Star-stud­ded in­vest­ment sum­mit in New York

Financial Mirror (Cyprus) - - FRONT PAGE -

The Cyprus In­vest­ment Pro­mo­tion Agency (CIPA) was among the key par­tic­i­pants at the Cyprus Eco­nomic and In­vest­ment Sum­mit which took place in New York, co­in­cid­ing with the UN Gen­eral Assem­bly and meet­ings be­tween the two com­mu­nity lead­ers.

For­eign in­vestors al­ready ac­tive in Cyprus took the stage to pro­mote the ad­van­tages the is­land of­fers, in­clud­ing David Bo­nanno, the Man­ag­ing Direc­tor of Third Point, which is the ma­jor in­vestor in Hel­lenic Bank.

Har­ris Ge­or­giades Har­ris Ge­or­giades re­ferred to the cur­rent state of the Cyprus econ­omy and ef­forts to pro­mote its com­pet­i­tive ad­van­tages. On be­half of the In­ter­na­tional Mon­e­tary Fund, the or­gan­i­sa­tion’s rep­re­sen­ta­tive in Cyprus, Vin­cenzo Guzzo, an­a­lysed the cur­rent sit­u­a­tion in the coun­try in terms of its bailout com­mit­ments and in con­junc­tion with the global eco­nomic en­vi­ron­ment.

CIPA Chair­man Christodou­los An­gas­tin­i­o­tis pre­sented and an­a­lysed to over a hun­dred for­eign in­vestors the coun­try’s po­ten­tial as re­gards the pri­mary, tra­di­tional and emerg­ing sec­tors of the econ­omy, and the in­vest­ment op­por­tu­ni­ties that it has to of­fer.

Asked about the im­pact of the Brexit on Cyprus, An­gas­tin­i­o­tis said that “sev­eral com­pa­nies may de­cide to move their busi­ness to Cyprus, as our coun­try’s leg­isla­tive and fi­nan­cial frame­work has quite a lot in com­mon with that of the United King­dom.”

Emerg­ing sec­tors such as ed­u­ca­tion and in­vest­ment funds are ex­pected to be af­fected pos­i­tively, he said, adding that given Cyprus’ strate­gic po­si­tion, in­vest­ments were ex­pected in all the main sec­tors of the econ­omy, not just from the United King­dom, but also from the Mid­dle East and Asia.

Re­fer­ring to the re­forms un­der­way in Cyprus, An­gas­tin­i­o­tis ex­plained the changes that are tak­ing place to en­hance the reg­u­la­tory frame­work in terms of trans­parency and su­per­vi­sion, with the ul­ti­mate aim of at­tract­ing high qual­ity for­eign in­vest­ment.

On be­half of the Cyprus In­vest­ment Funds As­so­ci­a­tion (CIFA), which is an off­shoot of CIPA, the As­so­ci­a­tion’s Chair­man, An­ge­los Gre­go­ri­ades, an­a­lysed Cyprus’ ad­van­tages, such as its strate­gic lo­ca­tion, its modern and fully har­monised with Euro­pean and in­ter­na­tional stan­dards le­gal sys­tem and its com­pet­i­tive tax regime, which are all char­ac­ter­is­tics that make it a hub for at­tract­ing col­lec­tive in­vest­ments.

Gre­go­ri­ades stressed that in­vest­ment funds con­sti­tute a very promis­ing emerg­ing sec­tor, ev­i­dent through the im­pres­sive up­ward trend in ap­pli­ca­tions to regis­ter in­vest­ment funds and man­age­ment com­pa­nies in Cyprus. Fi­nally, the As­so­ci­a­tion’s Chair­man briefed in­vestors on de­vel­op­ments in the cur­rent reg­u­la­tory frame­work that aim to fur­ther at­tract col­lec­tive in­vest­ments to the coun­try.

Other speak­ers in­cluded Hel­lenic Bank Chair Irena Ge­or­giades and CySEC Chair Deme­tra Kalo­girou.

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