It is a great pleasure to be here this
evening, at tonight’s reception, organized by the Embassy of the Republic of
Cyprus in Doha in collaboration with the Cyprus Chamber of Commerce and
Industry, the Cyprus-Qatar Business Association, the Ministry of Energy,
Commerce, Industry & Tourism of Cyprus and realized with the generous assistance
of the Cypriot companies CYBARCO and J&P, as well as the Cyprus Investment
Promotion Agency.
Last but not least, I wish to thank all of you for your presence here tonight, which demonstrates that
our respective business communities aspire to establish a solid and mutually
beneficial economic partnership between our countries.
Cyprus and Qatar enjoy excellent relations
based on mutual trust and respect. This official visit marks the
importance my Government and I attach to the tangible upgrading of these ties.
Towards this end I am accompanied by my Minister of Foreign Affairs, of Energy, Commerce, Industry and Tourism and of Agriculture, Natural
Resources and Environment, the Government Spokesmen, two members of the House
of Representatives’ Standing Committee on Trade and Industry, as well as a
dynamic and sizable business delegation.
I am pleased to note that during today’s
extensive meeting with His Highness Sheikh Tamim bin
Hamad Al Thani, the Emir of the State of Qatar, it was
firmly established that we share the same objective: to further deepen and
broaden our cooperation, especially in the economic field, in order to
inaugurate a new era of prosperity between our countries. Tonight’s event and
tomorrow’s Business Forum provide us with a tangible opportunity to strengthen
Cyprus-Qatari economic and investment ties.
You are well aware of the difficult
economic situation inherited when I was elected President. However, Cyprus in
the past year has turned a new leaf despite the difficulties created by the
Eurogroup decision in March 2013. I feel it is important to stress that Cyprus still retains the competitive advantage that has set it apart
from most investment destinations.
This includes,
among others, a competitive tax system and a low 12.5% corporate tax rate, an
extensive network of Double Tax Treaties, including with the State of Qatar,
excellent professional and financial services, an enhanced regulatory
framework, a strategic geographic location at the crossroads of Europe, Asia
and Africa, a highly-developed infrastructure, a variety of investment
incentive schemes and a highly-educated, qualified and multilingual workforce.
The Government of Cyprus is committed to
enhancing these strategic advantages even further, as part of the wider efforts
to restructure and revitalize the economy and the banking system, ensuring that
Cyprus remains a reliable partner to all entrepreneurs and investors interested
in expanding their operations to our island and using it to gain preferential
access to key markets in Europe, Russia, Asia, among others.
I am pleased to note that all the hard
work, as well as the sacrifices made by the Cypriot people, are already paying
off and have been acknowledged at the international level. Since the implementation
of our comprehensive development strategy last March, we’ve had two positive
evaluations by the Troika, recording an increase of deposits by residents of
third countries during October of €400 million. This past November the
rating agency Standard & Poor’s issued the first upgrade for the Cyprus
economy after three years of successive downgrades.
Furthermore, the discovery of natural gas
reserves within Cyprus’ Exclusive Economic Zone creates remarkable prospects
for investment and cooperation in the energy sector and auxiliary services and
has created a new impetus in encouraging opportunities for cooperation between
Cypriot and foreign businesses. This is all the more applicable if one also
takes into account the Government’s decision and unwavering commitment to
constructing a Liquefied Natural Gas Terminal, in order to meet the needs of
the offshore exploration and production of gas and oil and establish Cyprus as
a regional energy hub.
Promising opportunities for growth also
exist across many other sectors: shipping, tourism, large-scale development
projects, education, health, research and of course renewable energy, areas
which we have highlighted today during the official meetings both with His
Highness the Emir of the State of Qatar, but also between the respective
Ministers of Cyprus and Qatar.
The Republic of Cyprus considers the State
of Qatar to be a true friend and partner and my Government is committed to
facilitating cooperation between our countries, and our businesspeople, in
every way possible.
Allow me to once again thank all those who
were directly involved in organizing tonight’s event, and I hope that during
the course of this evening a number of joint business initiatives and ventures
will be identified, opening up many new avenues of cooperation.
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