Focus on Promoting Large Development Projects Abroad
Promoting large private sector development projects abroad was the main focus of a recent meeting held between officials of the Association of Large Development Projects and representatives of the Cyprus Investment Promotion Agency (CIPA).
The parties convened to examine how to effectively enhance the promotion of such projects in the framework of CIPA’s frequent missions abroad, undertaken with an aim to encouraging foreign direct investment into the island.
In order to facilitate this advertisement overseas, the delegates agreed that bureaucracy in the public sector must be addressed and further strategic reforms must be implemented by the Government.
Should the extended efforts to promote large development projects indeed come to fruition, this is expected to substantially contribute to the economy’s return to growth.
The representatives further discussed the possibility of organising joint missions to promote developments abroad, hosting representatives of large investment firms and investment funds in Cyprus, jointly participating in fairs and investment conferences overseas, as well as undertaking joint initiatives to facilitate the issuance of town planning permits.
“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,” Andreas Demetriades, Chairman of the Association noted following the conclusion of the meeting.
Achieving these targets will bring multiple benefits to the Cypriot society, he added, including new jobs, tax revenue for the state and a more welcoming business environment, capable of attracting additional investments.
“Only through growth can we improve the standard of living of citizens and more generally 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,” he concluded.