Addressing the CIPA International Investment Awards 2016 event, taking place at the Presidential Palace, the President said that “there is a continuing process to modernize and reform the current tax and legal framework as part of our concerted drive to create a friendlier business environment”.

He noted that “efforts are also being made to strengthen the country’s competitiveness and its attractiveness as an international business and investment destination”.

The President said that the effort to reform the public service and modernize the legislation continues, with additional measures underway such as accelerated licensing procedures, updated permanent residency and citizenship programmes, the introduction of e-government and sector-related incentive schemes.

“Improving the business environment is still our top priority because we strongly believe that attracting foreign investments is one of the key drivers of economic growth during a period of intense international competition and amidst great challenges facing our country,” he said.

“Standing here tonight, I am proud to say that throughout the three and a half years ofour administration, we have not shied away from our problems, but instead we chose to face them on all fronts, and have done so, I believe, with success, of course with the contribution of all our partners and the people of Cyprus,” said Anastasiades.

The President also said that net direct investment rose to a record €4.7 billion in 2015, and noted the forecasts for growth in excess of 2% in 2016.

Source: InCyprus