A need to re-invent Cyprus

E DII TO RII A L

Instead of spending millions to hire consultants to tell us what to do and how to promote the benefits of doing business in and with Cyprus, the solution has been right under our noses all this time (and will cost the taxpayer far less) – re-invent Cyprus.

Simply put, what we need is super-fast speed at all levels of service and infrastructure, otherwise, to paraphrase the Kevin Costner film, “even if you build it, no one will come”.

The slow speed of most public services is frustrating for private sector entrepreneurs, while the speed witch which justice is served in Cyprus is disappointing and sends out the wrong message to potential investors, innovators and stakeholders that things “just take their time”.

Already, the tens of cases of fraud and corruption revealed in the public sector are casting a dark shadow over the island’s reputation as a business centre, that seems has served the interest of only a handful, mainly lawyers and politicians. There is gross lack of confidence in any initiative taken in Cyprus and foreign associates frown upon the business community.

Now that the (boring) presidential election campaign is almost over, whoever is voted into office ion the first week of February ought to commit himself to stability and continuity, which is the biggest attraction for any business centre.

At the same time, if we put together all the pledges and empty promises put forward by all the candidates in the past few months, that will be enough to keep all Cabinet members busy. This could range from developing youth entrepreneurship to re-skilling the older and long-term unemployed, a vast potential ignored by the present administration simply as it wanted to pander to the votes of parents, duped into thinking that their grad children would be given guaranteed and cushy jobs. Furthermore, perhaps we should learn from the experience of India, the biggest supplier of human resources to world markets.

Amid concerns being raised in India over the US considering new regulations preventing the extension of H1B visas, predominantly used by Indian software professionals, as part of president Donald Trump’s “Buy American, Hire American” initiative, an old debate hovering over the need of ‘reskilling’ has been fuelled once again. Despite IT companies accounting for less than 15% of the visas in the US, the move will still have an adverse bearing on the green card applicants, according to India’s top IT industry leaders.

The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. It is typically issued for three to six years to employers to hire a foreign worker. But H1B holders who have begun the green card process can often renew their work visas indefinitely. Cyprus, too, should consider opening up its skills market, and where not enough local-bred resources are available, doors should open to allow highly skilled workers to come from abroad, only this time we should do it right to ensure that the right people get here, while preventing a brain-drain of aspiring young local talent to other markets.