articles | 16 February 2024

Investment funds fueling sustainable growth in Cyprus, association says

The Cyprus Investment Funds Association (CIFA) held its annual general meeting (AGM), which sought to highlight the significant role and contributions of the investment funds sector in driving the sustainable development of Cyprus’ economy.

The meeting, which was held on Thursday, February 15, in Nicosia, received commendations from a number of important guests, including President Nikos Christodoulides, Finance Minister Makis Keravnos, and George Karatzias, Vice-President of the Cyprus Securities and Exchange Commission (CySEC). During the meeting, Andreas Yiasemides, the outgoing President of CIFA, reflected on the sector’s accomplishments over recent years. He particularly underscored the sector’s contributions amid efforts to modernise and diversify Cyprus’ economic model, supported by the Recovery and Resilience Fund and the Vision 2035 Plan. Moreover, Yiasemides noted that over 25 per cent of investment fund assets, exceeding €2.3 billion, are invested in key domestic sectors including shipping, renewable energy, education, and technology. He also urged for the swift approval of legislation critical for completing the regulatory framework governing investment fund administration in Cyprus.

On his part, President Nikos Christodoulides highlighted the progress made in establishing a robust investment fund ecosystem in Cyprus. He specifically lauded the growth and potential of Cyprus’ investment funds sector, highlighting its contributions to the Cypriot economy beyond direct tax revenue. These include the creation of specialised, high-paying jobs and the enhancement of alternative financing options.

Finance Minister Makis Keravnos said that the ongoing development and reinforcement of the investment funds sector in Cyprus is central to the government’s economic policy. “The Ministry of Finance,” he stated, “in recognition of the sector’s positive momentum in recent years, has formulated policies aimed at its sustained growth and stringent oversight”.

The Vice-President of the Cyprus Securities and Exchange Commission, George Karatzias, also underlined the sector’s growth and potential. “The commission prioritises the ongoing expansion of the collective investment sector, actively improving and updating its regulatory framework,” Karatzias said. Furthermore, he extended his congratulations to CIFA for its contributions to the industry.

Yiasemides, meanwhile, also extended his gratitude to the CIFA board of directors and the association’s staff for their decade-long collaboration. In addition, he expressed his willingness, along with other departing board members, to support the new board’s endeavours.

The event also saw an electoral general meeting being held, which was concluded with the election and establishment of a new CIFA board of directors. The members of the new board include Maria Panayiotou as president, Spyros Vasiliou and Petros Mavrommatis as Vice Presidents, Michalis Vasiliou as Secretary, and Marios Charalambides as Treasurer. Board members include Konstantinos Xanthis, Emilios Tannousis, Constantinos Papanastasiou, George Tsangarides, Christia Evagorou, Aphrodite Zinga, Marios Georgiades, Maria Petsa, Andreas Athinodorou, Omiros Nishiotis, Elia Nicolaou, and Christoforos Antoniades.

Maria Panayiotou, the new president of CIFA, stated that “CIFA has been a credible ally to the Cypriot State”. “Our successful collaboration has positioned Cyprus as a leading international hub for investment funds, channelling €2.3 billion into the Cypriot economy, generating thousands of new jobs, and fostering a professional network of 500 companies,” she stated. “These companies operate with transparency and adhere strictly to regulatory standards, managing assets totalling €8.6 billion,” she added. Panayiotou also said that “it’s imperative that we not only continue on this path but also enhance our efforts, as we are just at the outset of this endeavour”. In addition, she noted that the new board’s priorities include pursuing further institutional reforms, advancing financial education among the citizens of Cyprus, and amplifying our international outreach”. “An immediate goal is to offer technocratic support to the government for the upcoming tax reform,” Panayiotou concluded.

Source: Cyprus Mail

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