Gold Magazine February - March 2013, Issue 23

IF I BECOME PRESIDENT... WHAT DO THE THREE MAIN PRESIDENTIAL CANDIDATES PLAN TO DO TO REVIVE THE ISLAND’S FINANCIAL SERVICES SECTOR? T he professional and financial services sector is currently the fastest-growing and a major source of future growth. International services grew on average by 8.3% per year in 2007-11 when almost every other sector of the economy was contracting. Cyprus remains one of the biggest and most important centres for companies with international activities but it no longer plays a leading role in what is a highly competitive environment. It is widely accepted that the island has – temporarily at least – lost its edge. Given the importance of the sector and the reforms that need to be implemented in the years to come, Gold asked the three main candidates in the forthcoming presidential elections (17 February) to set out the specific measures they intend to implement to further promote Cyprus as an international business centre if they are elected. The starting point for all three is the restoration of trust and confidence in the severely damaged banking sector and they all acknowledge the need to undertake serious institutional measures. But some are more specific than others… 38 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS main_story2_elections.indd 38 01/02/2013 13:40

Gold Magazine February - March 2013, Issue 23 | Page 40