Star-studded investment summit in New York

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.