Pave the way for large scale development projects

Press Release (20 November 2013).

Meeting of the Board of Directors of the Association of Large Scale Development Projects and the leadership of CCCI with the President of the Republic

Simplifying and accelerating procedures to implement large scale development projects and creating a business friendly environment were the focus of a meeting between the leadership of the Association of Large Scale Development Projects and the CCCI with the President of the Republic, Mr Nicos Anastasiades, Finance Minister Mr Harris Georgiades, Interior Minister Mr Socrates Hasikos and the Minister of Energy, Commerce, Industry and Tourism, Mr George Lakkotrypis.

The delegation of the Association of Large Scale Development Projects, under its President Mr Theodoros Aristodemou, informed the President of the Republic on the Association’s role, as well as the initiatives it plans to take in the immediate future. According to Mr Aristodemou, “the Association’s mission is to promote and implement large scale development projects in Cyprus, while its goal is to restart the economy and curb unemployment”. Noting that capital investment for large scale development projects exceeds €8 billion, he added that their implementation would open over 7,000 new job positions. These projects, which are mature enough to allow their completion in a short amount of time, include golf courses, marinas, health and wellness centres, theme parks, commercial and housing developments, among others.

The creation of a business friendly environment so as to overcome obstacles that discourage or distance foreign investors, as well as the need for measures to simplify procedures and provide flexibility and speed in matters such as licensing, were discussed at length in the meeting with President Anastasiades. They also discussed nautical tourism, regarding the promotion of mooring for yachts and marinas, while the Association tabled specific proposals for the creation of golf courses and complex developments, aimed at qualitatively upgrading tourism.

The President of the Republic showed an interest in the Association’s views and agreed that large scale development projects are the steam train for the country’s exit from the economic crisis. Mr Anastasiades said the newly-launched discussion would continue.

The meeting was attended by the Chairman and General Secretary of CCCI, the head of the Department of Town Planning and Housing, and all the members of the Association of Large Scale Development Projects.