Commercial News



February 13th

A briefing on the Cyprus investment Programme was held yesterday by the tourist, commercial and industrial company of Famagusta. The workshop was intended to inform the interested parties about the current programme and the possible changes to it following external and internal reactions.

During the event, the attendees were given the opportunity to be informed by members of the Famagusta district about the debate on the matter in the House and the relevant proposal for a law tabled and passed a few days ago for the Theme.

The attendees were also given the opportunity to get to know and understand better the concepts of innovation and Startup business through speech K. Panagiotis Filimi, chairman of the Association of Research and Innovation enterprises.

Following discussion and submission of proposals were formed the following suggestions for the Cyprus Investment Program:

  • Simplification of procedures by the Central bank for the inflow of capital in Cyprus

The current situation, with the controls required by the central bank, is terribly time-consuming, with the result that the investor is discouraged and that unnecessary bureaucracy is created. That is, there should be proper control in a short time.

  • Stability and consistency in the programme criteria

The frequent change in the criteria and conditions of the program affects its prestige and credibility. We think we should find the way any changes are made now because of the external and internal reactions to take effect for a long time.

  • Targeted investment in other sectors of the economy

The general investment framework that exists today is suitable for attracting investments and in specific sectors of the economy such as tourism, pharmaceuticals and agriculture, etc. by granting additional incentives in these areas.

Finally, everyone emphasised the need to maintain the programme which contributed greatly to the saving of the Cypriot economy by providing liquidity during the economic crisis and continues to offer directly or indirectly to many sectors of the Cyprus Economy.