Speech by the Deputy Director General of Cyprus Investment Promotion Agency, Mr. Marios Tannousis, on the occasion of Celebration Event for the Launch of “CYhere” held in Limassol on Thursday 21st September 2017.
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Dear Director of the Office of the President of the Republic of Cyprus,
His Excellency Ambassador of the People’s Republic of China in Cyprus,
Ladies and gentlemen,
On behalf of the Cyprus Investment Promotion Agency, it is with great pleasure that I welcome the launch event of CYhere. A new-generation digital platform created to promote Cyprus in the international community, and especially in China, as an ideal destination for investments, tourism and much more.
In the framework of our organisation’s mission to promote Cyprus as an attractive investment destination, we are happy to witness the introduction of new tools and the formation of new alliances which will help us succeed in this common goal.
There is a large number of reasons why investors choose to invest in Cyprus, not least its many competitive advantages, as well as the resilience of the economy and its ability to continuously adjust to changing conditions and bounce back from external shocks, as demonstrated by its response to the economic crisis and to an extremely competitive international economic environment.
In 2016, the Cyprus economy recorded a notable 9.1% rise in FDI inflow compared to the previous year, which was the second largest increase at EU level. The economy expanded by 2.8% in the same year while in the second quarter of 2017, GDP grew by 3.5%, as a consequence of a highly improved economic climate and revived investment interest.
This reflects its appeal and the momentum of the past few years which is the result of the successful implementation of our road map to recovery and growth. In alignment with the Government and the private sector, attracting foreign investments to all our productive sectors has been and remains a priority. Over the last four years we have attracted significant investment across all sectors. The largest integrated casino resort in the EU is now under development in Limassol; our largest port has been commercialised and is being transformed into one of the most advanced commercial ports in the region; a number of marinas have been built or are under construction across the island; and an increasing number of companies are establishing a base here.
The Cyprus government, in alignment with CIPA, is committed to further enhancing Cyprus’ appeal as an investment destination. It is committed to strengthening this diverse, sustainable and growth-oriented economic model by introducing the necessary reforms which will facilitate all aspects of doing business.
As part of this ongoing process, we aim to maintain the country’s compelling advantages as a location for regional headquarters for multinational companies, as well as for investments in a wide range of sectors.
We are convinced that CYhere will help us succeed in this endeavour by advocating for Cyprus in the highly significant Chinese market, which offers great potential for inward investments and constitutes a huge source of outbound tourism. We are confident that CYhere will serve as a valuable gate offering international investors the necessary information and insight to identify investment opportunities and bring them one step closer to implementing their business plans in Cyprus.
I would like to thank everyone involved in creating this useful platform and reassure you that our organisation is here to offer you all the assistance needed to facilitate and accommodate the success of this initiative.