The significant progress Cyprus has made in improving its business environment, restoring its economy’s competitiveness and attracting foreign investments was at centre of discussions at a conference that was organised by The Economist on 5 December at the London Stock Exchange. The conference, entitled: “Cyprus: Interweaving extroversion with aspiration”, was supported by PwC Cyprus and Bank of Cyprus as platinum sponsors.
Participants included the Father of the House of Commons in UK, Mr Kenneth Clarke, the Minister of Finance, Mr Harris Georgiades, the Chairman of the House of Representatives Committee on Finance, Mr Averof Neophytou, the CCCI Chairman Mr Christodoulos Angastiniotis, the Board member of Invest Cyprus and Executive Director at PwC, Mr Kyriacos Kokkinos and the Cyprus Securities and Exchange Commission Chairwoman Ms Demetra Kalogerou, as well as a significant number of business people and representatives of multinational companies, both from Cyprus as well as the international arena.
In his address, Mr Harris Georgiades said that due to the efforts of the people, our country had four successful years of recovery and is one of the fastest growing economies, while growth is expected to remain above 3% annually for the next three years. But he added, “We cannot be complacent though; we should acknowledge that there is more to be done. We cannot tackle the next phase of globalisation with isolation and the EU could still be successful if it regroups and takes a different direction, where legitimacy and transparency are more enhanced while emphasis is given to policies that will allow economies to compete on a global scale. We live in times of uncertainty and during these times opportunities arise. Cyprus is a stable and safe destination for business.”
Participating in a panel discussion on the current financial landscape in Cyprus and the eurozone, PwC Cyprus Partner, Head of International Markets Mr Marios Andreou, said: “Europe and the Eurozone are currently on a steady path to recovery, following a protracted period of austerity that was imposed on many parts of Europe. The EU must intensify its efforts to create a new vision, with emphasis on creating a more competitive and resilient economy, but also building a cohesive and inclusive society for its citizens.”
Mr Andreas Yiasemides, In Charge of Fund Services at PwC Cyprus and Vice-Chairman of the BoD, Cyprus Investment Funds Association (CIFA), who participated in a discussion on financing investment in Cyprus, stressed: “Cyprus offers a plethora of prospects but also important comparative advantages that can establish it as a centre for collective investment schemes. At the same time, its pivotal location at the crossroads between Africa, Asia and Europe makes it an ideal destination to establish but also transfer funds and relevant fund managers from various geographical regions.”
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