articles | 10 March 2015

Bank of Cyprus CEO calls for prosperity not austerity

With correct planning, Cyprus could quickly have a Gross Domestic Product of €30 billion, the CEO of Bank of Cyprus John Hourican said recently.

Hourican, speaking at a lecture at the Cyprus International Institute of Management (CIIM), said that there was need to shift the discourse in Cyprus from austerity to prosperity and that the island needed a plan that would be generally supported for the next five to ten years.

“We need to create opportunities for future generations and we need clear, simple and proper plans that will be supported by everyone,” he said.

He added that Cyprus needed to double the number of tourists and extend the tourist period, to utilise the island’s natural resources, and to invest in the expansion of medical services.

Hourican added that the €40 billion deficit of the banking sector could be covered by attracting deposits to Cyprus.

The real estate transfer tax should also be reduced to attract investors, he said.

“We must complete reforms and create the conditions for prosperity, we must also prepare for the extraction of hydrocarbons in Cyprus,” he said.

Source: Cyprus Mail

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