Invest Cyprus Annual General Meeting in the presence of the Minister of Finance, Constantinos Petrides
Invest Cyprus: The Attractiveness of Cyprus as an Investment Destination is Self-evident
The strategy, the actions, and the initiatives undertaken by the Cyprus Investment Promotion Agency (Invest Cyprus) were presented in the context of the organization’s Annual General Meeting, which took place on Wednesday, November 30, 2022, in the presence of the Minister of Finance, Constantinos Petrides.
In recent years, the advancements recorded in various sectors of the economy demonstrate the attractiveness of Cyprus as an investment destination. Indicative of the improvement of the general investment climate in Cyprus is the country’s impressive rise in various international investment indices, such as FDI Intelligence’s Greenfield FDI Performance Index.
In his greeting, the Minister of Finance, Mr Constantinos Petrides, stated: “We are entering a new era where cheap money and cheap energy are coming to an end. In this new era, Cyprus is in a strong position, with high growth rates, low unemployment and significant investments. The role of investment today is more important than ever and our economy needs to be strong to continue to attract international institutional investors in priority sectors. Invest Cyprus is called upon to continue to play this difficult but pivotal role. We recognize the important role of the Organization and that is why, as a government, we have decided to increase its budget for 2023.”
During the Assembly, the President of the Board of Directors of the Organization, Mr Evgenios Evgeniou, highlighted the fact that the efforts are bearing fruit, creating optimism in an admittedly difficult period. “As Invest Cyprus, we will intensify our efforts to attract investments, which will contribute to the collective effort for sustainable development, the creation of new jobs, and the transformation of our economy. This effort requires the continuation of the up-to-date cordial cooperation of all involved.”
Finally, the General Manager of Invest Cyprus, Mr George Campanellas, presented the results of the Organization’s recent actions, among which is the promotion of the country’s advantages to more than 3500 representatives of international companies and investment organizations, from 19 countries, as well as the realization of a total of 736 in-person meetings with high-ranking executives of international technology companies and large investment organizations. So far, 46 of them have either proceeded to invest in our country or are at an advanced stage and receiving support from the Invest Cyprus team.
According to research conducted by Invest Cyprus concerning the main pillars of its strategy, the results were excellent. In the pillar that concerns the attraction of international technology companies, in the last two years, their number increased by 49%, the total number of jobs shows an increase of 78%, while the total impact on the economy is estimated to be 3 billion euros until the end of this year.
Additionally, the foreign investment attraction pillar saw tangible investment movements in existing and new developments in a wide range of sectors of the economy, including health, education, hospitality, and energy.