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Cyprus economy regains foreign investor confidence Anastasiades


first_imgWe are on our way towards re-establishing full confidence in Cyprus by the international investor community, President Nicos Anastasiades said on Wednesday night, speaking at the Invest in Cyprus Forum, in New York attended by dozens of business people and investors from Cyprus, Greece, the US and other countries.Anastasiades emphasised the government’s strong commitment to keeping the island on a path of sustainable growth and to facilitate investment and economic opportunities, and welcomed the presence of American companies – Noble and Exxon-Mobil – in Cyprus’ Exclusive Economic Zone, working in partnership with the Cyprus government for the exploitation of hydrocarbon reserves.He stressed that “our vision is to transform the Eastern Mediterranean into an energy hub that would contribute towards the region’s stability, through, among others, the diversification of energy sources and routes” and assured the business community of the United States that Cyprus will remain a reliable partner, retaining its position as a significant international business hub and investment destination.Anastasiades assured that “we are vigorously working on building more tangible economic and investment relations” between Cyprus and the US, noting that “a bilateral US-Cyprus dialogue is in progress, to address a range of issues of economic cooperation, particularly US investments in Cyprus. During the last few years, we have seen significant US investments in Cyprus and our aim is to facilitate even more of them,” he added.Referring to the Cyprus problem, he stressed that despite the difficulties being faced, the Greek Cypriot side and he personally remain wholly dedicated to working tirelessly and with determination towards reaching a functional, viable and lasting settlement for the benefit of all Cypriots, adding that he has no doubt “that the United States – recognising the benefits that a settlement of the Cyprus problem would deliver not only for Cyprus, but also for the region and the international community- will continue exercising its influence towards Turkey to deliver concretely on its verbal commitment to positively contribute to the negotiating process.”Anastasiades noted that the diplomatic relationship which the US and Cyprus enjoy at a bilateral, regional and multilateral level is excellent, nonetheless “we should all aspire to further strengthen our partnership through expanding and enhancing our cooperation in key economic fields, such as banking and finance, shipping and transportation, energy and tourism.”Referring to the Cyprus economy, he noted that the deep recession and the severe financial crisis are “behind us”, adding that Cyprus is now one of the fastest growing economies of the EU, currently just short of 3% of the GDP.He stressed “the significance of the presence of foreign investors in our banking sector, including notable investor presence from the US, which we welcome and support.”He went on to say the positive economic developments are underlined by the successive upgrades of the sovereign rating by international agencies of Cyprus’ economy and investment potential, the last one only taking place last week, which placed Cyprus, for the time-being, just one notch below investment grade.He stressed that “taking into account that even before I assumed office our economy was 12 notches below investment grade and at a junk rating, I can proudly declare, without, of course, neglecting the need to stay clear on our path, that we are on our way towards the full re-establishment of confidence towards Cyprus by the international investor community.”Anastasiades said that this achievement should be attributed to the government and the relevant minister of finance for the prudent macroeconomic management, the political parties’ constructive support, which defied political expediencies, and, above all, to the people of Cyprus for their sacrifices and hard work.He emphasised the strong commitment of the government to continue working, so that Cyprus remains firmly on a path of sustainable growth and to facilitating investment and economic opportunities, noting that to this end, “we have undertaken a series of relevant measures, such as: providing corporate tax incentives; reducing the time framework for issuing planning permission; broadening the range of permitted land development for large projects, including golf courses; increasing building coefficients; and facilitating joint tourist developments, such as condo hotels.“We recognise the importance of maintaining sound public finances. We are committed to maintaining a stable and competitive tax regime. We shall continue to invest in human capital, supporting higher education and research. And we shall continue to stand by the local and foreign business community,” Anastasiades said.We are in the final stages of strengthening the legal framework for the investment funds sector, which is expected to enrich the financial services industry in Cyprus and the growth of the economy,” he said.Anastasiades said Cyprus’ relationship with the US has evolved into one of strategic depth, particularly when dealing with issues of regional and global concern.“Our relations have notably progressed via our joint commitment, among others, in the fight against asymmetric threats, such as terrorism, illegal drugs, proliferation of weapons of mass destruction and development of nuclear weapons. In this respect, I avail myself of this opportunity to express my government’s and personal eagerness to work closely with the new US administration, in order to explore new areas of beneficial cooperation; as well as deepen and enhance our existing partnership for the mutual benefit of our two countries and peoples.“Being fully aware of the strict regulatory framework of the United States and the need for transparency and accountability in all investment and business transactions, I am pleased to note that recently our two countries have signed the intergovernmental Foreign Account Tax Compliance Act (FACTA),” he added.Referring to the energy sector, Anastasiades warmly welcomed and expressed appreciation for the presence and involvement of American companies – Noble and now the energy giant Exxon-Mobil – in Cyprus’ Exclusive Economic Zone. “This not only marks a new era for our bilateral relations, but it is also a tangible sign of confidence in the role of Cyprus as a reliable regional actor, who has adopted a stabilising role in an otherwise volatile region,” he added.He said that cooperation in this field can be the guiding doctrine for the resolution of the region’s political problems, contributing to conditions of peace and security. Furthermore he remarked that “at a regional level, we have been pioneers in establishing trilateral regional cooperation mechanisms between Cyprus – Egypt – Greece and between Cyprus – Greece – Israel, aiming to further develop both our countries’ economic, energy, maritime, tourism ties and our overall diplomatic coordination on common challenges.”At the same time, tripartite dialogues have already been initiated between Nicosia – Beirut – Athens and Nicosia – Amman – Athens and soon meetings at the level of Heads of governments are expected to take place, Anastasiades said.As regards the efforts to reaching a settlement on the Cyprus problem, he stressed that resolving the Cyprus problem would amplify even more our role in the region and would positively reinforce our ability to contribute in a positive and reliable manner to the collective efforts of addressing the multiple challenges of our region.“In this respect, taking the opportunity of the presence of Mr Jonathan Cohen, I have no doubt that the United States –recognising the benefits that a settlement on the Cyprus problem would deliver not only for Cyprus, but also for the region and the international community- will continue exercising its influence towards Turkey to deliver concretely on its verbal commitment to positively contribute to the negotiating process,” he added. You May LikeTruthFinder People Search SubscriptionOne Thing All Liars Have in Common, Brace YourselfTruthFinder People Search SubscriptionUndoFigLeaf Beta AppFigLeaf brings You 3 Easy Steps to Privacy on Your Terms…FigLeaf Beta AppUndoAll Pro SaverClever Homeowners With Existing Mortgages In California Are Doing ThisAll Pro SaverUndo Concern over falling tourism numbersUndoTurkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoTwo arrested in connection with attempted murderUndoby Taboolaby Taboolalast_img

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