Transport minister invites foreign investors to join public projects
Transport Minister Marios Demetriades invited guests attending the 2nd International Investors Summit to consider participating in projects and public works, some of which are in the pipeline, including the commercialisation of Larnaca port.
Speaking at the three-day event, hosted by the state-run Cyprus Investment Promotion Agency (CIPA), Demetriades said on Monday that “through a series of key reforms, (Cyprus) is developing into a world-class investment destination.”
“In the areas of transport, communication and works, a number of initiatives have been introduced to encourage investment and enhance the infrastructure available in Cyprus. The commercialisation of the Limassol port in 2016 is one such example, through which our biggest deep-sea port is being developed into one of the most modern and efficient ports in the region.
“Developments in the energy sector are expected to add to this positive momentum, while the Cyprus maritime cluster, one of the biggest in the world, is also expected to benefit from this development,” he added.
“Over the last few years we have seen an increasing number of shipping companies establishing a base in the region or expanding their existing operations. It is for this reason that a dedicated Deputy Ministry of Shipping will be introduced as of March 2018.
“A tender process is in progress for our second largest port, located in Larnaca, whose commercialisation is expected to give a further boost to our tourism industry, an already booming sector of the economy.
“At the same time, a number of public works are in the pipeline which, in combination with many private initiatives, will ensure the continuous modernisation of our infrastructure, our economy and, of course, our investment offering.”
On the second day of the conference, key business executives took the podium to advocate Cyprus as an ideal investment and business centre.
Captain Eberhard Koch, a former captain and now CEO and partner of Osterreichischer Lloyd Shipping (OL), said that the government and the people of Cyprus succeeded to recover from the deep financial crisis of 2013 “which means there is a dynamic for a new era” marked by sustainable growth.