It is a great pleasure
to be here today, to address such a distinguished audience with a special
interest in exploring the business opportunities that Cyprus has to offer. I
consider this Business Forum an excellent occasion to share with you a few
thoughts regarding investment opportunities in Cyprus’ economy and for this I would
like to sincerely thank the Prime Minister
of the State of Qatar, H.E. Sheikh Abdullah bin Nasser bin Khalifa Al Thani under whose aegis today’s event is taking place.
Allow me to also
express my appreciation, among others, to the Chairman and the members of the
Qatar Chamber of Commerce and Industry, the Cyprus Chamber of Commerce and
Industry, the Cyprus Investment Promotion Agency and the Cyprus-Qatar Business
Association who have made today’s event possible. I wish to also thank the
Cyprus Photographic Society, and its President, who have made possible the
photo exhibit of Cyprus landscapes and scenes displayed at the Forum’s
sidelines, bringing you beautiful visual imagery from across Cyprus.
First of all, let me
stress that Cyprus considers Qatar to be a true friend and that my Government
is committed to facilitating cooperation between our two countries and, of
course, our business communities in every possible way. I am certain that my
visit to Qatar will mark a new era in our mutual economic relations. The
importance my Government attaches to their enhancement is undoubtedly
demonstrated by the fact that I am accompanied by the Minister of Foreign
Affairs, the Minister of Energy, Commerce, Industry and Tourism and the
Minister of Agriculture, Natural Resources and Environment, the Government
Spokesman, the Under Secretary to the President, two members of the House of
Representatives’ Standing Committee on Trade and Industry, as well as a dynamic
business delegation. They are all here to explore ways and means of cooperation
with their Qatari counterparts, which I am pleased to note we expect to be
significantly facilitated by the commencement, this coming April, of Qatar
Airlines’ new direct route from Doha to Larnaka International Airport.
I am also very pleased
to inform you that during the meetings I had yesterday with His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of
Qatar, as well as with the Prime Minister
Sheikh Abdullah bin Nasser bin Khalifa Al Thani, both sides reaffirmed their
commitment to further enhancing Cyprus-Qatar cooperation, at all levels,
specifically economic cooperation, to the benefit of the people of our two
countries.
Attracting investments
is the Cyprus Government’s top priority. Foreign investments are after all the
catalyst for economic growth, job creation and prosperity.
I feel it is important
to emphasize at this point that, despite the economic difficulties created for
Cyprus by last year’s Eurogroup Agreement, our country still retains all of the
competitive advantages that set it apart from most investment destinations.
These include, among others, a competitive tax system, a low 12,5% corporate
tax rate and an extensive network of Double Tax Treaties that includes Qatar.
Moreover, the relevant
EU Directives, which have been fully implemented in Cyprus, are still
applicable, thereby safeguarding a stable investment environment. Our human
capital – lawyers, accountants, auditors and other professionals – remain among
the highest qualified in the world. And Cyprus companies involved in such
sectors as financing, trading and more, have lost none of their competitive
edge and advantages.
In Cyprus, opportunities
for growth exist in most economic sectors, including shipping, tourism,
large-scale development projects, education, health and renewable energy.
Additionally, the discovery of natural gas reserves within Cyprus’ Exclusive
Economic Zone creates excellent prospects for investments and cooperation
between Cypriot and foreign business in the energy sector and ancillary
services.
It is important to point
out that in order to further facilitate foreign investments, my Government has
also announced a series of measures aiming at reducing the bureaucracy and
encouraging doing business in Cyprus. They include the reduction of the time
needed for issuing permits, the speedy licensing of projects and the granting
of residence permits and citizenship to foreign investors.
The capital controls
imposed on the Cyprus banking system are to be completely lifted in the near
future and we are now witnessing increased inflows from foreign residents. Of
course, our efforts to restructure the banking system are still ongoing, but as
a result of the two positive evaluations received from the Troika, we have the
aspiration to soon lift most of the restrictions on transactions and capital
movement.
In addition, the recent
upgrade of the Cyprus economy by Standard and Poor’s can only be seen as a sign
that our efforts are bearing fruit and are being acknowledged at the
international level.
In closing, I would like
to invite you to explore ways to invest in Cyprus and to take advantage of the
wealth of opportunities available in all sectors of our economy, which will be
further detailed in the upcoming presentations.
Thank you for your kind
attention and I hope that today’s Forum proves highly productive and beneficial
to all participants.
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