Nicosia is aiming to put in place a State Secretariat for Development, with the main goal being to fast track licensing for large investments in the Cypriot economy.

The Cyprus business environment has been a site of constant changes this past decade, with a large number of mergers and acquisitions having taken place.

Seasonally adjusted GDP rose in Cyprus by +0.9% on a quarterly basis in the first quarter of 2016 and by +2.7% on an annual basis, according to an estimate published by Eurostat, the statistical office of the European Union.

Cyprus had €3.630 billion worth of exports outside the EU in 2015 of which €329 million to the USA, €142 million to Switzerland, €31 million to China, €10 million to Japan, €1.346 billion to Russia, €38 million to Canada, €9 to India, €2 Brazil and €4 to Hong Kong, according to Eurostat.

A private company has been given permission to create an electricity-producing photovoltaic park in the vicinity of Larnaca’s Salt Lake.

The government is in a hurry to get a vote in the House of Representatives on the package of legislation for reforming the Public Service, and the law on taxing immovable property.

French oil major Total will likely commence exploring for gas in their offshore Block 11 concession in early 2017, Energy Minister Giorgos Lakkotrypis said recently.

Cyprus’ economy expanded by 2.6% from January to March 2016, compared with the respective period of 2015, the statistical service said.

Bank of Cyprus said that the European Central Bank approved the appointment of Michael Heger in the board of directors of Cyprus’ largest lender.

The Republic of Cyprus and the Government of the Republic of Latvia signed in Brussels, on 24 May 2016, a Treaty for the Avoidance of Double Taxation on Income (‘DTT’).