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The opportunities offered by Cyprus in the sectors of financial services, shipping, energy, ICT and innovation were explored during an event organized in London by Cyprus Investment Promotion Agency and Bloomberg on Tuesday. 

Cyprus Minister of Finance Harris Georgiades addressed the event held in the presence of important business people of Cyprus and the United Kingdom. 

Titled “Cyprus: A growing financial center within the EU” the event hosted a host of speakers covering areas such as financial services, investment funds tax, and regulations as well as case studies of investment opportunities. 

Among the speakers were Constantinos Herodotou, Executive Director & Member of the Board, Central Bank of Cyprus, John Hourican, CEO, Bank of Cyprus, Yannis Matsis, CEO, Hellenic Bank and George Appios, CEO, AstroBank. 

According to a press release issued by CIPA, the discussion registered the latest positive developments in the banking sector, such as progress made in managing non-performing loans and the estimates of Cypriot bank CEOs on the outlook of the Cypriot economy and particularly the financial services sector. 

Another panel discussion outlines the advantages offered by the Cyprus investment sector, which is developing rapidly into an advanced capital management center while presenting the Cypriot authorities’ plans to further strengthening the regulatory framework. 

Furthermore, representatives of foreign companies operating in Cyprus shared their experiences from the island, outlining the reasons why they chose Cyprus as their base. 

According to CIPA, participants were requested to answer a questionnaire evaluating Cyprus as an investment destination and state the reasons why they would invest in Cyprus. 

A total of 89% of the responders stated they would invest in Cyprus with the first reason quality of life garnering 23%, with Cyprus’ strategic location attracting 18 per cent of the responses and regulatory framework coming third with 15%. 

Commenting on the event, CIPA Director Kyriakos Kokkinos highlighted the need to conduct similar events of targeted promotion of Cyprus in international markets and to encourage a continuous dialogue between businesspeople operating in Cyprus and the UK. 

Along the same lines, CIPA Director General Natasa Pelides said parallel to the efforts made by CIPA at home to promote the necessary reforms it is imperative to utilize opportunities for the promotion of Cyprus abroad particularly in the mid of significant developments such as Brexit. 

Source: Stockwatch