He was speaking following a meeting with President Nicos Anastasiades. Zachariades told journalists that a memorandum outlining OEB’s positions on the issue of research and innovation in businesses will be submitted to the President shortly. OEB Director General Michalis Pilikos said the memorandum includes positions on the issue, to which the President agreed and are related to the private sector and businesses in general. He told journalists: “The President and his government do give special attention to research, innovation and technological development, factors that can help bring about economic recovery. “This is especially important and we share the government’s positions on the issue.”

He said that at the meeting OEB representatives stressed the importance of collaboration between research and entrepreneurship as it can help put into practice research and innovation results. “We suggested that companies are given incentives to invest in research and innovation because it is an investment that is necessary,” said Filios Zachariades.

Cyprus is bottom of the EU league when it comes to investing in research and development. He welcomed Bank of Cyprus (BoC) releasing €950 million in time deposits frozen under a recapitalisation arrangement last year which bailed-in its own depositors. “This is a very positive step that will increase liquidity which is one of the most important problems faced by businesses today, and we think that the outcome will also be positive.” He added that confidence in BoC should be restored and people should trust deposits at the bank in order to increase liquidity. Zachariades said OEB will meet with the Troika review delegation to discuss issues that concern the economy including capital control measures.

Source: InCyprus