Cypriot economy offers opportunities worth exploring, Keravnos tells Athens event

The features, opportunities and reforms that make the Cypriot economy strong and attractive for Greek businesses, have been outlined by Cypriot Finance Minister, Makis Keravnos, who noted among other things that during the period 2022 - 2024 more than 2,300 new companies were registered in Cyprus through the Company Facilitation Unit and more than 12,000 employees were transferred to the country.

Keravnos was speaking at the '3 Cyprus Business Presentations in Greece' event, in Athens on 29 January.

Among other things, he noted that despite the negative geopolitical and geo-economic developments with the significant challenges and uncertainties that have been created, the economies of Cyprus and Greece have shown significant resilience and good economic performance, adding that Cyprus' economy is one of the fastest growing in the region with the services sector, such as tourism, financial services and shipping, being the main drivers of growth in the region.

At the same time, the Finance Minister underlined that the remarkable performance of the Cypriot economy is also confirmed by the ratings of the credit rating agencies, as during this administration, Cyprus is now reclassified in the 'A' category, after 13 years, by all the International Rating Agencies.

He also stressed that the government's aim is to attract sustainable investments based on the real and substantial activity of businesses through the creation of production units, infrastructure and sustainable jobs. 

"The new strategy for attracting investment and talent, aims at the establishment and operation of international companies in Cyprus, which can offer high and sustainable added value to the local economy through the creation of new jobs and increased demand for domestic services," Keravnos said. 

He added that this new strategy has already started to bear fruit, with a significant number of companies having established their base in Cyprus, i.e. they have real substance and contribute to the economy.

In the period 2022 - 2024 more than 2,300 new companies have been registered in Cyprus through the Company Facilitation Unit, with more than 12,000 employees transferred to the Republic of Cyprus, he said.

The Minister of Finance also referred to the planning for the creation of conditions that facilitate joint investments by Cypriot and foreign businessmen, in investments that create infrastructure, new production units and productive jobs, encouraging export orientation and invited the business community in Greece to take advantage of the investment opportunities offered by Cyprus, including synergies with Cypriot entrepreneurs.

"Economic management needs courage, realism and a proper understanding of the challenges, initiatives and decisions," Keravnos said, adding that ensuring sustainable growth and strengthening the resilience of the economy is one of the top priorities of both the Greek and Cypriot governments. And it is here, he noted, that Cyprus and Greece, despite the individual characteristics of each economy, share the same direction.

Cyprus' economy offers many opportunities worth exploring, he said. 

"Cooperation between Cyprus and Greece can enhance the growth and prosperity of both countries, creating a future full of prospects," Keravnos concluded.

Read more: CCCI joins business event in Athens promoting Cyprus-Greece business ties

(Source: CNA)