Investments in research and developmentcomprise only 0.5% of GDP in Cyprus, far off EU targets that aim for 3%, chairman of the technical chamber of Cyprus (ETEK) Stelios Ahniotis said recently.

Conference tourism rose 2.8% in 2014 compared to the previous year but the sector is being stifled by the lack of an independent large convention centre, the Cyprus Tourism Organisation (CTO) said recently.

Attracting investments is the Cyprus government’s top priority, President Nicos Anastasiades said from China, pointing out that foreign investments constitute the catalyst for economic growth, job creation and prosperity.

The Finance Ministry said that it is confident that the Cypriot economy will grow at a rate higher than forecast by international creditors following the seventh programme review.

The government could cut taxes in 2016 if the economy continues to strengthen, Finance Minister Harris Georgiades said recently.

Forced conversion of Swiss franc mortgages would create a moral hazard and make restructuring of non performing loans (NPLs) more challenging, Moody’s ratings agency said recently.

Cyprus will as of January 1, 2016 have a new tool in its arsenal to identify monies hidden abroad as the island will begin implementing the Common Reporting Standard (CRS), the Institute of Certified Public Accountants said recently.

Cyprus is looking to export natural gas to Egypt via the massive Zohr field, according to Energy Minister George Lakkotrypis.

The Chinese are showing huge interest in Cyprus property according to online searches on Juwai.com, the property portal found in a study, revealing the sunny island was the most popular across the Mediterranean.

Online gaming giant Wargaming.net, one of Hellenic Bank’s three major shareholders, has trimmed its stake in the lender from 26.2% to 24.8%, according to a stock exchange filing.