In his address to executives from investment firms and administrative service providers at a meeting in Limassol hosted by the Securities and Exchange Commission (CySEC), President Anastassiades assured that the government is taking bold decisions to implement prudent fiscal policy, modernising the state and public administration and proceeding with structural changes, in order to turn the crisis into an opportunity. 

The president said that a priority of utmost importance is the assurance that Cyprus will not only retain the substantial comparative advantages it offers to foreign investors, but will also promote further the development of a business friendly environment. He also referred to the two positive evaluations by the Troika of international lenders, to the efforts being made for the restructuring of the banking system and the lifting of all restrictions on transactions and capital movement, as well as on the favorable tax incentives and other incentives available to foreign investors. Anastasiades also referred to the recent upgrading of the Cyprus economy – the first in three years – by Standards & Poor’s, emphasising that “our efforts are bearing fruit and are acknowledged at the international level”.

The president expressed his sincere commitment tothe foreign investors for providing support to the activities of foreign owned companies, assuring that proposals, recommendations and complaints in relation to the services sector in Cyprus will be taken into serious consideration. An optimistic message that things are starting to return to normality was given by the Chairwoman of CySEC Demetra Kalogerou, explaining that the Commission continues to receive applications for the authorisation of investment firms and for the extension of existing licenses. This reconfirms, she said, the trust that foreign investors bestow on the Cyprus economy and it shows that Cyprus retains the attractive features that have established the country as a credible investment destination. Kalogerou expressed her conviction that the country will come out of this monumental experience healthier and stronger. She said there was a the need for implementing a thorough supervisory framework and the need to reinforce CySEC.

Source: Financial Mirror