articles | 19 November 2015

Cyprus entering new era of growth

Cyprus is entering a new era of growth and prosperity due to the hard work of the people and the responsibility exhibited by the political parties, President of the Republic Nicos Anastasiades said recently.

Addressing the 22nd Annual General Meeting of the Cyprus International Business Association (CIBA), held in Limassol, President Anastasiades underlined that the Association’s members have a significant contribution to the country’s economic stability and growth, through direct job creation and also through activities established to meet the sector’s needs.

“Your presence in Cyprus, during difficult times, acts as the best token of your trust in the country’s potential and showcases Cyprus abroad as a trustworthy and attractive business centre”, he said.

At the same time, he pointed out that after almost four years of contraction, the economy is registering positive economic growth from the beginning of this year, a growth stronger than anyone expected. “Our journey along the road to recovery has been faster than anyone could have predicted two and a half years ago,” he added.

With a restructured and fully recapitalized banking sector –mainly through important international investors-, fiscal imbalances permanently addressed, and with a program of radical structural reforms, Cyprus has returned to the international markets much earlier than any other country under an economic adjustment programme, he said.

Now, he said, Cyprus proceeds to the next step of supporting growth and creating jobs. “Thus, we are exploring all possible avenues for promoting and supporting new ventures.”

He noted that opportunities for growth exist in the majority of economic sectors of Cyprus. However, he added, especially today, the discovery of natural gas reserves within Cyprus’ Exclusive Economic Zone (EEZ) creates excellent investment prospects in the energy sector and ancillary services. The emerging oil and gas industry to be established on the island is expected to provide a significant boost to our economy, creating significant growth, he said.

Finally, President Anastasiades thanked the members of the Association for trusting Cyprus in developing their business operations.

The speech, on behalf of the President of the Republic, was delivered by the Minister of Transport, Communications and Works Marios Demetriades.

Source: Famagusta Gazette

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