Cyprus’ return to growth at Economist conference in London

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PwC Cyprus sponsored international conference entitled “Cyprus: The Eurozone’s comeback kid” 

The Cyprus economy’s spectacular return to growth and the role Cyprus can play as a regional business centre of the Eurozone in the Eastern Mediterranean, was at the centre of a successful international conference by the Economist that was held at the London Stock Exchange on 7 December and sponsored by PwC Cyprus 

In his address, Finance Minister Harris Georgiades referred to the recovery of the Cyprus economy in the past three years and underlined the government’s plans to negotiate more agreements for the avoidance of double taxation and to press ahead with the necessary reforms that will allow it to achieve sustainable growth. “Cyprus remains a safe and stable business centre, with one of the highest rates of growth in the EU at 3% and has the capacity to become the fastest growing economy over the next ten years. Growth can be achieved by the opening of markets and retaining the competitiveness of the Cyprus economy on a worldwide basis, and not by building ‘walls’,” he noted. 

Deputy Minister to the president Constantinos Petrides said the aim of the Cyprus government was to achieve growth and competitiveness through which the country can establish itself as a regional business centre. And he added: “what is being sought in Cyprus is to ensure viable growth through competitiveness and sound financial management.” Concluding, Petrides referred to the institutional changes and reforms for the promotion of research and innovation and to provision of incentives to boost start-ups, as well as to digital reform. 

On his part, PwC Cyprus CEO Evgenios Evgeniou referred to the importance of Cyprus as a European country that is a strategic hub for stability in the wider region with good relations with its neighbours, as well as to the high quality of its human resources. Furthermore, he referred to the country’s stable tax regime and investment-friendly culture despite the challenges facing its bureaucratic system. Commenting on the title of this year’s conference “Cyprus: The Eurozone’s comeback kid”, Evgeniou said “we do not want to be just the ‘comeback kid’ of the Eurozone, but to be established as the most important and reliable European business centre in our region.”

Attending and speaking at the conference among others were Daniel Daco, head of the European Commission representation in Cyprus, Andreas Westphal, European Central Bank’s mission chief, John Patrick Hourican, chief executive officer and member of the board of directors of the Bank of Cyprus and Constantinos Herodotou, Privatisation Commissioner.

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Konstantina Logotheti

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