“This cannot be achieved with words but with specific moves and initiatives such as the continuation of prudent and responsible public financial management and to avoid deficits,” he said.

In this way, Georgiades added, “we can continue to create the conditions for further reducing the tax burden, beyond the 15 policy measures already implemented introducing tax incentives and targeted tax relaxation.

“The creation of the conditions for stability and confidence constitutes a prerequisite for reinvigorating economic activity,” Georgiades said.

He added that through the creation of an environment of stability significant investments are being implemented such as marinas, new air carriers operating to Cyprus and new shipping companies establishing a base on the island.

Georgiades said the continuation of the efforts to consolidate the banking sector is necessary, adding that the continuation of the reform effort in the public sector and the economy in general is also imperative.

He said the strong recovery in the economy was unexpected for many both at home and abroad.

“Many believed that the Cypriot economy would remain locked in a vicious circle of recession, downgrades and memorandums,” he said, but “our view was different because we knew problems were specific and could be addressed”.

Source: Cyprus Mail