Implementation of large investment projects gives boost to economic activity

Board of Association of Large Investment Projects holds meeting with Archbishop Chrysostomos

 Implementation of large investment projects will serve as a catalyst to restart economic activity in Cyprus, the leadership of the Association of Large Investment Projects and Archbishop Chrysostomos ll agreed during their meeting at the Archbishopric.

During the meeting, held in a very cordial atmosphere, it was stressed that implementation of large development projects will bring multiple benefits to Cyprus, such as new jobs, an inflow of tax revenue to state coffers, investment opportunities and growth for the country’s economy more generally. The two sides also exchanged views on simplifying and speeding up the required procedures as well as the investment opportunities offered by the private sector in Cyprus.

Emphasis was given to the ambitious investment in Yeroskipou, and more specifically the licensing model being adopted there which is expected to set a positive precedent and serve as a model for speeding up procedures relating to large developments and facilitating investments.

Speaking after the meeting, president of the Association of Large Investment Projects Andreas Demetriades said: “It was a very useful and constructive meeting. It is our shared view that implementation of large investment projects will boost development”. And he added: “It is essential that bureaucratic procedures which have long served as an obstacle to growth are overcome. The procedures relating to the investment in Yeroskipou can serve as a positive precedent.” Demetriades concluded: “The Association of Large Investment Projects seeks close cooperation with all players involved in the common effort for economic recovery and a return to prosperity.”