Tannousis and Antoniou: The new Business Support Center is a boost to foreign investment

The business and investment world is particularly pleased with the operation of the new Business Support Center, which was inaugurated earlier this week by the President of the Republic, Nikos Christodoulides.

Inaugurated on Monday, 26 May, this is essentially a one-stop shop for Cypriot and foreign investors who wish to operate or expand their activities in Cyprus, and which will co-house representatives of government departments and services, as well as Invest Cyprus.

As the President of the Republic characteristically stated in his greeting during the inauguration ceremony, the Business Support Center "constitutes an important step in the great effort we are making for a Cyprus with less bureaucracy, a Cyprus with digitalised procedures, faster and better service, focusing on the needs of businesses and investments with all the positive consequences for the economy of our country."

On the occasion of the operation of the Center, InBusinessNews sought the opinions of both the business world and the main body for attracting investments in our country, Invest Cyprus.

Marios Tannousis: It will contribute to the faster implementation of foreign investments

Speaking to InBusinessNews, Invest Cyprus CEO Marios Tannousis said that Invest Cyprus welcomes the operation of the Business Support Center, which, in combination with the activation of the law on strategic developments, will help both Cypriot and foreign investors in the processing and faster implementation of investment projects.

"Invest Cyprus," he added, "has been a close partner in the entire project from the very beginning and is actively participating in this effort with its own staff, who are being seconded to the Center."

"It is a very good move, which will help economic growth and the creation of more new jobs through investments and businesses," he pointed out, noting that, especially with regard to foreign businesses and investments, the operation of the Center will contribute to their faster service and implementation.

Asked to outline the picture today regarding the influx of foreign investments to the island, Marios Tannousis pointed out that investments from Middle Eastern countries continue, while after the recent visit of the President of the Republic, increased interest and momentum from the USA is being recorded.

"This momentum is a result of the targeted meetings of the President of the Republic with investors from various economic sectors, such as technology, financial services and energy," he stressed. He, in addition, continued that investments from India are also further strengthening this year.

"We have already seen the first moves from India and we estimate that investments from the US and India will be significantly strengthened, in addition to other countries from Europe and the Middle East that continue to invest in our country," added the CEO of Invest Cyprus.

Commenting on InBusinessNews' suggestion that efforts to attract investments appear to be bearing fruit, Tannousis noted that "they are certainly bearing fruit, because great importance has been given to the investment sector at the highest level, both by the President of the Republic himself and by Government Ministers, and this has led to the results that we already have, and that we expect in the near future."

It is recalled that speaking last week in London, as part of the ‘Minds in Cyprus’ initiative, the Chaiman of Invest Cyprus, Eugenios Eugeniou, emphasised, among other things, that 2023 was a landmark year for Cyprus with €3.2 billion in foreign investment, an increase of 129% compared to the previous year and the creation of 2,500 new jobs.

In 2024, he added, 440 companies settled in Cyprus, creating more than 1,500 new jobs.

"It is important that the foreign companies that have settled continue to grow and have needs for human resources," he pointed out, underlining that "our country ranks second in the EU in foreign investment per capita and is among the top 10 countries worldwide."

Michael Antoniou: A step in the right direction

On his part, the Director General of the Cyprus Employers and Industrialists Federation (OEB), Michael Antoniou, told InBusinessNews that the operation of the Business Support Center is a step in the right direction, a positive development, which the Federation also welcomes.

"We believe that the operation of the Center gives an additional positive aura for businesses," he added, emphasising that anything that leads to better conditions for the economy is clearly very positive and helpful for the country, and also for businesses, and we are awaiting its results.

"We will see in what way and how the Center will operate and how beneficial it will be in its implementation, how much it will truly simplify the procedures, and if along the way we identify issues that need improvement and treatment, we will note them and submit - if necessary - suggestions aimed at improving and making the procedures more effective," Antoniou added.

Finally, the Director General of OEB, after reiterating that the operation of the Center is a step in the right direction, indicated that "if it manages to operate with the same efficiency as the Citizen Service Centers, which have changed the quality of every citizen's interaction with the public sector, then the rules of the game will truly change entirely, with multiple benefits for both businesses and investments by Cypriot and foreign investors."

CCCI: A stable, predictable and effective framework

It is noted that the operation of the Business Support Center was also welcomed by the Cyprus Chamber of Commerce & Industry (CCCI), underlining that investors, foreign and domestic, need a stable, predictable and effective framework that strengthens confidence and reduces the administrative burden.

In a post on ‘X’, the Chamber spoke of an institution that had been a long-standing request of the CCCI to improve the business environment and facilitate economic activity in Cyprus.

"The Center is expected to operate as a single service channel, offering fast, effective and transparent support to businesses and investors. Its creation is a joint initiative of the Ministries of Interior and Energy, Commerce and Industry, as part of an effort to modernise and simplify administrative procedures," the Chamber added.

According to the CCCI, "the rapid licensing and simplification of the procedures for establishing and operating businesses is of crucial importance for strengthening the competitiveness of our country."

"Investors, foreign and domestic, need a stable, predictable and effective framework that enhances confidence and reduces administrative burden," he stressed.

"It is important," the CCCI emphasised, "to ensure that the Center has the necessary responsibilities, digital tools and staffing to effectively respond to the demands of modern entrepreneurship."

"The CCCI fully supports initiatives that contribute to the formation of a business-friendly state and strengthen Cyprus' position as an attractive investment destination," the Chamber concluded in its statement.

(Source: InBusinessNews)