Coordination to promote large development projects abroad

Coordination to promote large development projects abroad

Meeting of Large Development Projects leadership with CIPA

 The undertaking of joint action to promote large private sector development projects abroad was at the centre of a meeting held between the Association of Large Development Projects and the Cyprus Investment Promotion Agency (CIPA).

 Efforts to promote large development projects within the framework of the regular and targeted missions undertaken by CIPA abroad to promote Cyprus as an attractive investment destination were discussed extensively. Both sides agreed that large scale investment projects will contribute substantially to efforts to bring the economy back to growth. The need to combat red tape in the public sector and implement the strategic reform set in motion by the government was also underlined.

 Also discussed was the possibility of organising joint missions to promote large development projects abroad, the possibility of hosting in Cyprus representatives of large investment firms and investment funds, the joint participation in fairs and investment conferences abroad, as well as undertaking joint initiatives to speed up the issuing of town planning permits.

 After the meeting, chairman of the Association of Large Development Projects Andreas Demetriades said: “Cooperation with the competent bodies of the state such as CIPA is essential in efforts to achieve our joint objective to attract investment and implement large development projects. Achieving these targets will bring multiple benefits to Cyprus society: New jobs, tax revenue for the state and a friendlier business environment, capable of attracting additional investments.” Demetriades added: “only through growth can we improve the standard of living of citizens and more generally will we be able to deal with the social repercussions of the recession and the crisis in recent years. Growth will come mainly from the initiatives of the private sector, either Cypriot businessmen or foreign investors, or through cooperation between the two.”

Press release                                                                                          20 March 2015