Large Projects Association to promote projects worth over €8b

Members of the Cyprus Association of Large Investment Projects have briefed President Nikos Christodoulides about major works valued at a total of over €8 billion and which are anticipated to create as many as 9,000 workplaces.

During the 4 April meeting, which was also attended by Interior Minister Constantinos Ioannou and Deputy Minister to the President Irene Piki, Association President Andreas Demetriades said that these projects concern, among other things, marinas, golf courses, technology parks, large tourist complexes, hotels, and medical centers.

He added that the members of the Association agree with the thoughts of the President of the Republic that incentives be given to encourage the partnership of foreign companies with Cypriot companies and noted that the members would help in any way possible to "clean" the name of Cyprus and improve its image to investors.

According to Demetriades, during the nearly two-hour meeting, various issues concerning the members of the Association and the economy in general were discussed, such as improving the image and prestige of Cyprus abroad.

He also noted that there was an alignment of views between the President of the Republic and the Association that everyone should make every possible effort to eliminate the ‘dark spots’ of the past and to create an economy that will be able to attract foreign investments.

Demetriades added that issues of tax and urban planning reform and specialised issues of the sector were also discussed, characterising the meeting as very productive, with the President of the Republic showing, as the Association President said, a special interest in the problems faced by the members of the Association and the ways in which foreign investments can be attracted and the implementation of major projects in Cyprus promoted.

"Currently the members of the Association are promoting 18 to 20 projects, the total value of which exceeds €8 billion and which are expected to employ more than 8,000 to 9,000 personnel," noted Demetriades, adding that the contribution of the Association of Large Investment Projects to the country’s economy is extremely important.

Asked about the main pending projects, as well as President Christodoulides’ recommendations for attracting foreign investors who will cooperate in the major projects, Demetriades said that some thoughts of the President of the Republic, which, as he mentioned, the Association fully embrace, include providing such incentives to encourage the partnership of foreign companies with Cypriot companies, so that the latter acquire the necessary experience and know-how in specific sectors, but also that Cypriot businessmen benefit from this cooperation.

When asked if he agrees with the Government's actions to restore the country's prestige abroad, the President of the Association said that his members completely agree and have pledged to the President of the Republic that they will help in all directions to "clean up" the name of Cyprus and to improve the image of the country for investors.

"It is in everyone's interest, including the entrepreneurs themselves, to have a clear image, which attracts real productive investments in Cyprus," he underlined.

In response to a question about the progress of the projects in the port and marina of Larnaca, Demetriades said that the company involved is not a member of the Association, although it has expressed, as he said, an interest in registration, therefore he is not aware of any specific problems.

Asked about other problems faced by the Association, Demetriades referred to the unfair competition that Cypriot companies face in terms of taxes against companies that have activities abroad, but are also active at home, adding that these issues are expected to be resolved within the framework of the tax reform.

He added that among the issues raised by the Association are specific ways of attracting investment and the delays observed in urban planning matters, such as the approval of the revised local plans and the finalisation of the policy statement.

When asked if construction activity in the occupied territories is a problem for the association, Demetriades said that the issue in question did not concern the meeting.

However, he added, in his capacity as the Vice-President of the Chamber of Commerce and Industry, that this is an issue that concerns and affects many of its members, adding that although they wish to maintain commercial and business communication with the occupied territories, they do not wish to create conditions of unfair competition at the expense of business in the government-controlled areas.

(Source: InBusinessNews)