Christodoulides: Cyprus to become International Centre for Mediation and Arbitration

The establishment of Cyprus as an International Centre for Mediation and Arbitration, is one of the important reforms the President of the Republic of Cyprus Nikos Christodoulides has announced.

Presenting the Official Governance Programme for 2025 at the Presidential Palace on the evening of 29 January, he said that this is part of the international campaign to restore Cyprus' reputation as a reliable investment destination. 

The President referred to the modernisation of the arbitration institution in Cyprus, thus contributing to the establishment of Cyprus as an International Center for Mediation and Arbitration. The setting up of an Administrative Court of Appeal to promote further specialisation and faster adjudication of administrative law cases and international protection matters is also included in the Government’s vision for 2025 as well as a national sanction implementation unit and a single supervisory authority.

As he said, the aforementioned reforms contribute to the "need to strengthen the reputation and credibility of our country, as well as our clear political will to not tolerate corruption". He noted that to further enhance this effort, legislative measures are also being promoted, strengthening the state's powers to prevent and investigate criminal offenses, adopting specific recommendations from the FBI, and establishing a National Sanctions Enforcement Unit and a Unified Supervisory Authority.

These measures, along with the international campaign already underway to restore the country's reputation, according to the President, "are changing entrenched perceptions and positioning Cyprus as a reliable investment destination."

(Source: CNA)