Gold Magazine June - July 2013, Issue 27 | Page 38

INTERVIEW XXXX ANTICIPATING G 1. better a Future old: In practical terms, how does CIPA go about attracting investors to Cyprus? Christodoulos E. Angastiniotis: Our main initiatives revolve around three areas: The promotion of Cyprus in key target markets – Russia, China, India, the Middle East and Europe – through advertising, participation in trade shows and business events, the organisation of CIPA-led events and targeted face-to-face meetings. For example, we were one of the key exhibitors at the Annual Investment Meeting that took place in Dubai in April and we were able to present a variety of opportunities to potential investors from the region. The facilitation and investment support for new or existing foreign investors interested in investing in or through Cyprus. In order to attract foreign investment in development projects, we have compiled a list of major development projects in the public and private sector that are available for foreign investment and these are promoted to targeted contacts made by the Agency abroad. The list is also available on the CIPA website. At the same time, potential investors proactively contact CIPA with requests for information on the country’s business climate, incentives and other information pertinent to their industry. Advocacy for the necessary reforms to improve the business environment and the ease of doing business in and through Cyprus. We actively collaborate with other organisations/agencies to identify key areas of improvement and develop suggestions/ proposals on how to address problems and enhance the environment so that we provide the best service possible to foreign investors. 2. 3. The CIPA team is working very hard and is focused on the task at hand. Gold: How would you describe the Agency’s achievements to date? C.E.A.: We have realised various achievements but I feel that there is much more work to be done. Our role now is more crucial than ever due to the present economic climate and the fact that foreign investments are a catalyst for our economy’s growth. Gold: How much more difficult is it going to be for CIPA to attract and encourage foreign investment in the present post-bailout climate? C.E.A.: The current situation has certainly not made our job easier, rather the opposite. We are facing various challenges including the country’s negative image and the perception that the banking system and the economy are risky for foreign investors. In addition, our competitors are increasing their efforts to take advantage of the situation and tempt our clients – the foreign investors – away. In the midst of all this, we remain optimistic and we are working on improving today’s not-so-positive image of Cyprus. One positive sign is the fact that we have not seen a mass exodus of foreign investors from Cyprus after the bailout. This shows that they truly believe in the advantages enjoyed in Cyprus today such as top quality human capital, a transparent regulatory framework, a competitive tax system, the network of double tax treaties, the island’s key geographical position and the quality of life. Cyprus has always welcomed foreign investors and provided a strong platform for doing business, combined with low operating costs and excellent professional services. We expect that our competitive advantage will be further enhanced in the near future, especially THE CYPRUS INVESTMENT PROMOTION AGENCY (CIPA) IS THE ORGANISATION WITH THE CRUCIAL MANDATE OF PROMOTING CYPRUS AS AN ATTRACTIV INVESTMENT DESTINA- E TION AND AN INTERNATIONAL BUSINESS CENTRE, AS WELL AS BEING THE SOLE AGENCY THAT ADDRESSES THE NEEDS OF FOREIGN INVESTORS IN CYPRUS. ITS BOARD OF DIRECTORS, INCLUDING THREE NEW MEMBERS, RECENTLY CONVENED UNDER ITS PRESIDENT, CHRISTODOULOS E. ANGASTINIOTIS, WHO SPOKE TO GOLD ABOUT CIPA’S AIMS, HOW IT IS DEALING WITH THE ISSUE OF INVESTMENT IN THE CURRENT CLIMATE AND THE SECTORS HE FORESEES AS BEING KEY TO THE COUNTRY’S ECONOMIC FUTURE. By Joh n Vickers, Photograph by Jo Micha elides 36 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS main_story2_angastiniotis2.indd 36 11/06/2013 10:19