Cyprus & World News

CYPRUS: Investors take centre stage at EBRD meeting

16 May, 2017

The current economic developments, the opportunities and challenges facing the business environment and the experience of investors active here were the focal point of an event organised by the Finance Ministry with the support of the Presidency of the Republic of Cyprus and the Cyprus Investment Promotion Agency (CIPA).

The investment outlook session – “Cyprus in the Eastern Mediterranean Region: Attractive Investment Opportunities within a Secure Business Environment”, was held on May 11, the final day of the annual meeting of the European Bank for Reconstruction and Development (EBRD).
Addressing the session, Finance Minister Harris Georgiades outlined Cyprus’ comparative advantages as a business centre and the progress made in ensuring sustainable economic growth.
For their part, EBRD president Suma Chakrabarti and Kirill Zimarin, CEO of meeting-sponsor RCB Bank noted that the Cyprus economy had successfully managed to overcome the many challenges it faces in a difficult international environment.
Also taking part in the round table discussion that followed was Energy, Commerce, Industry and Tourism Minister Yiorgos Lakkotrypis, ENI’s executive vice president for International relations Lapo Pistelli, the president of Columbia Shipmanagement, Mark O’ Neil, the director general of the European Fund and Asset Management Association Peter de Proft and the founder of the German Oncology Centre, Dr Nikolaos Zamboglou.
Lakkotrypis stressed the business opportunities offered by Cyprus’ energy and tourism sectors and said the government will continue to support entrepreneurs who choose to invest here.
On behalf of ENI, Pistelli said he was convinced that Cyprus can become an energy hub for the wider region, as it offers a viable model that combines natural gas with other, renewable sources of energy.
For his part, O’Neil of Columbia Shipmanagement referred to Cyprus as “a location both compelling and relevant for regional headquarters”. Furthermore, he cited infrastructure, the specialised work force, competitive tax system, effective judiciary system and the geographic location of Cyprus as the decisive factors that led the company to establish its headquarters to the island and expand its operations here.
De Proft of EFAMA stressed the importance of promoting the investment fund sector and commended the efforts being made by the Cyprus Investment Funds Association (CIFA), which is a member of EFAMA. He also announced that EFAMA’s annual meeting for 2018 will be held in Cyprus.
Finally, Dr Zamboglou of the German Oncology Centre spoke about the prospects of the medical services sector, noting that Cyprus has a high quality workforce and can offer innovative, high standard health services.