Cipa said the creation of such a body is a prerequisite for the completion of the modernisation of the Cypriot economy.
“This will be a development which will address the biggest problems faced by the country as a business centre, bureaucracy, as for the first time all the mechanisms involved in facilitating an investment will be under the supervision of and the coordination of a single carrier,” Cipa said in a statement.
This, it added, would ensure a more integrated, faster and transparent service of foreign investors.
Cipa said that according to the results of a recent survey it carried out among investors, the attractiveness of the country is affected by time-consuming and bureaucratic procedures.
“This is an inhibiting factor in the effort to achieve sustainable development through the global redeployment of the economy and its emergence as an attractive investment destination, and needs urgent solutions,” the statement said.
CIPA Chairman of the Board, Christodoulos Angastiniotis, stressed the need for the immediate creation of the undersecretariat. He urged parliament “not to defy the call of the times”.
“In the midst of an extremely competitive and rapidly changing international environment, our country is called on to prove that it is worth being seen by the investment community as a serious, modern and attractive destination,” he said, adding that there is no room for backsliding and postponing efforts to correct the mistakes of the past.
The creation of the undersecretariat, he said, “will allow us to remove the obstacles and lead our country to growth by fully exploiting the potential of the Cypriot economy”.
The growth and economic development undersecretariat is one of three the government is aiming to establish. The other two are for tourism and maritime affairs.
The new entities are to be created in the sectors where Cyprus has a competitive advantage, but where there is considerable scope for improvement.
The government has already prepared legislation for their establishment with the aim of trimming operational costs and cutting red tape at the same time. The undersecretariat for growth and economic development aims to become a locus for guidance for private businesses.
Source: Cyprus Mail
