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15 Sep 2016
Improving the business environment is a top priority for Cyprus

Никос Анастасиадис

“There is a continuing process to modernize and reform the current tax and legal framework as part of our concerted drive to create a friendlier business environment”, said the President of the Republic of Cyprus Mr. Nikos Anastasiades during his speech at the CIPA International Investment Awards 2016 event, taking place at the Presidential Palace.

The President emphazised that improving the business environment is a top priority for Cyprus and efforts are being made to strengthen the country’s competitiveness and its attractiveness as an international business and investment destination. He also mentioned the continuous efforts being made to reform the public service and modernize the legislation, as well as the additional measures that are underway, such as, accelerated licensing procedures, updated permanent residency and citizenship programmes, the introduction of e-government and sector-related incentive schemes.

According to ServPRO,  Mr. Anastasiades said that “improving the business environment is still our top priority because we strongly believe that attracting foreign investments is one of the key drivers of economic growth during a period of intense international competition and amidst great challenges facing our country,” also noting that net direct investment in Cyprus rose to a record of €4.7 billion in 2015, and that a 2% growth was predicted for the year 2016.

The President concluded his speech by saying that, “standing here tonight, I am proud to say that throughout the three and a half years of our administration, we have not shied away from our problems, but instead we chose to face them on all fronts, and have done so, I believe, with success, of course with the contribution of all our partners and the people of Cyprus.”

Read more on the website ServPRO