tract­ing in­vest­ments and to for­mu­late sug­ges­tions and ac­tions.

“To­day we face a new en­vi­ron­ment, af­ter the suc­cess­ful com­ple­tion of Cyprus’ bailout obli­ga­tions and the clear im­prove­ment in eco­nomic con­di­tions and on the other, the ur­gent need to con­tinue re­forms.”

The CIPA Chair­man made spe­cial ref­er­ence to the United King­dom’s ‘Brexit’ de­ci­sion, not­ing that this de­vel­op­ment was an ex­am­ple of the ex­tra­or­di­nary sit­u­a­tions which the or­gan­i­sa­tion, in co­op­er­a­tion with the state, must ex­am­ine in or­der to adapt its tar­gets and pri­or­i­ties. Fi­nally, he re­ferred to the pos­i­tive re­sults of the joint ef­forts un­der­taken in the past, stress­ing that noth­ing should be taken for granted, par­tic­u­larly in an in­tensely com­pet­i­tive and chang­ing in­ter­na­tional eco­nomic en­vi­ron­ment, which as he stressed de­mands vig­i­lance, flex­i­bil­ity and tar­geted ac­tions.

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