Econ­omy in a pos­i­tive mo­men­tum

Financial Mirror (Cyprus) - - FRONT PAGE -

The econ­omy is in a pos­i­tive mo­men­tum, hav­ing suc­ceeded sig­nif­i­cant lev­els of re­cov­ery, but this must not lead to com­pla­cency, Fi­nance Min­is­ter Har­ris Ge­orghi­ades told the an­nual meet­ing of PwC Cyprus, one of the Big Four au­dit and ad­vi­sory firms on the is­land.

At the same event, Bank of Cyprus CEO John Houri­can said that the “bro­ken” bank­ing sec­tor is now ready to stand and com­pete again and that what is needed is to get back to look­ing at the fu­ture while fix­ing the prob­lems of the past.

An­nounc­ing the firm’s re­sults for the fi­nan­cial year 2016, PwC Cyprus CEO Ev­ge­nios Ev­ge­niou said that the or­gan­i­sa­tion achieved rev­enues of EUR 79.8 mln and con­trib­uted EUR 28.5 mln in taxes and govern­ment fees.

Ev­ge­niou took stock of the past year, not­ing the sig­nif­i­cant suc­cesses achieved by the or­gan­i­sa­tion. In ad­di­tion, he re­ferred to the goals and strate­gic pri­or­i­ties set out for next year, ex­press­ing the or­gan­i­sa­tion’s in­ten­tion to in­vest in new tech­nolo­gies and ser­vices, as a re­sponse to the needs of the mar­ket.

Dur­ing the an­nual meet­ing, Fi­nance Min­is­ter Ge­or­giades said: “Ob­vi­ously, Cyprus has the com­pet­i­tive ad­van­tages nec­es­sary for the sec­tor, which has con­trib­uted in the Cyprus econ­omy’s re­cov­ery. We shall keep col­lab­o­rat­ing with the pri­vate sec­tor and the ser­vices sec­tor in par­tic­u­lar to con­stantly im­prove this com­pet­i­tive ad­van­tage. As an econ­omy, we are now in a pos­i­tive mo­men­tum, hav­ing suc­ceeded sig­nif­i­cant lev­els of re­cov­ery. How­ever, we must not be led to com­pla­cency. We should keep on fac­ing the dif­fi­cul­ties and ex­pand our ad­van­tages. Our col­lab­o­ra­tion with PwC to­wards this di­rec­tion is and will re­main im­por­tant”.

Bank of Cyprus CEO Houri­can added: “The bank­ing sec­tor in Cyprus has been through a thou­sand days of what I would de­scribe as trans­for­ma­tion. It was bro­ken but it is now ready to stand and com­pete again. What we need to do is get back to look­ing at the fu­ture while fix­ing the prob­lems of the past. That is what we all need to do and that is what Cyprus needs to do; to phase into a com­pet­i­tive land­scape and com­pete on the world stage, not on its own stage”.

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