CIPA evaluates global situation, to forge new investment policy

The Cyprus Investment and Promotion Agency (CIPA) hosted a brainstorming session with the participation of state officials, high ranking public employees and representatives of business bodies to review the conditions following Britain’s decision to leave the European Union, Cyprus’ promotion strategy and the reforms needed to make Cyprus an attractive and competitive investment destination.

Transport, Communications and Works Minister Marios Demetriades said that the Cyprus economy had moved on to stabilisation and growth.

“However, there is no doubt that in order to make sure this growth is permanent, we need to make structural reforms. That is the main challenge for our economy. To be able to make the necessary changes so that we can move forward,” he said.

Energy, Commerce, Industry and Tourism Minister Yiorgos Lakkotrypis added that, “the sectors which must be targeted are those on which the Cyprus economy traditionally relies such as the tourism, professional services, shipping, energy and education sectors. These are sectors where we have and wish to boost our competitive advantage or we wish to acquire such an advantage.”

Also preent was the Undersecretary to the President responsible for public sector reform, Constantinos Petrides.

CIPA Chairman Christodoulos Angastiniotis referred to the importance of dialogue as a source of innovative ideas in any development process, noting that the aim of the meeting was to hear opinions and reflections from across the spectrum of organisations active in attracting investments and to formulate suggestions and actions.

“Today we face a new environment, after the successful completion of Cyprus’ bailout obligations and the clear improvement in economic conditions and on the other, the urgent need to continue reforms.”

The CIPA Chairman made special reference to the United Kingdom’s ‘Brexit’ decision, noting that this development was an example of the extraordinary situations which the organisation, in cooperation with the state, must examine in order to adapt its targets and priorities. Finally, he referred to the positive results of the joint efforts undertaken in the past, stressing that nothing should be taken for granted, particularly in an intensely competitive and changing international economic environment, which as he stressed demands vigilance, flexibility and targeted actions.