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

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11/06/2013 10:19