Evgenios Evgeniou on Invest Cyprus’ contribution to Cyprus’ economic upgrade

The Cypriot economy enjoyed another significant upgrading with Moody's going ahead with a double upgrade of the Republic’s credit rating.

For the first time since July 2011, Moody's classified the Republic of Cyprus in category A and more specifically in grade A3, noting, in its announcement, that the rates of economic growth are stable, due to the steady expansion of the high service sectors productivity.

Moody’s in addition emphasised that growth rates are supported by the relocation of companies, net immigration, significant foreign direct investment, as well as reforms and investments, which are related to the island’s Recovery and Resilience Plan.

“Medium-term economic outlook is solid, driven by the steady expansion of high-productivity services sectors supported by headquartering of companies, net immigration, significant foreign direct investments (FDIs), as well as reforms and investments related to Cyprus' National Recovery and Resilience Plan (NRRP),” Moody’s noted.

This once again highlights the great value of the effort being made and which is proving to be bearing fruit, to attract foreign investment to Cyprus and transform the country into an international business center.

The contribution of Invest Cyprus in this direction, as the competent organisation, is more than decisive.

InBusinessNews asked the Chairman of Invest Cyprus, Evgenios Evgeniou, to comment on this. Evgeniou emphasised that "in the evaluation report extensive reference is made to the very positive contribution to the economy of the transfer of the headquarters of many companies to Cyprus, the attraction of specialised personnel and overall of foreign direct investment." He noted that these sectors "are at the core of Invest Cyprus' strategy and actions with significant results that we presented a few days ago at our general meeting."

"We are proud of the organisation's contribution to the collective effort," Evgeniou emphasised, announcing that "the upgrade strengthens our efforts to attract investments."

(Source: InBusinessNews)