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Minister of Commerce, Industry and Tourism: Cyprus Offers Investors Competitive Advantages
2009-03-06 13:13:09

Nicosia, Mar 4 - Cyprus offers international investors the core competitive advantages that they seek before opting for an operational or business base, Cypriot Minister of Commerce, Industry and Tourism Antonis Paschalides has said.

Addressing a seminar entitled “Cyprus an international business and professional center” in Teheran, where he paid an official visit, the Minister said that the objective of his visit to Iran is to reaffirm “the excellent and long standing business relations between Iran and Cyprus.”

“Time is now ideal to build upon these economic links and expand even further the agenda of engagement. We remain committed to strengthening those ties between us, making them even stronger in the future,” he stressed.

The Minister said that Cyprus welcomes Iranian enterprises eager to invest and establish business in Cyprus and use the island as a hub to access the European and Mediterranean basin markets.

“Cyprus offers international investors the core competitive advantages that they seek before opting for an operational or business base,” he added.

Elaborating on the advantages of Cyprus, he mentioned the country’s geographical location, the well developed socio-economic infrastructure and the wide range and quality of professional services offered, the high educational level of its manpower and the low corporation tax at 10%, which is the lowest in the whole EU.

Moreover, he mentioned the liberal foreign investment policy of Cyprus, which allows 100% participation in almost all sectors of the economy for both EU and non-EU investors, the stable and pleasant business environment, accompanied with simple administrative procedures, and the low set up and operating costs.

“Key-words in today’s not so investor-friendly environment under the present conditions on the financial markets are - for sure - confidence, safety and security, credentials that Cyprus certainly has,” he noted.

Mr. Paschalides said that operations in Cyprus are embedded in a stable legal system and an efficient “social partnership” system which ensures high economic growth combined with public welfare and high social security standards.

He also pointed out that, despite the financial crisis, Cyprus in 2008 enjoyed an economic growth rate of about 3.8%, which for 2009 is projected to approach 2%.

The Cypriot Minister told his audience that Cyprus’s accession to the Euro-zone has resulted in further reductions in the cost of doing business in Cyprus, making it even more attractive to international business and multinational companies.

“All these demonstrate the strengths of the vibrant Cypriot economy, which undoubtedly make Cyprus a place where business can be conducted without red tapes, high taxes and unhelpful attitudes,” he concluded.

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