2nd Annual General Assembly Cyprus Association of Large Investment Projects 3 June 2015

2nd Annual General Meeting Association of Large Investments

The implementation of large investment projects is substantial

action towards restarting the economy

Andreas Demetriades

The business world will put Cyprus again to growth,

as it did in 1960 and 1974

The enormous importance of the implementation of large investment projects in an effort to restart the development process in our country was highlighted during the AGM of the Association of Large Investment Projects by the President Mr. Andreas Demetriades. The Assembly was attended and greeted by H.E. the President of the Republic of Cyprus Mr. Nicos Anastasiades. The Assembly was well attended by ministers, heads or representatives of political parties, parliamentarians, mayors, large number of Diplomats, Ambassadors and commercial attachés, together with senior business executives and Presidents of the CCCI business associations.

Τhe resident in his speech highlighted that the mission of the Association is the promotion and implementation of large investment projects in Cyprus. “Our goal is the recommencement of economic activity and creation of new jobs. The Association represents 25 companies operating in Cyprus. Its members come from the entire spectrum of the economy, representing, in total, projects worth more than € 8 Billion'”.

The president of the Association also noted that several of these projects, including golf courses, marinas, health centres, wellness and sport, multidisciplinary parks, commercial and residential developments and others, have sufficient maturity level that allows their integration as soon as the investment is in place. “For the implementation of these projects, the plans show the creation of 7,000 jobs in the process of building and construction work and 7000 more in the course of their operation. Moreover and due to the expansion of the wider economy there will be significant tax and other form of revenue for the state leading to additional investment opportunities. “

The business world, as Mr. Demetriades continued, is the one who will once again put Cyprus into growth, as it did in 1960 and 1974. “In particular, the implementation of large development projects will be substantial for re-launching the development process and the creation of new jobs “.

Mr. Demetriades stressed in particular the need to continue the reforms and structural changes that have been initiated. The Association submitted specific suggestions, which will make Cyprus clearly more attractive investment destination. “We have 25 large and complex, developmental and augmented projects promoted by members of our Association, which need to be licensed with fast tract processes. This action will help our entrepreneurs to be able to promote them properly and reach agreements for strategic partnerships with foreign investors for their implementation. The pre-licensing of projects before they are promoted is essential and the state should contribute positively in this direction. “

The president added that the State, should give particular emphasis to development. “It is, moreover, common to state that only through development we will be in a position to face the social consequences of the recession of recent years, and growth will come mainly from private sector initiatives, whether Cypriot businessmen or foreign investors, or even through cooperation between both sides. The president also highlighted that the public sector is not able either to bring development or create new jobs. That is not its role. Its role is to serve the country and society and to contribute to lowering the barriers affecting entrepreneurship. “

Mr. Demetriades concluded his speech by saying that, none of the foreign investors would jeopardize his investment in a country where processes face a complex and opaque operating framework. “We must realize that the competition is brutal internationally. We cannot afford to lose investors or place obstacles in the potential development process of our country. We must get rid of the bureaucratic dysfunctions and onerous conditions and adopt a more modern and flexible regulatory framework that meets the needs of investors. “

President Speech: Presentation_President – Speech