articles | 26 August 2016

Attraction potential for foreign investment

The acquisition of Cypriot pharmaceutical company Remedica, by international Ascendis Health, listed on the Johannesburg Stock Exchange, is a strong and clear vote in favour of the local economy, Finance Minister Harris Georgiades said.

This is one of the largest acquisitions of a Cypriot company ever made, the Minister said after a signing ceremony to clinch the agreement Limassol.

He noted that such moves confirm that Cyprus has the potential to attract such significant foreign investments.

“It is with such moves that we will ensure the prospects of development for our economy, looking outwards, through maintaining and enhancing a favourable environment for entrepreneurship and investments which is something that will in turn create jobs and opportunities, to help take the country forward,” he added.

The Minister also said that he assured foreign investors that the state and the government will continue the effort to create a stable, secure and favourable economic environment for investment and business.

The Chief Executive Officer of Remedica, Charalambos Pattichis, assured that employees have nothing to fear from this development and referred to the prospects of creating new jobs as the turnover of the company, which will maintain its name, is expected to expand.

Source: Famagusta Gazette

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