Cyprus is on a clear path to development President Nikos Christodoulides has said, presenting the comparative advantages of the island's economy at a working lunch/roundtable discussion in Toronto, with the participation of entrepreneurs and investors from financial sector, innovation, technology and real estate development.
A press release issued by the Cyprus Presidency says that during the 19 September working lunch, organised by Fairfax company, the President made reference to his first visit to Toronto, recalling that he already visited New York City, Texas and Silicon Valley.
President Christodoulides noted that Cyprus is an EU member state but also a state located in the Middle East. "So by investing in Cyprus you are investing in a market of 450 million people and at the same time, in a large market in the wider Middle East", he told the participants at the working lunch.
Founder and CEO of Fairfax, Prep Watsa, said that "when you have a leader of a country who is so friendly to entrepreneurship, his country cannot but do very well, in the economic sector".
According to the press release by the Cyprus Presidency, in his speech, the President noted that in these very turbulent times, not only from a political point of view but also from an economic one, Cyprus economy has one of the highest growth rates with 3.4%, the public debt is below 60% and by the end of the year it will be approximately 53% with a surplus.
He also referred to the Minds In Cyprus program for the repatriation of talents and scientists to Cyprus, saying that the effort will continue with events in Birmingham, Greece, and New York.
The President noted also that the economy was based mainly on services and tourism but now is expanding into many sectors, such as the banking sector, investments, real estate, shipping, higher education and energy.
President Christodoulides also pointed out the enormous proximity of Cyprus to the countries of the region, as well as the cooperation of Cyprus with India, highlighting the recent visit of the Prime Minister of India Narendra Modi, to Cyprus, on his way to Canada.
He noted that Cyprus is developing the defence sector in terms of investments, adding that there is a lot of investment in this sector from Europe, while at the same time there is close cooperation with Indian companies.
The President also said that many companies and organizations, such as Eurobank, are giving a vote of confidence in the island's economy, which, as he said, is strong.
He also referred to the upcoming Cyprus Presidency of the Council of the EU, noting that one of its priorities is to make Europe much more business-friendly.
President Christodoulides then travelled to NYC from Toronto, for the UNSG and a tripartite meeting with the UNSG and T/C leader Ersin Tatar set for 27 September.
(Source: CNA)
